CRA International Inc (CRAI - Free Report) reported net income of $3.0 million or 29 cents per share in first quarter 2013 versus net income of $0.5 million or 5 cents per share in the year-ago quarter. Non-GAAP net income for the reported quarter was 31 cents per share compared with 9 cents in the year-earlier quarter. Non-GAAP earnings for the reported quarter missed the Zacks Consensus Estimate by a couple of cents.
Revenues for first quarter 2013 were $63.1 million compared with $69.1 million in the year-ago quarter. The quarterly revenues missed the Zacks Consensus Estimate of $67 million. Non-GAAP revenues for first quarter 2013 were $62.0 million versus $68.0 million in the year-ago quarter.
During the reported quarter, CRA International’s portfolio delivered healthy performance in Antitrust & Competition Economics, Intellectual Property, Labor & Employment, and Auctions & Competitive Bidding, offset by a relatively weak performance in Finance, Life Sciences, and Marakon.
Gross profit was $21.1 million in the reported quarter versus $22.6 million in the year-ago quarter. Selling, general and administrative expenses (SG&A) stood at $15.8 million versus $17.9 million in the year-ago period.
As of Mar 30, 2013, cash and cash equivalents were $30.6 million compared with $55.5 million at Dec 29, 2012. Long term liabilities stood at $9.8 million as of Mar30, 2013 versus $10.6 million as of Dec 29, 2012.
Subsequent to the quarter-end, CRA International closed a five-year term revolving facility worth $125 million, replacing an existing credit facility worth $60 million for a three-year term.
CRA International aims to better focus on its service portfolio and allocate its resources on core areas to enhance business profitability and is bullish about overall growth in 2013. Based on its restructuring initiatives, CRA International aims to achieve profitable growth organically.
CRA International currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth considering in the industry are Huron Consulting Group Inc (HURN - Free Report) , Franklin Covey Co (FC - Free Report) and Navigant Cosulting Inc (NCI - Free Report) , each carrying a Zacks Rank #2 (Buy).