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The Hackett Group Announces Fourth Quarter Results and $55 Million Stock Repurchase Tender Offer

Wednesday, February 22nd, 2012

* Q4 2011 revenue of $55.5 million and pro forma EPS of $0.09, both at high-end of guidance
* Fiscal year revenue of $225.1 million, up 12%, with pro-forma EBITDA of $24.7 million, up 20%

MIAMI — (CRWENEWSWIRE) — The Hackett Group, Inc. (NASDAQ:HCKT), a global strategic advisory and operations improvement consulting firm, announced its financial results for the fourth quarter and fiscal year 2011, which ended December 30, 2011.

Fourth quarter 2011 revenue was $55.5 million, a 14% increase from the same period in 2010. Pro forma diluted earnings per share were $0.09 for the fourth quarter of 2011, as compared to $0.07 for the same period in 2010. Pro forma information is provided to enhance the understanding of the Company’s financial performance and is reconciled to the Company’s GAAP information in the accompanying tables.

GAAP diluted earnings per share were $0.23 for the fourth quarter of 2011, as compared to $0.07 in the fourth quarter of 2010. GAAP net earnings for the fourth quarter of 2011 included a $5.3 million tax benefit, or $0.13 per dilutive share, for the release of a deferred tax valuation allowance.

The Company also announced today its plan to launch a modified “Dutch auction” tender offer to purchase up to $55 million in value of its common stock, at a price ranging from $4.25 to $5.00. The tender offer would allow the Company to repurchase approximately 27% of its outstanding common shares at the high-end of the pricing range. The Company intends to pay for the share repurchase from its existing cash and cash equivalents balances, which were approximately $33 million as of December 30, 2011, and with a new $50 million credit facility.

Fiscal year 2011 revenue was $225.1 million, an increase of 12% from the previous fiscal year. Pro forma diluted net earnings per share for 2011 was $0.33, as compared to $0.27 in fiscal year 2010. GAAP diluted earnings per share in fiscal 2011 was $0.52, as compared to net income per share of $0.34 in the previous fiscal year. GAAP net income for 2011 includes a $5.3 million tax benefit, or $0.13 per dilutive share, for the release of a deferred tax valuation allowance. GAAP net income for 2010 includes a non-cash acquisition earn-out shares re-measurement gain of $1.7 million or $0.04 per dilutive share.

At the end of the fourth quarter of 2011, the Company’s cash balances were $33.8 million. During the quarter ended December 30, 2011, the Company repurchased 561 thousand shares of its common stock at an average cost of $3.47 per share, for a total cost of approximately $1.9 million. For the fiscal year 2011, the Company repurchased 2.3 million shares at an average price of $3.84, for a total cost of $9.0 million.

“Our fourth quarter was the culmination of another year of strong operating results,” stated Ted A. Fernandez, Chairman & CEO of The Hackett Group, Inc. “I am also pleased to see that our operating execution and our sound balance sheet provide us with the opportunity to launch a $55 million tender offer that enables us to return capital to shareholders while maintaining the flexibility to continue to pursue our growth initiatives. The tender offer reflects our continued commitment to enhancing shareholder value and provides an attractive use of our capital given Hackett’s strong cash flow and current market valuation.”

Based on the current economic outlook, the Company estimates total revenue for the first quarter of 2012 to be in the range of $54.5 million to $56.5 million, and estimates pro forma diluted earnings per share to be in the range of $0.06 to $0.08.

Other Highlights

Global Business Services Book of Numbers™ Research - Book of Numbers research from The Hackett Group found that companies can generate up to $314 million in annual savings and improve both efficiency and effectiveness by achieving world-class performance in finance, IT, HR, and procurement. A key strategy to achieving world-class performance is the implementation of a Global Business Services (GBS) operating model which integrates and consolidates multiple business functions.

Total Working Capital Research: Mid-year Update - Our latest working capital research from REL Consulting, a division of The Hackett Group, found that large public companies in the U.S. continued to maintain cash at record levels as of mid-year 2011, and 1,000 of the largest were holding $850 billion. At the same time, REL’s research shows that working capital performance for 1,000 of the largest public companies degraded slightly.

REL’s research showed that as revenues have increased over the past year, so has cash on hand, with companies holding 11% more cash at mid-year 2011 than at the previous year. Total debt also increased by 7% during the period, indicating that companies are taking advantage of low-cost borrowing opportunities to improve their capital structure and terms. expenditures, and share buy-backs.

SSON Marketing Alliance - The Hackett Group and the Shared Services & Outsourcing Network (SSON) announced a marketing alliance designed to offer SSON’s 20,000 members charter member access to The Hackett Performance Exchange (The Performance Exchange). The Performance Exchange is The Hackett Group’s new performance intelligence dashboard, which automatically extracts key performance metrics directly from ERP systems each month and presents an organization’s performance information on a Web-based dashboard, with comparisons to both peer and world-class metrics. The dashboard also offers links to relevant information from The Hackett Group’s Best Practices Intelligence Center which companies can use to drive process improvement initiatives and achieve operational excellence.

At 5 pm on Tuesday, February 21, 2012, the senior management of The Hackett Group will discuss fourth quarter results. The number for the conference call is (800) 779-3138, [Passcode: Fourth Quarter, Leader: Ted A. Fernandez]. For international callers, please dial (517) 308-9381.

