Charles River Associates (CRA) Reports Results for the Third Quarter of 2016

CRA Drives Revenue and Profitability While Delivering 7% Headcount Growth

Company Initiates Quarterly Cash Dividend

BOSTON--()--Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced financial results for the fiscal third quarter ended October 1, 2016 and the initiation of a quarterly cash dividend.

Key Financial Results

  • Revenue up 6.8% year over year to $81.7 million; non-GAAP revenue up 8.2% year over year to $81.7 million.
  • Net income up 11.6% year over year to $3.2 million; non-GAAP net income up 11.2% year over year to $3.2 million.
  • Earnings per diluted share increased 22.6% year over year to $0.38; non-GAAP earnings per diluted share increased 21.9% year over year to $0.39.
  • Non-GAAP Adjusted EBITDA grew 16.7% year over year to $13.8 million.
  • On a constant currency basis relative to the third quarter of fiscal 2015, GAAP and non-GAAP revenue would have increased by approximately $2.2 million, resulting in year-over-year growth of 9.6% and 11.2%, respectively, whereas foreign currency headwinds had a de minimis impact on GAAP and non-GAAP net income, earnings per diluted share, and Adjusted EBITDA.
  • On October 26, 2016, CRA’s Board of Directors declared a quarterly cash dividend of $0.14 per common share, payable on December 16, 2016 to shareholders of record as of November 20, 2016. The Company expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA’s Board of Directors.

Management Commentary

“Consistent with the first half of the year, CRA delivered strong financial results in the third quarter of fiscal 2016,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Continued broad-based demand for our services provided CRA the opportunity to welcome more than 70 new colleagues, increasing quarter-end headcount by 7% compared with a year ago, while also achieving companywide quarterly utilization of 73%. We grew non-GAAP revenue by 8.2% to $81.7 million with double-digit revenue growth year over year in Energy; Finance, including legacy operations and our new colleagues in Forensic & Cyber Investigations; Labor & Employment; Life Sciences; and Marakon. International operations experienced more than 20% revenue growth year over year, led by our Antitrust & Competition Economics, Life Sciences, and Marakon practices, which would have been even stronger if adjusted for foreign currency headwinds.”

“Given the strength of our firm and its ability to generate strong cash flows, we can both invest in the business and return capital to shareholders,” said Maleh. “Our profitable growth and the initiation of a quarterly dividend, combined with our stock repurchase activity, demonstrate CRA’s continued commitment to deliver value to shareholders. During the third quarter, we repurchased approximately 111,000 shares of common stock for $2.9 million, bringing our year-to-date repurchases to approximately 784,000 shares for $19.1 million lowering our shares outstanding by 7.4% to 8.2 million shares.”

Outlook and Financial Guidance

“Looking ahead, we are positioned to build on the strong momentum seen year to date across our portfolio,” Maleh said. “On a constant currency basis relative to fiscal 2015, we expect to exceed our previously announced fiscal 2016 guidance for non-GAAP revenue of $312 million to $322 million and to be in the upper half of our non-GAAP Adjusted EBITDA margin range of 15.8% to 16.6%. While we are encouraged by CRA’s solid performance through the first three quarters of fiscal 2016, we remain mindful of short-term challenges arising from the integration of newly hired professionals, the potential impact of seasonality, and uncertainties around global economic conditions.”

CRA does not provide reconciliations of its non-GAAP revenue and Adjusted EBITDA margin guidance to the GAAP comparable financial measures because CRA is unable to estimate with reasonable certainty the financial results of its former NeuCo subsidiary, now known as GNU123 Liquidating Corporation (“GNU”), the timing and amount of forgivable loans issued for talent acquisition, share-based compensation expense, unusual gains or charges, foreign exchange rates, and the resulting effect of these items on CRA’s taxes without unreasonable effort. These items are uncertain, depend on various factors, and may have a material effect on CRA’s results computed in accordance with GAAP. A reconciliation between the historical GAAP and non-GAAP financial measures presented in this release is provided in the financial tables at the end of this release, and further information regarding the non-GAAP measures presented in this release is provided below under the heading “Non-GAAP Financial Measures.”

