UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_____________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
January 23,
2006
Date
of
Report (Date of earliest event reported)
Huron
Consulting Group Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
000-50976
|
01-0666114
|
|
(State
or other jurisdiction
|
(Commission
|
(IRS
Employer
|
|
of
incorporation or organization)
|
File
Number)
|
Identification
Number)
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550
West Van Buren Street
Chicago,
Illinois
60607
(Address
of principal executive offices)
(Zip
Code)
(312)
583-8700
(Registrant’s
telephone number, including area code)
_____________________
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02. Results
of Operations and Financial Condition.
On
January 23, 2006, Huron Consulting Group Inc. issued a press release
announcing preliminary financial results for the quarter and year ended December
31, 2005. In addition, Huron Consulting Group Inc. announced preliminary
first
quarter and full-year 2006 guidance. The
final
financial results for the fourth quarter and year ended 2005 may differ,
and may
be materially different, from the preliminary financial results the Company
is
reporting due to completion of annual audit procedures, final adjustments
and
other developments that may arise between now and the time the financial
results
are finalized for these periods. Accordingly, undue reliance should not be
placed on these preliminary financial results.
Following the completion of the annual audit, the Company expects to report
final financial results on February 23, 2006. A copy of the press release
is
furnished as Exhibit 99.1 to this Current Report and is incorporated in this
report as if fully set forth herein.
Item 7.01. Regulation FD Disclosure.
See
Item
2.02 above.
Item
9.01. Financial
Statements and Exhibits.
(d) Exhibits
99.1 Press
Release dated January 23, 2006.
-
1
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Huron
Consulting Group Inc.
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|||
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(Registrant)
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|||
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Date:
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January 23,
2006
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/s/
Gary L. Burge
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Gary
L. Burge
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|||
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Vice
President,
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|||
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Chief
Financial Officer and Treasurer
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2
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EXHIBIT
INDEX
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Exhibit
Number
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Description
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99.1
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Press
Release, dated January 23, 2006
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EXHIBIT
99.1
FOR
IMMEDIATE RELEASE
January
23, 2006
Huron
Consulting Group Reports Preliminary Fourth Quarter and 2005 Full Year Financial
Results; Provides First Quarter and 2006 Full Year Guidance
CHICAGO
-
January 23, 2006 - Huron Consulting Group Inc. (NASDAQ: HURN), a leading
provider of financial and operational consulting services, today announced
preliminary unaudited financial results for the fourth quarter and year ended
December 31, 2005, and its preliminary outlook for 2006.
Fourth
Quarter 2005
Huron
expects to report revenues before reimbursable expenses in a range of $55
to $56
million for the fourth quarter of 2005 compared to $40.8 million for the
fourth
quarter of 2004. The Company anticipates fourth quarter 2005 operating income
to
be in a range of $7.5 to $8.5 million compared to operating income of $4.6
million in the fourth quarter of 2004. GAAP diluted earnings per share is
expected to be in a range of $0.26 to $0.27 compared to GAAP diluted earnings
per share of $0.15 for the comparable quarter last year. These preliminary
results are after deducting secondary offering costs totaling approximately
$0.1 million, or $0.005 per share, for the fourth quarter of 2005. These
preliminary results are also after deducting stock-based compensation expense
of
approximately $2 million for the fourth quarter of 2005. The adoption of
SFAS
No. 123R would not have had a material impact on fourth quarter 2005
results.
The
Company’s utilization rate for the fourth quarter was 77.4% compared to 77.8% in
the fourth quarter of 2004. Average billing rate per hour for the quarter
is
expected to be in the range of $246 to $250 compared to $243 for the fourth
quarter of 2004.
Full
Year 2005
Huron
expects to report revenues before reimbursable expenses in a range of $206
to
$207 million for the year ended December 31, 2005 compared to revenues of
$159.6
million for the year ended December 31, 2004. The Company anticipates full
year
2005 operating income to be in a range of $31 to $32 million compared to
2004
operating income of $19.7 million. GAAP diluted earnings per share for 2005
is
expected to be in a range of $1.05 to $1.06 versus $0.72 for the prior year.
These preliminary results are after deducting secondary offering costs totaling
$0.5 million, or $0.03 per share, for the year. These preliminary results
are also after deducting stock-based compensation expense of approximately
$7 million for the year. The adoption of SFAS No. 123R would not have
had a material impact on full year 2005 results.
The
Company’s utilization rate for the full year 2005 was 76.5% compared to 72.2%
for the prior year. Average billing rate per hour is expected to be in the
range
of $248 to $249 compared to $239 for the prior year. Huron finished the year
with 632 billable consultants versus 483 billable consultants at the end
of
2004.
The
final
financial results for the fourth quarter and year ended 2005 may differ,
and may
be materially different, from the preliminary financial results the Company
is
reporting due to completion of annual audit procedures, final adjustments
and
other developments that may arise between now and the time the financial
results
are finalized for these periods. Accordingly, undue reliance should not be
placed on these preliminary financial results.
Outlook
for 2006
Based
on
currently available information, the Company expects Q1 2006 ranges of $59
to
$61 million in revenues before reimbursable expenses, $8 to $10 million in
operating income, and $0.29 to $0.32 in diluted earnings per share. The Company
anticipates full year 2006 outlook ranges of $247 to $252 million in revenues,
$38 to $42 million in operating income, and $1.27 to $1.32 in diluted earnings
per share. Stock-based compensation expense of approximately $2 million and
$10 million are included in the Q1 2006 and full year 2006 estimates,
respectively. The operating income and diluted earnings per share guidance
exclude any costs associated with the proposed secondary offering that will
be
incurred in 2006 and reflect the effects of the adoption of SFAS No. 123R.
Weighted average diluted share counts for 2006 are estimated to be 17.1 million
and 17.5 million for Q1 and full year 2006, respectively.
Fourth
Quarter and Full Year 2005 Webcast
The
Company expects to report final financial results on Thursday, February 23,
2006
and to host a webcast to discuss its complete fourth quarter and full year
2005
financial results on February 23, 2006 at 11:00 a.m. Eastern time (10:00
Central
time). The webcast may be accessed at 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.
Huron helps clients effectively address complex challenges
that arise from litigation, disputes, investigations, regulation, financial
distress, and other sources of significant conflict or change. We also help
clients improve the overall efficiency and effectiveness of their operations,
reduce costs, manage regulatory compliance, and maximize procurement efficiency.
Huron provides services to a wide variety of both 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. Learn more at
www.huronconsultinggroup.com.
Statements
in this press release, which are not historical in nature and concern Huron
Consulting Group’s current expectations about the company’s reported results for
2005 and future results in 2006 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, performance or achievements, including
without limitation, that our business continues to grow at the current
expectations with respect to, among other factors, utilization and
billing rates and number of consultants; 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, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied
by
these forward-looking statements. Therefore you should not place undue reliance
on these forward-looking statements. Please see “Risk Factors” in our
Registration Statement on From S-1 and in other documents we file with the
Securities and Exchange Commission for a complete description of the material
risks we face.
Media
Contact:
Jennifer
Frost Hennagir
312-880-3260
jfrost-hennagir@huronconsultinggroup.com
Investor
Contact:
Gary
L.
Burge, Chief Financial Officer
312-583-8722
garyburge@huronconsultinggroup.com
###