Huron Consulting Group Announces Second Quarter 2013 Financial Results

Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced financial results for the second quarter ended June 30, 2013.

"Huron’s strong performance in the second quarter reflects solid demand for our health and education solutions," said James H. Roth, chief executive officer and president, Huron Consulting Group. "The continued market pressures on our health and education clients to increase quality and reduce costs are the fundamental drivers behind Huron’s operating performance. The pace of change and demand for our services within our core markets are likely to drive future growth, and we are pleased that the quality of our personnel and the value we deliver remain well-recognized in the marketplace.”

Second Quarter 2013 Results

The following information is reported on a “continuing operations” basis unless otherwise noted.

Revenues for the second quarter of 2013 were $170.4 million, an increase of 17.8% compared to $144.7 million for the second quarter of 2012. The Company's second quarter 2013 operating income was $30.5 million, compared to $14.7 million in the second quarter of 2012. Net income from continuing operations was $15.8 million, or $0.69 per diluted share, for the second quarter of 2013, compared to $6.3 million, or $0.28 per diluted share, for the same period last year.

Second quarter 2013 earnings before interest, taxes, depreciation and amortization ("EBITDA") (6) was $36.1 million, or 21.2% of revenues, compared to $19.9 million, or 13.8% of revenues, in the comparable quarter last year.

In addition to using EBITDA to evaluate the Company’s financial performance, management uses certain other non-GAAP financial measures, which exclude the effect of the following items (in thousands):
  Three Months Ended June 30,
2013   2012
Amortization of intangible assets $ 1,451 $ 1,607
Restatement related expenses $ $ 212
Restructuring charges $ 596 $ 229
Litigation settlement loss $ $ 1,150
Tax effect $ (819 ) $

(1,279
)

Adjusted EBITDA (6) was $36.7 million, or 21.5% of revenues, in the second quarter of 2013, compared to $21.5 million, or 14.9% of revenues, in the comparable quarter last year. Adjusted net income (6) from continuing operations was $17.0 million, or $0.75 per diluted share, for the second quarter of 2013 compared to $8.2 million, or $0.37 per diluted share, for the comparable period in 2012.

The average number of full-time billable consultants (1) was 1,532 in the second quarter of 2013 compared to 1,349 in the same quarter last year. Full-time billable consultant utilization rate (2) was 76.9% during the second quarter of 2013 compared with 74.6% during the same period last year. Average billing rate per hour for full-time billable consultants (3) was $213 for the second quarter of 2013 compared to $208 for the second quarter of 2012. The average number of full-time equivalent professionals (4) totaled 1,087 in the second quarter of 2013 compared to 1,041 for the comparable period in 2012.

Year-to-Date Results

The following information is reported on a “continuing operations” basis unless otherwise noted.

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