Conference Call Information and Prepared CFO Remarks

CRA will host a conference call this morning at 10:00 a.m. ET to discuss its third quarter 2016 financial results. To listen to the live call, please visit the “Investor Relations” section of CRA’s website at http://www.crai.com, or dial (877) 709-8155 or (201) 689-8881. An archived version of the webcast will be available on CRA’s website for one year.

In combination with this press release, CRA has posted prepared remarks by its CFO Chad Holmes under “Conference Call Materials” in the “Investor Relations” section on CRA’s website at http://www.crai.com. These remarks are offered to provide the investment community with additional background on CRA’s financial results prior to the start of the conference call.

About Charles River Associates (CRA)

Charles River Associates® is a global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world and celebrated its 50th anniversary in 2015. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Twitter, and Facebook.

NON-GAAP FINANCIAL MEASURES

In addition to reporting its financial results in accordance with U.S. generally accepted accounting principles, or GAAP, CRA has also provided in this release non-GAAP financial information. CRA believes that the use of non-GAAP measures in addition to GAAP measures is a useful method of evaluating its results of operations. CRA believes that presenting its financial results excluding the results of GNU, certain non-cash and/or non-recurring charges, and the other items identified below, and including presentations of Adjusted EBITDA and comparisons on a constant currency basis, are important to investors and management because they are more indicative of CRA’s ongoing operating results and financial condition. These non-GAAP financial measures should be considered in conjunction with, but not as a substitute for, the financial information presented in accordance with GAAP, and the results calculated in accordance with GAAP and reconciliations to those results should be carefully evaluated. The non-GAAP financial measures used by CRA may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Specifically, for the third quarter of fiscal 2016, the third quarter of fiscal 2015, the year-to-date period ended as of the third quarter of fiscal 2016, and its full 2016 fiscal year guidance, CRA has excluded GNU’s results, and for the year-to-date period ended as of the third quarter of 2015, CRA has excluded GNU’s results and a non-cash charge relating to an increased liability for a future contingent consideration payment relating to a prior acquisition. Also, in calculating “Adjusted EBITDA” from net income (loss) attributable to CRA for these fiscal periods and for purposes of the full 2016 fiscal year guidance for Adjusted EBITDA margin, CRA has excluded net income (loss) attributable to noncontrolling interests (net of tax), interest expense, net; provision for income taxes, other income (expense), net; and the following non-cash expenses: depreciation and amortization, share-based compensation expenses, and amortization of forgivable loans.

Finally, CRA believes that fluctuations in foreign currency exchange rates can significantly affect its financial results. Therefore, CRA provides a constant currency presentation to supplement disclosures regarding its results of operations and performance. CRA calculates constant currency amounts by converting its applicable fiscal period local currency financial results using the prior fiscal year’s corresponding period exchange rates. CRA has presented in this press release its GAAP and non-GAAP revenue, net income, and earnings per diluted share, and its Adjusted EBITDA, for the third quarter of fiscal 2016 on a constant currency basis relative to the third quarter of fiscal 2015, and its guidance for fiscal 2016 non-GAAP revenue and Adjusted EBITDA margin on a constant currency basis relative to fiscal 2015.

SAFE HARBOR STATEMENT

Statements in this press release concerning our future business, operating results and financial condition, including guidance on future non-GAAP revenue and non-GAAP Adjusted EBITDA margin, and statements regarding undeclared dividend payments, our ability and commitment to invest in our business while returning capital to shareholders, the continuation of the current strength of our business, the demand for our services, or our ability to generate cash flows, and statements using the terms “looking ahead,” “expect,” “believe,” “can,” “positioned,” “should,” or similar expressions, are “forward-looking” statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. Our actual non-GAAP revenue and non-GAAP Adjusted EBITDA margin in fiscal 2016 on a constant currency basis relative to fiscal 2015 could differ materially from the guidance presented herein, and our actual performance and results may differ materially from the performance and results contained or implied by the other forward-looking statements made herein, due to many important factors. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, our ability to attract and retain key employee or non-employee experts; the impact of a quarterly dividend and/or the failure to declare future dividends; the inability to integrate and utilize existing consultants and personnel; global economic conditions including less stable political and economic environments; foreign exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading “Risk Factors.” The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. We undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.

