Answerthink Announces First Quarter Results.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Answerthink, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ANSR ANSR Autonomous Naval Support Round ANSR Adaptive Network Solutions Research, Inc. ANSR Advanced Neutron Source Reactor ANSR Active No Swashplate Rotor (Army) ): * Revenues and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. in line with guidance * The Hackett Group quarterly sequential revenue growth at 10% Answerthink, Inc. (NASDAQ:ANSR), a strategic business advisory and technology consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , today announced its financial results for the first quarter, which ended March 30, 2007. First quarter revenue was $39.9 million, a 20% decrease from the same period in 2006, primarily as a result of the Company's exit from its Lawson and SAP staff augmentation contracts. Diluted loss per share was $0.05 compared to diluted loss per share of $0.14 in the first quarter of 2006. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma diluted loss per share was $0.01, compared to pro forma diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.04 in the first quarter of 2006. Pro forma information is provided to enhance the understanding of the Company's financial performance and is reconciled to the Company's GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). information in the accompanying tables. The Company's cash balances, including restricted cash, increased to $24.2 million at the end of the first quarter of 2007 from $20.2 million at the end of the fourth quarter of 2006. The increase was primarily driven by a sequential decrease in DSO See CSO. of 16%. During the quarter, the Company did not repurchase any shares of the Company's common stock. As of the end of the first quarter of 2007, $6.1 million remained available under the Company's share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program authorization. "Based on the number of large deals sold in the quarter and the momentum it provides heading into the second quarter, we expect sequential growth to favorably impact results," said Ted A. Fernandez, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Answerthink. "This momentum, coupled with the record attendance of nearly 450 delegates at our U.S. Best Practice Conference, appears to indicate that clients are positively responding to our best practice intelligence and the various ways we make it available to them." Based on the current economic outlook, the Company estimates total revenues for the second quarter of 2007 to be in the range of $42 million to $44 million. The Company also estimates pro forma diluted earnings per share to be in the range of $0.02 to $0.04. Other Highlights Hackett Best Practices Conference - On April 27th and 28th, The Hackett Group previewed the findings from its 2007 Book of Numbers Noun 1. Book of Numbers - the fourth book of the Old Testament; contains a record of the number of Israelites who followed Moses out of Egypt Numbers [TM] research to a record attendance of nearly 500 delegates at its 17th Annual Best Practices Conference, "Leveraging Synergies: Myth or Reality." The two-day invitation-only event featured presentations by senior executives from 24 of the world's most successful companies including: Honeywell, Abercrombie & Fitch, Citigroup, Georgia-Pacific, Dupont, and Unilever. European Finance Shared Services shared services, n.pl the administrative, clinical, or other service functions that are common to two or more hospitals or their health care facilities and used jointly or cooperatively by them. Study - New Book of Numbers research from The Hackett Group found that finance shared services organizations (SSOs) have now become a proven and standard approach for most European companies It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome. This is a list of companies from the countries in the European Union. , helping to cut the cost of finance operations The execution of the joint finance mission to provide financial advice and guidance, support of the procurement process, providing pay support, and providing disbursing support.See also financial management. by over 20% while enabling them to improve quality, productivity, and customer service by up to 40%. Hackett's research also predicted that the use of offshore SSOs by European companies will expand significantly over the next two years. SAP Awards - Answerthink was named an SAP All-in-One Partner of the Year by SAP America, in recognition of the company's sales and implementation efforts with small and midsize enterprises (SMEs). State Finance Awards - The National Association of State Auditors, Comptrollers and Treasurers (NASACT NASACT National Association of State Auditors, Comptrollers, and Treasurers ), The Hackett Group, and Accenture jointly named three states - Colorado, Massachusetts, and Mississippi - as winners of NASACT Benchmark Achievement Awards for achieving top-quartile effectiveness in finance operations. The awards were based on the results of finance benchmarks performed by The Hackett Group. Representative Client Engagements Finance Transformation for European Automotive OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and - This global company selected Hackett for a global finance benchmark and transformation effort designed to identify sustainable process improvement opportunities as part of a broad cost-cutting initiative. As part of the contract, the company has also become a member of Hackett's Enterprise Performance Management Executive Advisory Program. Customer-to-Cash Optimization Pilot for a Global Paper and Packaging Company - This company retained REL for a customer-to-cash design and implementation pilot covering four business units. The company's goal is to improve overall cash flow and reduce Days Sales Outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). . REL's work will include definition of company-wide customer-to-cash policies, development of a quick win program to reduce receivable balances, design and implementation of performance metrics, optimization of dispute management processes, and