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, February 21, 2012 and will run through 5:00 P.M. ET on Tuesday, March 6, 2012. To access the rebroadcast, please dial (888) 277-5031. For international callers, please dial (203) 369-3598.

In addition, The Hackett Group will also be webcasting this conference call live through the StreetEvents.com service. To participate, simply visit http://www.thehackettgroup.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, February 21, 2012 and will run through 5:00 P.M. ET on Tuesday, March 6, 2012. To access the replay, visit http://www.thehackettgroup.com or http://www.streetevents.com.

The tender offer described in this release has not yet commenced. This press release not an offer to buy or the solicitation of an offer to sell any shares of Common Stock. The solicitation and offer to buy Common Stock will only be made pursuant to the offer to purchase and the other tender offer documents, which are expected to be distributed to stockholders on February 22, 2012. A free copy of the tender offer documents that will be filed by Hackett with the SEC may be obtained when filed from the SEC’s website at www.sec.gov or from Hackett’s website at www.thehackettgroup.com, or by calling Georgeson Inc., the information agent for the tender offer, at (877) 278-9672 (toll free). Stockholders are urged to read these materials, when available, carefully prior to making any decision with respect to the offer. Stockholders who have questions may call BofA Merrill Lynch, the dealer-manager for the tender offer, at (888) 803-9655, or Georgeson Inc., the information agent for the tender offer, at (877) 278-9672 (toll free).

About The Hackett Group, Inc.

The Hackett Group, a global strategic business advisory and operations improvement consulting firm, is a leader in best practice advisory, benchmarking, and transformation consulting services including strategy and operations, working capital management, and globalization advice. Utilizing best practices and implementation insights from more than 7,000 benchmarking engagements, executives use The Hackett Group’s empirically-based approach to quickly define and implement initiatives to enable world-class performance. Through its REL group, The Hackett Group offers working capital solutions focused on delivering significant cash flow improvements. Through its Archstone Consulting group, The Hackett Group offers Strategy & Operations consulting services in the Consumer and Industrial Products, Pharmaceutical, Manufacturing and Financial Services industry sectors. Through its Hackett Technology Solutions group, The Hackett Group offers business application consulting services that help maximize returns on IT investments. The Hackett Group has completed benchmark studies with over 3,000 major corporations and government agencies, including 97% of the Dow Jones Industrials, 86% of the Fortune 100, 90% of the DAX 30 and 48% of the FTSE 100.

More information on The Hackett Group is available: by phone at (770) 225-7300; by e-mail at info@thehackettgroup.com.

Book of Numbers is a trademark of The Hackett Group.

EzLifeSciences is a trademark of Answerthink.

SAP and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause The Hackett Group’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 our products, services, or offerings mentioned in this release to deliver the desired effect, our ability to effectively integrate acquisitions into our operations, our ability to retain existing business, 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 business consulting and information technology industries, our ability to attract and retain skilled employees, possible changes in collections of accounts receivable due to the bankruptcy or financial difficulties of our customers, 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 our Company’s Annual Report on Form 10-K for the most recent fiscal year 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.

Source: The Hackett Group, Inc.

Contact:
The Hackett Group, Inc.
Robert A. Ramirez, CFO, 305-375-8005
rramirez@thehackettgroup.com

The Hackett Group, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
			Quarter Ended						Twelve Months Ended
			December 30, 2011			December 31, 2010			December 30, 2011			December 31, 2010
Revenue:
	Revenue before reimbursements	$	49,522		$	43,739		$	200,435		$	180,899
	Reimbursements		5,989			4,891			24,682			20,449
	Total revenue		55,511			48,630			225,117			201,348

Costs and expenses:
	Cost of service:
	Personnel costs before reimbursable expenses
	(includes $518 and $572 and $2,847 and $2,340 of stock compensation expense in the quarters and twelve months ended December 30, 2011 and December 31, 2010, respectively)		30,607			27,492			126,421			112,692
	Reimbursable expenses		5,989			4,891			24,682			20,449
	Total cost of service		36,596			32,383			151,103			133,141

	Selling, general and administrative costs
	(includes $586 and $704 and $1,758 and $1,961 of stock compensation expense in the quarters and twelve months ended December 30, 2011 and December 31, 2010, respectively)		14,174			13,320			56,773			55,755
	Total costs and operating expenses		50,770			45,703			207,876			188,896
Income from operations			4,741			2,927			17,241			12,452
Other income:
	Non-cash acquisition earn-out shares re-measurement gain		-			-			-			1,727
	Interest income		9			5			33			22
Income before income taxes			4,750			2,932			17,274			14,201
Income taxes			332			(67	)		780			(26	)
Release of valuation allowance			(5,275	)		-			(5,275	)		-
Net income		$	9,693		$	2,999		$	21,769		$	14,227

Basic net income per common share:
	Net income per common share	$	0.25		$	0.07		$	0.55		$	0.35
	Weighted average common shares outstanding		39,476			40,609			39,895			40,349

Diluted net income per common share:
	Net income per common share	$	0.23		$	0.07		$	0.52		$	0.34
	Weighted average common and common equivalent shares outstanding		41,596			42,594			41,875			42,372

Pro forma data (1):
	Income before income taxes	$	4,750		$	2,932		$	17,274		$	14,201
	Non-cash acquisition earn-out shares re-measurement gain		-			-			-			(1,727	)
	Stock compensation expense		1,104			1,276			4,605			4,301
	Amortization of intangible assets		204			464			811			1,960
	Pro forma income before income taxes		6,058			4,672			22,690			18,735
	Pro forma income tax expense		2,423			1,869			9,076			7,494
	Pro forma net income	$	3,635		$	2,803		$	13,614		$	11,241