 

CRA INTERNATIONAL, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS INCLUDING A RECONCILIATION TO NON-GAAP RESULTS
FOR THE QUARTER ENDED OCTOBER 1, 2016 COMPARED TO THE QUARTER ENDED OCTOBER 3, 2015
(In thousands, except per share data)
                           
Quarter Ended October 1, 2016 Quarter Ended October 3, 2015

GAAP
Results

GAAP
% of
Revenues

Adjustments to
GAAP Results
(GNU) (1)

Non-GAAP
Results

Non-GAAP
% of
Revenues

GAAP
Results

GAAP
% of
Revenues

Adjustments to
GAAP Results
(GNU) (1)

Non-GAAP
Results

Non-GAAP
% of
Revenues

 
 
Revenues $ 81,691 100.0 % $ - $ 81,691 100.0 % $ 76,525 100.0 % $ 1,055 $ 75,470 100.0 %
Costs of services   57,832   70.8 %   -     57,832   70.8 %   52,029   68.0 %   334     51,695   68.5 %
Gross profit 23,859 29.2 % - 23,859 29.2 % 24,496 32.0 % 721 23,775 31.5 %
 
Selling, general and administrative expenses 16,671 20.4 % 95 16,576 20.3 % 18,355 24.0 % 772 17,583 23.3 %
Depreciation and amortization   1,891   2.3 %   -     1,891   2.3 %   1,560   2.0 %   -     1,560   2.1 %
Income (loss) from operations 5,297 6.5 % (95 ) 5,392 6.6 % 4,581 6.0 % (51 ) 4,632 6.1 %
 
Interest and other (expense), net   (237 ) -0.3 %   -     (237 ) -0.3 %   (235 ) -0.3 %   (14 )   (221 ) -0.3 %
Income (loss) before provision for income taxes and
noncontrolling interest 5,060 6.2 % (95 ) 5,155 6.3 % 4,346 5.7 % (65 ) 4,411 5.8 %
Provision for income taxes   (1,909 ) -2.3 %   -     (1,909 ) -2.3 %   (1,533 ) -2.0 %   (42 )   (1,491 ) -2.0 %
Net income (loss) 3,151 3.9 % (95 ) 3,246 4.0 % 2,813 3.7 % (107 ) 2,920 3.9 %
Net (income) loss attributable to noncontrolling interests, net of tax   42   0.1 %   42     -   0.0 %   47   0.1 %   47     -   0.0 %
Net income (loss) attributable to CRA International, Inc. $ 3,193   3.9 % $ (53 ) $ 3,246   4.0 % $ 2,860   3.7 % $ (60 ) $ 2,920   3.9 %
 
Net Income per share attributable to CRA International, Inc.:
Basic $ 0.39   $ 0.39   $ 0.32   $ 0.33  
Diluted $ 0.38   $ 0.39   $ 0.31   $ 0.32  
 
Weighted average number of shares outstanding:
Basic   8,177     8,177     8,940     8,940  
Diluted   8,309     8,309     9,025     9,025  
 

(1) These adjustments include activity related to GNU123 Liquidating Corporation (“GNU”), CRA’s majority owned subsidiary formerly known as “NeuCo”, in the Company's GAAP results. In April 2016, substantially all of GNU's assets were sold.

 
CRA INTERNATIONAL, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS INCLUDING A RECONCILIATION TO NON-GAAP RESULTS
FOR THE YEAR-TO-DATE PERIOD ENDED OCTOBER 1, 2016 COMPARED TO THE YEAR-TO-DATE PERIOD ENDED OCTOBER 3, 2015
(In thousands, except per share data)
                           
Year-To-Date Period Ended October 1, 2016 Year-To-Date Period Ended October 3, 2015

GAAP
Results

GAAP
% of
Revenues

Adjustments to
GAAP Results
(GNU) (1)

