CRA International Inc
) reported net income of $1.4 million or 14 cents per share in
second quarter 2013 versus $0.7 million or 7 cents per share in
the year-ago quarter. However, quarterly non-GAAP earnings dipped
to 15 cents per share compared with 20 cents in the year-earlier
quarter. The non-GAAP earnings comprehensively missed the Zacks
Consensus Estimate of 33 Cents.
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Revenues for second quarter 2013 were $65.2 million compared with
$67.8 million in the year-ago quarter. The quarterly revenues
missed the Zacks Consensus Estimate of $66 million. Non-GAAP
revenues for second quarter 2013 declined to $64.1 million from
$66.3 million in the year-ago quarter.
Gross profit was $20.2 million in the reported quarter versus
$22.4 million in the year-ago quarter. Selling, general and
administrative expenses (SG&A) stood at $15.4 million versus
$16.9 million in the year-ago period.
During the reported quarter, CRA International's portfolio
delivered healthy performance in Antitrust & Competition
Economics, Life Science, and Labor & Employment, partially
offset by a relatively weak performance in Finance, Life
Sciences, and Marakon.
For second quarter of 2013, the Adjusted Earnings Before
Interest, Taxes, Depreciation and Taxes (EBITDA) on GAAP basis
was $8.8 million versus $7.9 million in the year-ago
quarter. Adjusted EBITDA on a non-GAAP basis was $8.9
million versus $7.8 million in the year-ago quarter.
At quarter-end, cash and cash equivalents were $16.3 million
compared with $55.5 million at year-end 2012. Long-term
liabilities stood at $6.7 million as of Jun 29, 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. The company expects
higher revenues in the upcoming quarter and relatively lesser
selling, general and administrative expenses. The company aims
to deliver broad-based revenue growth across its
portfolio in future. Although the M&A environment remains
slow, certain areas of portfolio continues to perform well.
CRA International currently has a Zacks Rank #2 (Buy). Other
stocks that look promising and are worth considering now in the
Franklin Covey Co
Information Services Group,
), each carrying a Zacks Rank #2 (Buy).