	Pro forma basic net income per common share	$	0.09		$	0.07		$	0.34		$	0.28
	Weighted average common shares outstanding		39,476			40,609			39,895			40,349

	Pro forma diluted net income per common share	$	0.09		$	0.07		$	0.33		$	0.27
	Weighted average common and common equivalent shares outstanding		41,596			42,594			41,875			42,372

(1)	The Company provides pro forma earnings results (which exclude the non-cash acquisition earn-out shares re-measurement gain, amortization of intangible assets and stock compensation expense, and include a normalized tax rate) as a complement to results provided in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP results are provided to enhance the overall users’ understanding of the Company’s current financial performance and its prospects for the future. The Company believes the non-GAAP results provide useful information to both management and investors by excluding certain expenses that it believes are not indicative of its core operating results. The non-GAAP measures are included to provide investors and management with an alternative method for assessing operating results in a manner that is focused on the performance of ongoing operations and to provide a more consistent basis for comparison between quarters. Further, these non-GAAP results are one of the primary indicators management uses for planning and forecasting in future periods. In addition, since the Company has historically reported non-GAAP results to the investment community, it believes the continued inclusion of non-GAAP results provides consistency in its financial reporting. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.


The Hackett Group, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
			December 30, 2011		December 31, 2010

	ASSETS
Current assets:
	Cash and cash equivalents	$	32,936	$	25,337
	Accounts receivable and unbilled revenue, net		35,209		31,580
	Prepaid expenses and other current assets		9,319		5,056
	Total current assets		77,464		61,973

Restricted cash			885		1,610
Property and equipment, net			11,696		8,816
Other assets			1,823		2,779
Goodwill, net			75,558		75,623
	Total assets	$	167,426	$	150,801

	LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
	Accounts payable	$	7,433	$	5,590
	Accrued expenses and other liabilities		28,018		29,140
	Total current liabilities		35,451		34,730
Accrued expenses and other liabilities, non-current			1,727		2,831
	Total liabilities		37,178		37,561

Shareholders’ equity			130,248		113,240
	Total liabilities and shareholders’ equity	$	167,426	$	150,801


The Hackett Group, Inc.
SUPPLEMENTAL FINANCIAL DATA
(unaudited)

	Quarter Ended
	December 30, 2011			September 30, 2011			December 31, 2010
Revenue Breakdown by Group:
(in thousands)
The Hackett Group (2)	$	45,246		$	46,972		$	39,015
ERP Solutions (3)		10,265			10,963			9,615
Total revenue	$	55,511		$	57,935		$	48,630

Revenue Concentration:
(% of total revenue)
Top customer		5	%		3	%		4	%
Top 5 customers		16	%		14	%		15	%
Top 10 customers		26	%		24	%		26	%


Key Metrics and Other Financial Data:

Total Company:
Consultant headcount		713			746			663
Total headcount		914			951			854
Days sales outstanding (DSO)		58			60			59
Cash provided by operating activities (in thousands)	$	16,945		$	1,734		$	5,186
Depreciation (in thousands)	$	600		$	497		$	465
Amortization (in thousands)	$	204		$	204		$	464

The Hackett Group (in thousands):
The Hackett Group annualized revenue per professional (2)	$	353		$	366		$	321

ERP Solutions:
ERP Solutions consultant utilization rate (3)		65	%		74	%		78	%
ERP Solutions gross billing rate per hour (3)	$	139		$	134		$	124

Share Repurchase Plan:
Shares purchased in the quarter (in thousands)		561			269			665
Cost of shares repurchased in the quarter (in thousands)	$	1,947		$	967		$	2,373
Average price per share of shares purchased in the quarter	$	3.47		$	3.59		$	3.57
Remaining authorization (in thousands)	$	556		$	2,503		$	4,513

(2) The Hackett Group encompasses Benchmarking, Business Transformation and Executive Advisory groups, and includes EPM Technologies.
(3) Best Practice Implementation of ERP Software, which includes Oracle and SAP.

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Tags: benchmarking, best practice advisory, Book of Numbers, EzLifeSciences, Finance, Global Business Services Book of Numbers Research, Global Business Services operating model, global strategic advisory, HCKT, HR, IT, modified Dutch auction tender offer, Nasdaq:HCKT, operations improvement consulting firm, performance intelligence dashboard, procurement, REL Consulting, repurchase stock, SSON Marketing Alliance, strategy and operations, Ted A Fernandez, The Hackett Group, The Hackett Performance Exchange, transformation consulting services, working capital management

Posted in Stock Alerts |

Resources Connection, Inc. Reports Second Quarter Results for Fiscal 2012

Thursday, January 5th, 2012

- Revenues increase 4.7% quarter-over-quarter and 5.1% sequentially
- Company reports second quarter earnings per share of $0.11 per share (excluding $0.47 adjusted per share impact of contingent consideration adjustment for total earnings per share of $0.58)
- Second quarter net income of $25.3 million; adjusted EBITDA(1) improves sequentially to $14.3 million
- Company buys back 1,002,000 shares and returns over $13 million in capital to shareholders during second quarter

IRVINE, Calif, Jan. 4, 2012 (CRWENEWSWIRE) — Resources Connection, Inc. (NASDAQ:RECN), a multinational professional services firm that provides to clients – through its operating subsidiary, Resources Global Professionals (”Resources”) – accomplished professionals in accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, actuarial and legal and regulatory services, today announced financial results for its fiscal second quarter ended November 26, 2011.