Non-GAAP
Results

Non-GAAP
% of
Revenues

GAAP
Results

GAAP
% of
Revenues

Adjustments to
GAAP Results
(Contingent Liability) (2)

Adjustments to
GAAP Results
(GNU) (1)

Non-GAAP
Results

Non-GAAP
% of
Revenues

 
Revenues $ 245,210 100.0 % $ 826 $ 244,384 100.0 % $ 231,099 100.0 % $ - $ 2,859 $ 228,240 100.0 %
Costs of services   171,297   69.9 %   455     170,842  

69.9

%

  156,523   67.7 %   833     1,040     154,650   67.8 %
Gross profit 73,913 30.1 % 371 73,542 30.1 % 74,576 32.3 % (833 ) 1,819 73,590 32.2 %
 
Selling, general and administrative expenses 52,748 21.5 % 1,144 51,604 21.1 % 55,105 23.8 % - 2,405 52,700 23.1 %
Depreciation and amortization   5,861   2.4 %   -     5,861   2.4 %   4,766   2.1 %   -     -     4,766   2.1 %
Income (loss) from operations 15,304 6.2 % (773 ) 16,077 6.6 % 14,705 6.4 % (833 ) (586 ) 16,124 7.1 %
 
Interest and other income (expense), net   3,210   1.3 %   3,828     (618 ) -0.3 %   (337 ) -0.1 %   -     570     (907 ) -0.4 %
Income (loss) before provision for income taxes and
noncontrolling interest 18,514 7.6 % 3,055 15,459 6.3 % 14,368 6.2 % (833 ) (16 ) 15,217 6.7 %
Provision for income taxes   (6,357 ) -2.6 %   (308 )   (6,049 ) -2.5 %   (5,454 ) -2.4 %   -     (97 )   (5,357 ) -2.3 %
Net income (loss) 12,157 5.0 % 2,747 9,410 3.9 % 8,914 3.9 % (833 ) (113 ) 9,860 4.3 %
Net (income) loss attributable to noncontrolling interests, net of tax   (1,327 ) -0.5 %   (1,327 )   -   0.0 %   50   0.0 %   -     50     -   0.0 %
Net income (loss) attributable to CRA International, Inc. $ 10,830   4.4 % $ 1,420   $ 9,410   3.9 % $ 8,964   3.9 % $ (833 ) $ (63 ) $ 9,860   4.3 %
 
Net Income per share attributable to CRA International, Inc.:
Basic $ 1.25   $ 1.09   $ 0.98   $ 1.08  
Diluted $ 1.24   $ 1.08   $ 0.97   $ 1.06  
 
Weighted average number of shares outstanding:
Basic   8,581     8,581     9,055     9,055  
Diluted   8,653     8,653     9,182     9,182  
 

(1) These adjustments include activity related to GNU123 Liquidating Corporation (“GNU”), CRA’s majority owned subsidiary formerly known as “NeuCo”, in the Company's GAAP results. In April 2016, substantially all of GNU's assets were sold.

(2) This adjustment includes activity related to an increase in the liability for future contingent consideration payments in connection with a previous acquisition.

CRA INTERNATIONAL, INC.
UNAUDITED ADJUSTED EBITDA INCLUDING A RECONCILIATION TO NON-GAAP ADJUSTED EBITDA
FOR THE QUARTER AND YEAR-TO-DATE PERIOD ENDED OCTOBER 1, 2016 COMPARED TO THE QUARTER AND YEAR-TO-DATE PERIOD ENDED OCTOBER 3, 2015
(In thousands)
 
     

GAAP
Quarter Ended
October 1, 2016

 

GAAP
% of
Revenues

 

Adjustments to
GAAP Results
(GNU) (1)

 

Non-GAAP
Quarter Ended
October 1, 2016

 

Non-GAAP
% of
Revenues

 

GAAP
Quarter Ended
October 3, 2015

 

GAAP
% of
Revenues

 

Adjustments to
GAAP Results
(Contingent Liability) (2)

 

Adjustments to
GAAP Results
(GNU) (1)

 

Non-GAAP
Quarter Ended
October 3, 2015

 

