Charles River Associates Announces Third-Quarter Fiscal 2002 Financial Results.Business Editors BOSTON--(BUSINESS WIRE)--Sept. 25, 2002 Charles River Charles River River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. Associates Incorporated (CRA See Community Reinvestment Act. ) (Nasdaq: CRAI CRAI Centre De Recherche En Architecture Et Ingénierie (French) CRAI Continuous Regional Arterial Infusion CRAI Consorzio per la Ricerca e le Ipplicazioni di Informatica (Italy) ), an internationally known leader in providing economic, financial, and management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects services, today reported financial results for its fiscal 2002 third quarter ended August 30, 2002. Revenues for the third quarter of fiscal 2002 increased 20.4 percent year-over-year to a record $42.0 million, compared with $34.9 million for the third quarter of fiscal 2001. This increase was primarily due to the first full quarter of results from the Company's acquisition of Arthur D. Little's Chemical & Energy practice ("ADL"). Net income for the third quarter of fiscal 2002 increased to $2.6 million, or $0.28 per share on a diluted basis, compared with $2.4 million, or $0.26 per share on a diluted basis, for the third quarter of fiscal 2001. For the first three quarters of fiscal 2002, revenues increased 16.9 percent to $94.2 million from $80.6 million in the same period in the previous year. Net income for the first three quarters of fiscal 2002 was $6.2 million, or $0.66 per share on a diluted basis, compared with $5.5 million, or $0.60 per share on a diluted basis, for the year-earlier period. Comments on the Third Quarter "CRA's performance was in line with our expectations in the third quarter," said James C. Burrows Burrows is a provincial electoral division in the Canadian province of Manitoba. It was created by redistribution in 1957, and formally came into existence in the provincial election of 1958. The riding is located in the northern part of Winnipeg. , CRA's president 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. . "During the quarter, we experienced continued strength in finance-related litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and strong revenues in the Chemicals and Petroleum practice, which benefited from the ADL acquisition made at the end of Q2. "Our efforts over the past several quarters to control expenses and properly staff the organization paid off for CRA in Q3," continued Burrows. "The Company's focus on operational efficiency enabled us to improve operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: despite costs related to the integration of ADL and a slight operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from our NeuCo subsidiary. "In the fourth quarter, CRA will continue to focus on improving both margins and utilization, as well as on capitalizing on opportunities to leverage our acquisition of ADL into additional revenue growth," concluded Burrows. To listen to a live audio Webcast of CRA's third-quarter fiscal 2002 financial results conference call, visit the Company's Web page at www.crai.com. The conference call begins at 10:00 a.m. ET today. About CRA Founded in 1965, CRA, an economics, finance, and business 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 , works with businesses, law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
n a group that consists of specialists from several fields combining skills and resources to present guidance and information. approach; advanced economic, financial, and other analytic skills; and pragmatic business insights. In addition to its corporate headquarters in Boston and international offices in London, Melbourne, Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi , Toronto, and Wellington, CRA also has U.S. offices in Berkeley/Oakland, College Station, Houston, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Philadelphia, Salt Lake City, and Washington, D.C. More information about CRA can be found on its Web site at www.crai.com. Statements in this press release concerning the future business, operating results, and financial condition of CRA and statements using the terms "anticipates," "believes," "expects," "should," or similar expressions, are "forward-looking" statements as defined in 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. Such statements are based upon management's current expectations and are subject to a number of factors and uncertainties. Information contained in these forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. is inherently uncertain and actual performance and results may differ materially due to many important factors. Such factors that could cause actual results to differ materially from any forward-looking statements made by CRA include, among others, dependence on key personnel, attracting and retaining qualified consultants, dependence on outside experts, utilization rates, risks inherent in international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , NeuCo's performance, management of new offices, dependence on growth of CRA's business consulting practice, the ability of CRA to successfully integrate new consultants into its practice, intense competition, and professional liability. Further information on these and other potential factors that could affect CRA's financial results is included in CRA's filings with the Securities and Exchange Commission. CRA cannot guarantee any future results, levels of activity, performance or achievement. CRA undertakes no obligation to update any of its forward-looking statements after the date of this press release. The consolidated statements of income and consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. are attached.
CHARLES RIVER ASSOCIATES INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Sixteen Weeks Ended Forty Weeks Ended
August 31, August 30, August 31, August 30,
2001 2002 2001 2002
Revenues $ 34,914 $ 42,027 $ 80,625 $ 94,245
Costs of services 20,926 25,598 48,117 57,541
Gross profit 13,988 16,429 32,508 36,704
Selling, general and
administrative 9,809 11,754 23,707 26,814
Income from operations 4,179 4,675 8,801 9,890
Interest and other
income (expense), net 308 (61) 923 156
Income before provision
for income taxes
and minority interest 4,487 4,614 9,724 10,046
Provision for income taxes (1,894) (2,079) (4,104) (4,260)
Income before
minority interest 2,593 2,535 5,620 5,786
Minority interest (186) 52 (96) 368
Net income $ 2,407 $ 2,587 $ 5,524 $ 6,154
Net income per share:
Basic $ 0.26 $ 0.29 $ 0.61 $ 0.68
Diluted $ 0.26 $ 0.28 $ 0.60 $ 0.66
Weighted average number
of shares outstanding:
Basic 9,108 9,068 9,107 9,055
Diluted 9,287 9,303 9,182 9,302
CHARLES RIVER ASSOCIATES INCORPORATED
CONSOLIDATED BALANCE SHEETS
(In thousands)
November 24, August 30,
2001 2002
Assets
Cash, cash equivalents
and short-term investments $ 23,628 $ 16,403
Accounts receivable and unbilled, net 37,265 38,110
Other current assets 2,286 2,484
Total current assets 63,179 56,997
Property and equipment, net 7,569 8,230
Goodwill and intangible assets, net 18,966 26,961
Long-term investments 3,433 5,203
Other assets 3,743 3,701
Total assets $ 96,890 $101,092
Liabilities and stockholders' equity
Current liabilities $ 22,070 $ 21,017
Long-term liabilities 4,818 3,631
Total liabilities 26,888 24,648
Total stockholders' equity 70,002 76,444
Total liabilities and
stockholders' equity $ 96,890 $101,092
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