Huron Consulting Group Reports First Quarter 2005 Financial Results
- Revenues of $46.8 million for Q1 2005 increased 16.6% from $40.1 million in Q1 2004.
- Earnings for the quarter were 29 cents per diluted share, compared to 15 cents per diluted share in the same period last year.
- Utilization rate increased to 76.3% during Q1 2005 from 73.4% during the same period last year.
CHICAGO – April 28, 2005 – Huron Consulting Group Inc. (NASDAQ: HURN) today announced its financial results for the first quarter ended March 31, 2005.
First Quarter Results
Revenues (before reimbursable expenses) of $46.8 million for the first quarter of 2005 increased 16.6% from $40.1 million for the first quarter of 2004. The Company’s first quarter 2005 operating income was $8.2 million compared to $4.3 million in the first quarter of 2004. Net income attributable to common stockholders was $4.8 million, or $0.29 per diluted share, for the first quarter of 2005 compared to $2.1 million, or $0.15 per diluted share, for the comparable quarter last year.
First quarter 2005 earnings before interest, taxes, depreciation and amortization (“EBITDA”) (5) were $9.1 million, or 19.4% of revenues, compared to $4.9 million, or 12.1% of revenues, in the comparable quarter last year. Adjusted EBITDA (5), which excludes stock-based compensation expense and restructuring and severance charges, for the first quarter of 2005 totaled $10.5 million, or 22.4% of revenues, compared to $7.2 million, or 18.0% of revenues, in the comparable quarter last year.
“Strong demand in the marketplace for Huron’s consulting services fueled continued growth for the company during the first quarter of 2005,” said Gary E. Holdren, chairman and chief executive officer, Huron Consulting Group. “Operational Consulting had a strong first quarter, and Financial Consulting met expectations given the transaction based and cyclical nature of its practices. Our very solid results reflect Huron’s ability to respond rapidly to changing market opportunities.”
Both of the Company’s segments – Financial Consulting and Operational Consulting – continued to record improvements in revenue growth. In the first quarter, Financial Consulting represented 52.5% of Huron’s revenues, and Operational Consulting represented 47.5%.
Billable consultant headcount totaled 499 at March 31, 2005 compared to 483 at March 31, 2004, while utilization rates increased to 76.3% during the first quarter of 2005 from 73.4% during the same period last year. Average billing rate per hour increased $21, or 9.2%, to $250 for the first quarter of 2005 from $229 for the first quarter of 2004.
First Quarter Webcast
The Company will host a webcast to discuss its financial results today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). The webcast may be accessed at http://www.huronconsultinggroup.com and will be available for replay for 90 days.
About Huron Consulting Group Inc.
Huron Consulting Group Inc. is the parent company of Huron Consulting Services LLC, an independent provider of financial and operational consulting services. Huron’s experienced and credentialed professionals apply their expertise in accounting, finance, economics, and operations to a wide variety of financially sound and distressed organizations, including Fortune 500 companies, medium-sized businesses, leading academic institutions, healthcare organizations, and the law firms that represent these various organizations.
Statements in this press release, which are not historical in nature and concern Huron Consulting Group’s current expectations about the company’s future results are "forward-looking" statements as defined in Section 21 of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by words such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” or “continue.” These forward-looking statements reflect our current expectation about our future results, levels of activity, performance or achievements, including without limitation, that our business continues to grow at the current expectations; that we are able to expand our service offerings through our existing consultants and new hires; and that existing market conditions do not change from current expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Please see “Risk Factors” in our 2004 annual report on Form 10-K for a complete description of the material risks we face.