cross-functional staff training. Hyperion Implementation for Managed Health Care Provider - This company selected Answerthink for a comprehensive implementation of Hyperion Financial Management and Planning systems. The new system, which will interface with the company's SAP solution, is designed to offer new levels of visibility into how to optimize pricing for their offerings to the market. Oracle/PeopleSoft Implementation for U.S. Credit Card Issuer - Answerthink was selected by one of the fastest growing credit card issuers in the United States to assist them with their Oracle/PeopleSoft Enterprise Application implementation. Answerthink will utilize its Best Practices Implementation tools and methodology to assist this company in expanding the footprint of their existing Oracle/PeopleSoft systems into their Budget and Planning, Procurement, and Staffing Service processes. At 5:00 P.M. ET on Tuesday, May 1, 2007, the senior management of Answerthink, Inc. will host a conference call to discuss first quarter earnings results for the period ending March 30, 2007. The number for the conference call is 888-324-2912, (Passcode: First Quarter, Leader: Ted A. Fernandez). For International callers, please dial 210-234-0003. Please dial in at least 5-10 minutes prior to start time. If you are unable to participate on the conference call, a rebroadcast will be available beginning at 8:00 P.M. ET on Tuesday, May 1, 2007 and will run through 5:00 P.M. ET on Tuesday, May 15, 2007. To access the rebroadcast, please dial 866-452-2104. For International callers, please dial 203-369-1210. In addition, Answerthink will also be webcasting this conference call live through the StreetEvents.com service. To participate, simply visit http://www.answerthink.com approximately 10 minutes prior to the start of the call and click on the conference call link provided. An online replay of the call will be available after 8:00 P.M. ET on Tuesday, May 1, 2007 and will run through 5:00 P.M. ET on Tuesday, May 15, 2007. To access the call, visit http://www.answerthink.com or http://www.streetevents.com. About Answerthink Answerthink, Inc. (www.answerthink.com) is a leading business and technology consulting firm that enables companies to achieve world-class business performance. By leveraging the comprehensive database of The Hackett Group, Answerthink's business and technology solutions help clients significantly improve performance and maximize returns on technology investments. Answerthink's capabilities include benchmarking, business transformation, business applications, business intelligence, and offshore application development and support. Founded in 1997, Answerthink has offices throughout the United States and in Europe and India. About The Hackett Group The Hackett Group, a strategic advisory firm, is a global leader in best practice research, benchmarking, and business transformation services that enable world-class performance across selling, general & administrative (SG&A) and supply chain activities. Hackett provides strategic insight, best practice advice and implementation services grounded in performance metrics obtained through 15 years and 3,500 benchmark studies at 2,100 of the world's leading companies. Through its sister company REL, a world leader in implementing cash flow improvement, Hackett also offers tailored solutions that generate cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses in addition to process cost savings. Executives use Hackett's unique, empirically-based approach to prioritize initiatives, execute faster, reduce risk and deliver sustainable results. Our clients comprise 97 percent of the Dow Jones Industrials, 77 percent of the Fortune 100 and 50 percent of the FTSE FTSE A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times. Notes: The FTSE is similar to Standard & Poor's in the United States. 100. About REL REL is a world leading consulting firm dedicated to delivering sustainable cash flow improvement across business operations. REL's tailored solutions balance client trade-offs between working capital, operating costs and service performance. REL's expertise has helped clients free up billions of dollars/euros/pounds in cash, creating the financial freedom to fund acquisitions, pension liabilities Pension liabilities Future liabilities resulting from pension commitments made by a corporation. Accounting for pension liabilities varies widely by country. , product development, debt reduction and share buy-back programs. In-depth process expertise, analytical rigor rigor /rig·or/ (rig´er) [L.] chill; rigidity. rigor mor´tis the stiffening of a dead body accompanying depletion of adenosine triphosphate in the muscle fibers. , and collaborative client relationships enable REL to deliver an exceptional return on investment in a short timeframe. REL has delivered work in over 60 countries for the Global 2000. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve known and unknown risks, uncertainties and other factors that may cause Answerthink's actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Factors that impact such forward-looking statements include, among others, the ability of the products, services, or practices mentioned in this release to deliver the desired effect, our ability to effectively integrate acquisitions into our operations, our ability to attract additional business, our ability to effectively market and sell our product offerings and other services, the timing of projects and the potential for contract cancellations by our customers, changes in expectations regarding the information technology industry, our ability to attract and retain skilled employees, possible changes in collections of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , risks of competition, price and margin trends, foreign currency fluctuations, changes in general economic conditions and interest rates as well as other risks detailed in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 29, 2006 filed with the Securities and Exchange Commission. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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