Non-GAAP
% of
Revenues

 
Revenues $ 81,691   100.0 % $ -   $ 81,691 100.0 % $ 76,525   100.0 % $ -   $ 1,055   $ 75,470 100.0 %
 
Net income (loss) attributable to CRA International, Inc. $ 3,193 3.9 % $ (53 ) $ 3,246 4.0 % $ 2,860 3.7 % $ - $ (60 ) $ 2,920 3.9 %
Net (loss) attributable to noncontrolling interest, net of tax   (42 ) 0.1 %   (42 )   - 0.0 %   (47 ) -0.1 %   -     (47 )   - 0.0 %
Net income (loss) 3,151 3.9 % (95 ) 3,246 4.0 % 2,813 3.7 % - (107 ) 2,920 3.9 %
Interest expense,net 129 0.2 % - 129 0.2 % 140 0.2 % - 14 126 0.2 %
Provision for income taxes 1,909 2.3 % - 1,909 2.3 % 1,533 2.0 % - 42 1,491 2.0 %
Depreciation and amortization   1,891   2.3 %   -     1,891 2.3 %   1,560   2.0 %   -     -     1,560 2.1 %
EBITDA 7,080 8.7 % (95 ) 7,175 8.8 % 6,044 7.9 % - (51 ) 6,097 8.1 %
Share-based compensation expenses 1,687 2.1 % - 1,687 2.1 % 1,405 1.8 % - - 1,405 1.9 %
Amortization of forgivable loans 4,784 5.9 % - 4,784 5.9 % 4,190 5.5 % - - 4,190 5.6 %
Other expense, net   108   0.1 %   -     108 0.1 %   95   0.1 %   -     -     95 0.1 %
Adjusted EBITDA $ 13,659   16.7 % $ (95 ) $ 13,754 16.8 % $ 11,736   15.3 % $ -   $ (51 ) $ 11,787 15.6 %
 
 

GAAP
Year-to-Date Period Ended
October 1, 2016

GAAP
% of
Revenues

Adjustments to
GAAP Results
(GNU) (1)

Non-GAAP
Year-to-Date Period Ended
October 1, 2016

Non-GAAP
% of
Revenues

GAAP
Year-to-Date Period Ended
October 3, 2015

GAAP
% of
Revenues

Adjustments to
GAAP Results
(Contingent Liability) (2)

Adjustments to
GAAP Results
(GNU) (1)

Non-GAAP
Year-to-Date Period Ended
October 3, 2015

Non-GAAP
% of
Revenues

 
Revenues $ 245,210   100.0 % $ 826   $ 244,384 100.0 % $ 231,099   100.0 % $ -   $ 2,859   $ 228,240 100.0 %
 
Net income (loss) attributable to CRA International, Inc. $ 10,830 4.4 % $ 1,420 $ 9,410 3.9 % $ 8,964 3.9 % $ (833 ) $ (63 ) $ 9,860 4.3 %
Net income (loss) attributable to noncontrolling interest, net of tax   1,327   0.5 %   1,327     - 0.0 %   (50 ) 0.0 %   -     (50 )   - 0.0 %
Net income (loss) 12,157 5.0 % 2,747 9,410 3.9 % 8,914 3.9 % (833 ) (113 ) 9,860 4.3 %
Interest expense,net 356 0.1 % 7 349 0.1 % 403 0.2 % - 35 368 0.2 %
Provision for income taxes 6,357 2.6 % 308 6,049 2.5 % 5,454 2.4 % - 97 5,357 2.3 %
Depreciation and amortization   5,861   2.4 %   -     5,861 2.4 %   4,766   2.1 %   -     -     4,766 2.1 %
EBITDA 24,731 10.1 % 3,062 21,669 8.9 % 19,537 8.5 % (833 ) 19 20,351 8.9 %
Share-based compensation expenses 4,786 2.0 % - 4,786 2.0 % 4,403 1.9 % - - 4,403 1.9 %
Amortization of forgivable loans 14,024 5.7 % - 14,024 5.7 % 11,690 5.1 % - - 11,690 5.1 %
Other income (expense),net   (3,566 ) -1.5 %   (3,836 )   270 0.1 %   (66 ) 0.0 %   -     (605 )   539 0.2 %
Adjusted EBITDA $ 39,975   16.3 % $ (774 ) $ 40,749 16.7 % $ 35,564   15.4 % $ (833 ) $ (586 ) $ 36,983 16.2 %
 

(1) These adjustments include activity related to GNU123 Liquidating Corporation (“GNU”), CRA’s majority owned subsidiary formerly known as “NeuCo”, in the Company's GAAP results. In April 2016, substantially all of GNU's assets were sold.