Total revenue for the second quarter of fiscal 2012 was $145.0 million, up 4.7% from last year’s second quarter revenue of $138.5 million and up 5.1% on a sequential quarter basis. Revenues in the U.S. were up 1.3% quarter-over-quarter and 2.6% sequentially, while international revenues increased 13.8% quarter-over-quarter and 11.4% sequentially (up 11.1% quarter-over-quarter and 14.8% sequentially on a constant dollar basis).

The Company’s pre-tax income for the second quarter was $43.3 million, including a non-cash adjustment of $33.9 million reducing the estimated fair value of contingent consideration liability (including the employee portion of contingent consideration) related to the Sitrick Brincko Group acquisition. Accounting standards require the Company to record increases or decreases in the estimated fair value of contingent consideration to earnings. Due to the inherent difficulties in projecting the future operating results of the episodic Sitrick Brincko business, significant increases over the current estimated future adjusted EBITDA(1) (earnings before interest, income taxes, depreciation, amortization, stock based compensation and contingent consideration adjustments) could result in an increase in the estimated fair value of the Sitrick Brincko contingent consideration which would materially impact our future operating results.

The Company’s net income for the second quarter ended November 26, 2011, was $25.3 million , or $0.58 per diluted share, which includes the after tax impact of the adjustment of the estimated fair value of contingent consideration expense of $20.4 million or $0.47 per share. This compares with a net income for the second quarter ended November 27,2010 of $17.5 million, or $0.38 per diluted share, which included the after tax impact of the adjustment of the estimated fair value of contingent consideration expense of $14.0 million or $0.30 per share.

Gross margin was 37.9% in the second quarter of fiscal 2012, up 10 basis points from the first quarter of fiscal 2012. Selling, general and administrative expenses for the second quarter of fiscal 2012 were $43.0 million, up $400,000 from $42.6 million in the first quarter of fiscal 2012 as the Company ramped up its branding campaign during the second quarter.

Cash flow from operations and adjusted EBITDA were $5.4 million and $14.3 million (9.9% of revenue), respectively, for the second quarter of fiscal 2012.

“I am pleased our client service focused strategy continues to yield growth in a challenging global economy,” said Don Murray, chief executive officer of Resources. “Despite the reduction in the Sitrick Brincko contingent consideration, we remain committed to growing this practice in the coming years and believe we have an excellent team to do so.”

The Company’s revenue for the six months ended November 26, 2011 was $283.0 million compared with $262.2 million for the six months ended November 27, 2010. The Company’s net income for the six months ended November 26, 2011 was $27.9 million, or $0.63 per diluted share (including the after tax impact of the adjustment of the estimated fair value of contingent consideration expense of $20.4 million or $0.46 per share), compared with a net income for the six months ended November 27, 2010 of $18.7 million, or $0.40 per diluted share (including the after tax impact of the adjustment of the estimated fair value of contingent consideration expense of $14.0 million or $0.30 per share).

During the second quarter of fiscal 2012, the Company purchased 1,002,000 shares of common stock for $10.9 million. On December 22, 2011, the Company paid its quarterly dividend of $2.2 million to shareholders, representing a dividend of $0.05 per share.

“Our business model continues to produce positive cash flows as evidenced by our 9.9% cash flow margin for the quarter,” said Tony Cherbak, chief operating officer. “Our strong cash position allowed us to purchase over 1 million shares of our stock during our second quarter and, along with our dividend program, we returned $13.1 million to our shareholders.”

ABOUT RESOURCES GLOBAL PROFESSIONALS

Resources Global Professionals, the operating subsidiary of Resources Connection, Inc., is a multinational professional services firm that helps business leaders execute internal initiatives. Partnering with business leaders, we drive internal change across all parts of a global enterprise – accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, actuarial and legal and regulatory services.

Resources Global was founded in 1996 within a Big Four accounting firm. Today, we are a publicly traded company with over 3,000 professionals, annually serving over 1,900 clients around the world from 80 practice offices.

Headquartered in Irvine, California, Resources Global has served 86 of the Fortune 100 companies.

The Company is listed on the NASDAQ Global Select Market, the exchange’s highest tier by listing standards. More information about Resources Global is available at http://www.resourcesglobal.com.

Resources will hold a conference call for interested analysts and investors at 5:00 p.m., ET today, January 4, 2012. This conference call will be available for listening via a webcast on the Company’s website: http://www.resourcesglobal.com.

Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by words such as “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “remain,” “should” or “will” or the negative of these terms or other comparable terminology. In this press release, such statements include beliefs regarding the strength of our team. Such statements and all phases of Resources Connection’s operations are subject to known and unknown risks, uncertainties and other factors, including seasonality, overall economic conditions and other factors and uncertainties as are identified in our most recent Annual Report on Form 10-K and our other public filings made with the Securities and Exchange Commission (File No. 0-32113). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Resources Connection’s, and its industry’s, actual results, levels of activity, performance or achievements may be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company undertakes no obligation to update the forward-looking statements in this press release.

