CRA International Inc
) reported net loss of $53.5 million or $5.33 per share in fourth
quarter 2012 versus net income of $4.4 million or 42 cents per
share in the year-ago quarter. Non-GAAP net income for the
reported quarter was 43 cents per share compared with 40 cents in
the year-earlier quarter. Non-GAAP earnings beat the Zacks
Consensus Estimate of 36 cents.
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For full year 2012, net loss was $5.21 per share versus net
income of $1.57 in the previous year. Non-GAAP net income for
2012 was 98 cents per share compared with $1.60 in 2011. Non-GAAP
net income per share for the year missed the Zacks Consensus
Estimate of $1.38.
Revenue for fourth quarter 2012 was $67.5 million compared with
$75.0 million in the year-ago quarter. The quarterly revenues
beat the Zacks Consensus Estimate of $64 million. For full year
2012, revenue stood at $270.4 million compared with $305.2
million in the preceding year.
The company's core business, Litigation and Regulatory business,
continued to deliver better results, despite the general industry
setbacks, backed by growth in North America and Europe. Solid
performance was also registered by Intellectual Property and
Labor & Employment practices. Additionally, demand for the
Management Consulting businesses also improved in the reported
CRA international witnessed a non-GAAP operating margin of 10% in
the quarter. In the reported quarter, non-GAAP SG&A reduced
to 21.9% from 23.7% in the year-ago quarter.
As of Dec 29, 2012, cash and cash equivalents and short-term
investments were $55.5 million compared with $76.1 million as of
Dec 31, 2011. Shareholders' equity at year-end 2012 was $212.2
million compared with $268.4 million in the prior-year period.
CRA international aims to do away with the underperforming assets
from its portfolio to better focus on service portfolio and
allocate its resources on core areas to enhance business
profitability and is bullish about overall growth in 2013. Based
on its restructuring initiatives, CRA International aims to
achieve profitable growth both organically and through strategic
However, the company operates in an intensely competitive
landscape that includes big players such as
Corporate Executive Board Co
Navigant Consulting Inc
). CRA International currently has a Zacks Rank #1 (Strong Buy).
One of its competitors,
Towers Watson & Co
) also carries a Zacks Rank #1 (Strong Buy).