(2) This adjustment includes activity related to an increase in the liability for future contingent consideration payments in connection with a previous acquisition.

 
CRA INTERNATIONAL, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In thousands)
         
 
October 1, January 2,
2016 2016
 
Assets
Cash and cash equivalents $ 25,184 $ 38,139
Accounts receivable and unbilled, net 99,995 86,377
Other current assets   17,895   16,278
Total current assets 143,074 140,794
 
Property and equipment, net 38,801 31,338
Goodwill and intangible assets, net 78,373 80,561
Other assets   49,325   61,024
Total assets $ 309,573 $ 313,717
 
Liabilities and shareholders’ equity
Current liabilities $ 80,244 $ 86,458
Long-term liabilities   22,107   16,191
Total liabilities 102,351 102,649
 
Total shareholders’ equity   207,222   211,068
Total liabilities and shareholders’ equity $ 309,573 $ 313,717
 
           
CRA INTERNATIONAL, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
Fiscal Year-to-Date Fiscal Year-to-Date
October 1, October 3,
2016 2015
Operating activities:
Net income $ 12,157 $ 8,914
Adjustments to reconcile net income
to net cash provided by (used in) operating activities,
net of effect of acquired businesses:
GNU gain on sale of business (1) (3,836 ) -
Non-cash items, net 14,476 13,707
Accounts receivable and unbilled services (15,501 ) (11,765 )
Working capital items, net   8,917     (15,720 )
Net cash provided by (used in) operating activities 16,213 (4,864 )
 
Investing activities:
Purchase of property and equipment (11,808 ) (12,696 )
GNU cash proceeds from sale of business assets 1,100 -
Collections on notes receivable - 1,554
Payments on notes receivable   -     (77 )
Net cash used in investing activities (10,708 ) (11,219 )
 
Financing activities:
Issuance of common stock, principally stock option exercises 1,448 602
Payments on notes payable (75 ) (300 )
Borrowings under line of credit 7,500 4,000
Repayments under line of credit (7,500 ) (4,000 )
Tax withholding payments reimbursed by restricted shares (490 ) (127 )
Excess tax benefits from share-based compensation 55 87
Repurchase of common stock (19,318 ) (10,810 )
   
Net cash used in financing activities (18,380 ) (10,548 )
 
Effect of foreign exchange rates on cash and cash equivalents   (80 )   (565 )
 
Net decrease in cash and cash equivalents (12,955 ) (27,196 )
Cash and cash equivalents at beginning of period   38,139     48,199  
 
Cash and cash equivalents at end of period $ 25,184   $ 21,003  
 
Supplemental cash flow information:
 
Cash paid for income taxes $ 3,959   $ 8,227  
Cash paid for interest $ 327   $ 240  
Issuance of common stock for acquired business $ 44   $ 42  
Purchases of property and equipment not yet paid for $ 1,234   $ 3,858  
Asset retirement obligations $ 1,479   $ -  
 

(1) These adjustments include activity related to GNU123 Liquidating Corporation (“GNU”), CRA’s majority owned subsidiary formerly known as “NeuCo”, in the Company's GAAP results. In April 2016, substantially all of GNU's assets were sold.

Contacts

Charles River Associates
Chad Holmes, 312-377-2322
Chief Financial Officer
or
Sharon Merrill Associates, Inc.
Jamie Bernard, 617-542-5300
Senior Associate

Contacts

Charles River Associates
Chad Holmes, 312-377-2322
Chief Financial Officer
or
Sharon Merrill Associates, Inc.
Jamie Bernard, 617-542-5300
Senior Associate