RESOURCES CONNECTION, INC. STATEMENT OF OPERATIONS (in thousands, except per share amounts)

	Quarter Ended		Six Months Ended

	November 26, 2011	November 27, 2010	November 26, 2011	November 27, 2010
	(unaudited)		(unaudited)

Revenue	$144,955	$138,534	$282,962	$262,242
Direct costs of services	90,034	83,787	175,869	158,210
Gross profit	54,921	54,747	107,093	104,032
Selling, general and administrative expenses (2)	42,980	42,732	85,589	83,607
Employee portion of contingent consideration (1)	(500)	—	(500)	—
Contingent consideration adjustment (1)	(33,440)	(23,700)	(33,440)	(22,413)
Operating income before amortization and depreciation (1), (2)	45,881	35,715	55,444	42,838
Amortization of intangible assets	1,186	1,310	2,394	2,600
Depreciation expense	1,471	1,870	3,020	3,715
Operating income (1), (2)	43,224	32,535	50,030	36,523
Interest income	(65)	(114)	(153)	(242)
Income before provision for income taxes (1), (2)	43,289	32,649	50,183	36,765
Provision for income taxes (3)	17,968	15,178	22,266	18,064
Net income (1), (2), (3)	$25,321	$17,471	$27,917	$18,701
Basic net income per share (1)	$0.58	$0.38	$0.63	$0.41
Diluted net income per share (1)	$0.58	$0.38	$0.63	$0.40
Basic shares	43,760	46,048	44,468	46,156
Diluted shares	43,797	46,283	44,512	46,347

EXPLANATORY NOTES

1.	The contingent consideration adjustment is a favorable adjustment of approximately $33.4 million for the three and six months ended November 26, 2011 and $23.7 million and $22.4 million for the three and six months ended November 27, 2010, respectively, in recognition of the change in the fair value of the contingent consideration liability associated with the acquisition of the Sitrick Brincko Group in November 2009. The adjustment in both fiscal years results in a reduction in the anticipated contingent consideration payable in November 2013. As required by accounting rules for acquisitions under generally accepted accounting principles (”GAAP”) that include earn-out provisions, the Company periodically assesses the likely fair value to be paid at the earn-out date. The Sitrick Brincko Group earn-out is based upon an annual assessment of actual EBITDA of the Sitrick Brincko Group and an updated assessment of various probability weighted projected EBITDA scenarios over the remaining two years of the earn-out period. This assessment requires very subjective assumptions to be made of various potential operating results scenarios. Based upon the first two years of actual results and an updated probability weighted assessment of various projected EBITDA scenarios of the Sitrick Brincko Group for the two years remaining in the earn-out period, the Company believes it is more likely than not that there will not be a contingent consideration payment payable in November 2013 and has reduced the estimated liability by $33.9 million. Although the Company currently believes that there will be no earn-out payment due, it will continue to periodically review actual EBITDA results of the Sitrick Brincko Group and an updated assessment of various probability weighted projected EBITDA scenarios; if circumstances change and the Company determines that an earn-out payment may be due, it would result in a non-cash charge to operations and would materially impact operating results.

	The employee portion of contingent consideration is a $500,000 reduction of the estimate of the compensation owed to employees related to the Sitrick Brincko Group acquisition (and as compensation, it is treated as an operating expense). Similar to contingent consideration, the estimate of the amount of employee portion of contingent consideration payable requires very subjective assumptions to be made of future operating results and based upon the first two years of actual results and an updated probability weighted assessment of various projected EBITDA scenarios of the Sitrick Brincko Group for the two years remaining in the earn-out period, the Company currently believes it is more likely than not that the employee portion of contingent consideration will not be earned.

	The after-tax impact of the adjustments to contingent consideration and the employee portion of contingent consideration were $0.47 per share and $0.30 per share for the three months ended November 26, 2011 and November 27, 2010, respectively.

2.	Selling, general and administrative expenses (”SG&A”) include non-cash compensation expense for employee stock option grants and employee stock purchases of $1.9 million and $2.6 million for the three months ended November 26, 2011 and November 27, 2010, respectively, and $3.8 million and $5.3 million for the six months ended November 26, 2011 and November 27, 2011, respectively.

3.	The Company’s effective tax rate was 41.5% and 46.5% for the three months ended November 26, 2011 and November 27, 2010, respectively and 44.4% and 49.1% for the six months ended November 26, 2011 and November 27, 2010, respectively. Without the benefit of the contingent consideration adjustments recorded for the three months ended November 26, 2011 and November 27, 2010, the effective tax rate would have been 47.8% and 61.0%. For all periods presented, the Company is unable to benefit from, or has limitations on the benefit of, tax losses in certain foreign jurisdictions. For the three months ended November 27, 2010, the Company established valuation allowances against deferred tax assets in certain foreign locations of $769,000. To a lesser extent, the accounting treatment under GAAP for the cost associated with incentive stock options and shares purchased through the Employee Stock Purchase Plan have caused volatility in the Company’s effective tax rate.

