CRA International Inc ( CRAI ) reported net income of $3.3 million or 32 cents per share in third quarter 2013 versus net loss of $0.7 million or 7 cents per share in the year-ago quarter. Earnings for the reported quarter beat the Zacks Consensus Estimate of 26 cents. Quarterly non-GAAP earnings improved to 31 cents per share from 27 cents in the year-earlier quarter.
Revenues for third quarter 2013 were $74.4 million compared with $65.9 million in the year-ago quarter. The quarterly revenues beat the Zacks Consensus Estimate of $67 million. Non-GAAP revenues for third quarter 2013 increased to $72.9 million from $64.7 million in the year-ago quarter.
Gross profit was $23.8 million in the reported quarter versus $19.7 million in the year-ago quarter. Selling, general and administrative expenses (SG&A) stood at $16.1 million versus $17.2 million in the year-ago period.
During the reported quarter, CRA International's portfolio delivered healthy performance in Litigation/Regulatory and Management Consulting business lines, followed by Auctions & Competitive Bidding, Finance, Intellectual Property, Marakon, and Transfer Pricing.
Adjusted Earnings Before Interest, Taxes, Depreciation and Taxes (EBITDA) on GAAP basis were $12.4 million in the quarter versus $5.4 million in the year-ago quarter. Adjusted EBITDA on a non-GAAP basis was $12.2 million versus $9.6 million in the year-ago quarter.
At quarter-end, cash and cash equivalents were $17.9 million compared with $55.5 million at year-end 2012. Long-term liabilities stood at $6.9 million as of Sep 28, 2013 versus $10.6 million as of Dec 29, 2012.
CRA International is encouraged by the quality of the new engagement wins across the organization. Going forward, the company expects an improved cost structure and broad-based profitable growth and attractive margins. Through most of 2013, the company expects healthy lead flow and strong project conversions.
CRA International currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look in the industry include Bureau Veritas SA ( BVRDF ), Exponent Inc. ( EXPO ) and Huron Consulting Group Inc. ( HURN ), each carrying a Zacks Rank #1 (Strong Buy).BUREAU VERITAS (BVRDF): Get Free ReportCRA INTL INC (CRAI): Free Stock Analysis ReportEXPONENT INC (EXPO): Free Stock Analysis ReportHURON CONSLT GP (HURN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research