RESOURCES CONNECTION, INC. Reconciliation of Net Income to Adjusted EBITDA (in thousands, except Adjusted EBITDA Margin)

	Quarter Ended		Six Months Ended

	November 26, 2011	November 27, 2010	November 26, 2011	November 27, 2010
	(unaudited)		(unaudited)

Net income	$ 25,321	$ 17,471	$ 27,917	$ 18,701
Adjustments:
Amortization of intangible assets	1,186	1,310	2,394	2,600
Depreciation expense	1,471	1,870	3,020	3,715
Interest income	(65)	(114)	(153)	(242)
Provision for income taxes	17,968	15,178	22,266	18,064
EBITDA	45,881	35,715	55,444	42,838
Stock-based compensation expense	1,876	2,589	3,808	5,269
Contingent consideration adjustment	(33,440)	(23,700)	(33,440)	(22,413)
Adjusted EBITDA	$14,317	$14,604	$25,812	$25,694
Revenue	$144,955	$138,534	$282,962	$262,242
Adjusted EBITDA Margin	9.9%	10.5%	9.1%	9.8%

The Company utilizes certain financial measures and key performance indicators that are not defined by, or calculated in accordance, with GAAP to assess our financial and operating performance. A non-GAAP financial measure is defined as a numerical measure of a company’s financial performance that (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the comparable measure calculated and presented in accordance with GAAP in the statement of operations; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the comparable measure so calculated and presented.

Adjusted EBITDA, a non-GAAP financial measure, is calculated as net income before amortization of intangible assets, depreciation expense, interest income, income taxes, stock-based compensation expense and contingent consideration expense. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenue. We believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful measures to our investors because they are financial measures used by management to assess the performance of our Company. Adjusted EBITDA and Adjusted EBITDA Margin are not measurements of financial performance or liquidity under GAAP and should not be considered in isolation or construed as substitutes for net income or other cash flow data prepared in accordance with GAAP for purposes of analyzing our profitability or liquidity. These measures should be considered in addition to, and not as a substitute to, net income, earnings per share, cash flows or other measures of financial performance prepared in accordance with GAAP.

RESOURCES CONNECTION, INC. SELECTED BALANCE SHEET INFORMATION (in thousands)
	November 26, 2011	May 28, 2011
	(unaudited)
Cash, cash equivalents and short-term investments	$ 120,663	$144,873
Accounts receivable, less allowances	$ 87,924	$ 87,162
Total assets	$434,845	$476,397
Current liabilities	$ 60,882	$ 67,199
Total stockholders’ equity	$370,913	$372,726

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THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Tags: accounting, actuarial and legal and regulatory services, Big Four accounting firm, corporate advisory, Don Murray, Finance, human capital, information management, multinational professional services firm, Nasdaq:RECN, RECN, Resources Connection, Resources Global Professionals, risk management and internal audit, strategic communications and restructuring, supply chain management, Tony Cherbak

Posted in Top News |

Entrepreneur Russell Simmons Invests in Skinny Nutritional Corp.

Thursday, July 21st, 2011

NEW YORK, NY–(CRWENEWSWIRE - 07/21/11) - Skinny Nutritional Corp. (OTC.BB:SKNY), the maker of Skinny Water® and a leader in the zero-calorie enhanced water category, announced today that entrepreneur and visionary Russell Simmons has made a significant investment in Skinny Nutritional Corp. The investment by Mr. Simmons follows his agreement to work with Skinny Nutritional as a consultant to assist Skinny Nutritional in building healthy lifestyle brands and to create opportunities for brand expansion and extension.

“I am very passionate about getting involved with Skinny Water because the company is committed to developing products which I believe must be brought to the mass market,” said Mr. Simmons. “America needs to change its eating habits and focus on healthy living and Skinny Water’s enhanced drinks are very important to this movement. If you follow my investments over the past several years they are mostly geared to promoting well-being, so this investment is a natural fit.”

Recently named one of “Hollywood’s Most Influential Celebrities” by Forbes and one of the “Top 25 Most Influential People of the Past 25 Years” by USA Today, Russell Simmons is known for being a groundbreaker in music, fashion, finance, jewelry, television and film. From creating his seminal Def Jam Recordings in 1984, to the 2007 publishing of his New York Times best-seller Do You! 12 Laws to Access the Power in You to Achieve Happiness and Success to founding GlobalGrind.com, the leading online destination for celebrity entertainment, music, culture and politics for the new, post-racial America and his latest New York Times best-seller SUPER RICH: A Guide To Having It All, Russell is recognized globally for his influence and entrepreneurial approach to both business and philanthropy. A devoted yogi, Russell also leads the non-profit division of his empire, Rush Community Affairs, and its ongoing commitment to empowering at-risk youth through education, the arts, social engagement, and promoting racial harmony and strengthening inter-group relations.

Michael Salaman, Chairman and CEO of Skinny Nutritional Corp, stated, “We are delighted to have a media and business icon like Russell Simmons involved with Skinny Water. His business savvy and commitment to healthy living will send a positive signal to both the business community and consumers about the positive impact that Skinny Water can have on the overall health and wellness of the American consumer.”

The Skinny Water® lineup features eight great-tasting flavors, including Acai Grape Blueberry (Hi-Energy), Raspberry Pomegranate (Crave Control), Lemonade Passionfruit (Total-V), Orange Cranberry Tangerine (Wake Up), Blue Raspberry (Fit), Pink Berry Citrus (Power), Kiwi Lime (Active) and Goji Black Cherry (Shape). Every bottle of Skinny Water® has key electrolytes, antioxidants, and vitamins and has zero calories, sugar, and sodium, and no preservatives, with all natural colors and flavors.

ABOUT SKINNY NUTRITIONAL CORP. Headquartered in Bala Cynwyd, PA, Skinny Nutritional Corp., the creators of Skinny Water®, a zero-calorie, zero sugar, zero-sodium and zero-preservative enhanced water with key electrolytes, antioxidants, and vitamins. Skinny Water comes in eight great-tasting flavors that include Acai Grape Blueberry, Raspberry Pomegranate, Orange Cranberry Tangerine and Lemonade Passionfruit, and as part of its ‘Sport’ line: Blue Raspberry, Pink Berry Citrus, Goji Black Cherry, and Kiwi Lime. Skinny Nutritional Corp. also expects to launch additional branded products, including Skinny Smoothies®, and other Skinny branded beverages. For more information, visit www.SkinnyWater.com and www.facebook.com/skinnywater.

ABOUT RUSSELL SIMMONS
Forbes Magazine recently named Russell Simmons one of “Hollywood’s Most Influential Celebrities.” USA Today named Russell Simmons one of the “Top 25 Most Influential People of the Past 25 Years,” calling him a “hip-hop pioneer” for his groundbreaking vision that has influenced music, fashion, finance, the jewelry industry, television and film, as well as the face of modern philanthropy. From creating his seminal Def Jam Recordings in 1984, to the 2007 publishing of his New York Times best-seller Do You! 12 Laws to Access the Power in You to Achieve Happiness and Success to founding GlobalGrind.com, the leading online destination for celebrity entertainment, music, culture and politics for the new, post-racial America and his latest New York Times best-seller “SUPER RICH: A Guide To Having It All,” Russell is recognized globally for his influence and entrepreneurial approach to both business and philanthropy. Giving back is of primary importance to him in all aspects of life and as Chairman and CEO of Rush Communications, he has consistently leveraged his influence in the recording industry, fashion, television, financial services, and jewelry sectors to give back. A devoted yogi, Russell also leads the non-profit division of his empire, Rush Community Affairs, and its ongoing commitment to empowering at-risk youth through education, the arts, social engagement, and promoting racial harmony and strengthening inter-group relations. Russell also recently served as the UN Goodwill Ambassador For The Permanent Memorial To Honor The Victims Of Slavery and The Trans-Atlantic Slave Trade.

SAFE HARBOR STATEMENT This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. When used in this release, the words “believe,” “anticipate,” “think,” “intend,” “plan,” “will be,” “expect,” and similar expressions identify such forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the Company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Source: Skinny Nutritional Corp.

Contact:

Elizabeth Rosenthal Traub
EJ Media Group LLC
Elizabeth@ejmediagroup.com
212.518.4771 x 105
201.618.1605

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THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://crwenewswire.com/disclaimer). Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a newswire as well as an IR and PR firm. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.

Tags: consultant, eating habits, entrepreneur and visionary, fashion, Finance, Forbes, Healthy living, Hollywood's Most Influential Celebrities, jewelry, Michael Salaman, Music, OTCBB:SKNY, philanthropy, Russell Simmons, Skinny Nutritional, Skinny Water, SKNY.OB, television and film, USA Today, well being, zero calorie enhanced water

Posted in Stock Alerts |

DrStockPick Presents A Stock Watch For DB, DNR, LOOK and CRWE.

Wednesday, September 15th, 2010

Crown Equity Holdings Inc. (OTCBB:CRWE) announces that it has launched its crwenewswire.fr website to provide news in France’s native language. Crown Equity Holdings Inc. had previously launched its German website crwenewswire.de and is launching its Canadian website crwenewswire.cn shortly.

“The new website is one step in many towards the company goal of expanding its footprint internationally, ” commented Kenneth Bosket, President and CEO of Crown Equity Holdings Inc. “Our goal for 2010 is to have all CRWE’s clients’ press releases, articles and news content published in every major financial country’s native language, as well as within cities of every state of our country,” stated Mr. Bosket.

Crown Equity Holdings Inc. is a consulting organization which provides and assists small business owners with the knowledge required in taking their company public, and has re-focused its primary vision with its aligned group of independent website divisions to providing media advertising services, as a worldwide online media advertising publisher, dedicated to the distribution of quality branding information, as well as search engine optimization for its clients.

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LookSmart, Ltd. (Nasdaq:LOOK), an online search advertising network solutions company,recently reported financial results for the second quarter ended June 30, 2010.

Revenues for the second quarter of 2010 were $13.0 million, compared to $13.2 million in the second quarter of 2009 and $13.3 million in the first quarter of 2010. Net income for the second quarter of 2010 was $0.7 million, or $0.04 per diluted share. This compares to a net loss for the second quarter of 2009 of $1.3 million, or ($0.8) per diluted share. Net loss for the first quarter of 2010 was $0.5 million, or ($0.03) per diluted share.

Income from continuing operations for the second quarter of 2010 was $0.6 million. This compares to a loss from continuing operations in the second quarter of 2009 of $1.4 million, which includes a $0.2 million impairment charge and $0.2 million of expense related to the evaluation of strategic growth alternatives. Loss from continuing operations for the first quarter of 2010 was $0.6 million, which includes $0.2 million of severance expense.

LookSmart is an online search advertising network solutions company that provides performance solutions for online search advertisers and online publishers. LookSmart offers advertisers targeted, pay-per-click (PPC) search advertising and contextual search advertising via its Advertiser Networks; and an Ad Center platform for customizable private-label advertiser solutions for online publishers. LookSmart is based in San Francisco, California.

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Denbury Resources Inc. (NYSE:DNR) has entered into an agreement to acquire for $115 million a 42.5% non-operated working interest in the Riley Ridge Federal Unit located in southwestern Wyoming, together with approximately 33% of the CO2 rights in an additional +/-28,000 acres adjoining the Riley Ridge Unit. The acquisition is expected to close in late October and is subject to satisfactory completion of customary due diligence.

Denbury Resources Inc. is a growing independent oil and natural gas company. The Company is the largest oil and natural gas operator in both Mississippi and Montana, owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River, and holds significant operating acreage in the Rockies and Gulf Coast regions. The Company’s goal is to increase the value of acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with its most significant emphasis relating to tertiary recovery operations.

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Deutsche Bank AG (NYSE: DB) resolved to submit a voluntary public takeover offer to the shareholders of Deutsche Postbank AG to acquire their no-par value registered shares. Deutsche Bank intends to offer Postbank’s shareholders a cash payment equal to the volume-weighted average share price of the Postbank share based on the quotations on the German stock exchanges for this share over the last three months. This price is expected to be in the range of € 24 to € 25 per share. The final minimum price will be set in approximately one week by Germany’s Federal Financial Supervisory Authority (BaFin). The takeover offer will be made in accordance with the terms specified in the offer document, which will be made available online. The exact period for the acceptance of the takeover offer will also be published in this document. Deutsche Bank currently holds 29.95 percent of the shares of Deutsche Postbank AG.

The Management Board and the Supervisory Board of Deutsche Bank AG also resolved to implement a capital increase from authorized capital against cash contributions. The gross proceeds from the issue are expected to be at least € 9.8 billion. The capital increase is primarily intended to cover capital consumption from the planned Postbank consolidation, but will also support the existing capital base to accommodate regulatory changes and business growth.

Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank, said: “Through this capital increase, Deutsche Bank intends to secure the equity capital required for a planned consolidation of Postbank. As a result, we can expand our strong position in our home market, take a leading position in the European retail banking business and significantly enhance Deutsche Bank’s revenue mix. Furthermore, with this capital increase we are strengthening the bank’s equity capital in light of expected regulatory changes. The takeover offer to the shareholders of Postbank allows us to minimize the total costs of the acquisition.”

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THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. DrStockPick.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold DrStockPick.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://drstockpick.com/disclaimer) .Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings, Inc. (CRWE.OB) is a newswire as well as an IR and PR firm. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.

Tags: advertising, CO@, consulting, Crown Equity Holdings, CRWE.OB, DB, Denbury Resources, Deutsche Bank, digital media, DNR, Finance, LOOK, LookSmart, market awareness, media advertising, NASDAQ:LOOK, Natural gas, NYSE:DB, NYSE:DNR, online publisher, online search, OTC.BB:CRWE, pay per click, Postbank, retail banking, website

Posted in Top News |

Ben Bernanke, the man in the mirror!

Monday, August 30th, 2010

By Mike Zaman

When most of us look in the mirror what we see is the reverse image of our self, but sometimes we even miss that reality.

And this is exactly the problem that Bernanke and the FED are experiencing, the illusion, that he can save the economy by taking the country further into debt. The more money the FED creates becomes a larger burden on us, the US taxpayers.

How much can we undertake while the economy languished on the edge of total collapse?
Psychiatrists agree that our government is actually insane, why? Because the very definition of insanity is to do the same thing over and over and to expect a different outcome, surely Ben Bernanke and the FED meet this standard.

Through the first quarter of this year, Bernanke printed $1.5 trillion of paper currency and promptly bought $1.5 trillion in mortgage bonds, government agency bonds, and Treasury bonds. Now these bonds are an obligation imposed on the US taxpayers, who by the way are mainly economically indisposed.

But even as the entire effort was a failure, Bernanke is at it again.

If Fed Chairman Ben Bernanke honestly believes what he said at Jackson Hole on Friday - that he can save the economy by printing more money and buying more bonds - he needs to see a psychiatrists, the indication of this attempt to bolster the economy by acquiring more of the banks products, hasn’t stimulated the economy one bit. In fact the opposite has actually occurred, and hiding the true numbers of America’s unemployed is like an ostrich burying its head in the sand. Unemployment doesn’t go away simply because of wishful thinking.

America needs jobs, real jobs to jump start the economy, and the illusion that jobs are being created won’t make the economy stronger. But where will these jobs come from?

One approach is to make it more expensive for companies that are outsourcing American jobs, through higher taxation, this is a real solution! Inflating the economy will have a dire consequence, higher prices and a deeper prolonged depression, that’s right depression!

Lessons were learned from the 1930’s but it takes an intellect to read what the government did to stimulate the economy, and after all what it took in the end hasn’t worked today, it took a world war… today our war efforts haven’t been able to stimulate the economy even though we have become a nation perpetually at war, why, because even our weapons and weaponry are outsourced, it appears even our own government has a greater interest in the world economy, lacking a real insight or concern for its own people!

Bernanke is a man that sees a different image in the mirror, and that image speaks a different language.

It will take a different administration to solve the problems facing America, doing the same thing over and over always results in the same outcome and Obama has yet to understand economics 101, but then, neither has our economist Bernanke.

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The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY! Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings, Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (read more) Rule 17B requires disclosure of payment for investor relations.

Tags: banks, Bernanke, Bonds, Congress, Crown Equity Holdings Inc, CRWE.OB, FED, Federal Debt, Finance, Home Sales, Mike Zaman, Mortgage Backed Securities, Mortgages, Obama, OTC: CRWE, Unemployment

Posted in Top News |