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  • Huron Consulting Group Inc., (HURN) Reports Q2 2009 and Re-states Q1 2009 and the Complete, Previous Three Years 0 comments
    Aug 18, 2009 1:11 PM | about stocks: HURN
    Amidst a bookkeeping marvel, Huron Consulting Group Inc., (NASDAQ:HURN) reports strong Q2 numbers, re-states a third of a decade and a lays out a very positive plan of action.

    Huron Consulting Group Inc., (HURN) http://www.huronconsultinggroup.com/ topped a 41% gain ($5.62) in early trading this morning on Q2 news and a cleaning house of its previous bookkeeping. With a new market cap of $412 million, HURN is currently trading on the Nasdaq in the $19.14 range. HURN has an average 3-Month daily trading volume of 1,519,300 shares and surpassed 11,803,014 early in today's session.

    HURN Q2 versus Q1 numbers first...

    HURN posted revenues of $165.8 million for Q2 2009 which increased 15.6% from $143.4 million in Q2 2008. GAAP diluted earnings per share was $0.47 in Q2 2009 compared to $0.06 in Q2 2008. A huge leap. HURN Non-GAAP adjusted diluted earnings per share was $0.84 in Q2 2009 compared to $1.06 for Q2 2008.

    Billable hours...

    The average number of full-time HURN billable consultants increased 23.0% to 1,506 in the second quarter of 2009 compared to 1,224 in the same quarter last year. Full-time billable consultant utilization rate was 69.6% during the second quarter of 2009 compared with 66.8% during the same period last year.

    HURN 2009 first six months versus 2008 first six months...

    HURN revenues of $328.9 million for the first six months of 2009 increased 16.3% from $282.8 million for the first half of 2008. GAAP net income was $16.7 million, or $0.82 per diluted share, for the first half of 2009 compared to $4.2 million, or $0.23 per diluted share, for the same period last year.

    The HURN Q2 2009 non-GAAP adjusted net income was $33.7 million, or $1.66 per diluted share, for the first half of 2009 compared to $32.1 million, or $1.77 per diluted share, for the comparable period in 2008. A small drop all considered. Adjusted EBITDA for HURN, which excludes share-based compensation expense, non-cash compensation expense, expenses relating to the restatement and a one-time gain of $2.7 million in the second quarter 2009, increased 11.4% to $72.4 million, or 22.0% of revenues, compared to $65.0 million, or 23.0% of revenues, in the comparable period last year.

    HURN confirmed its full year 2009 revenue guidance of $650 million to $680 million. HURN management also said the Company would implement a $30 million annualized cost reduction program.

    Amazing bookkeeping...

    Then in a modern-day bookkeeping feat, HURN re-stated its Q1 2009 and all three complete, previous years of quarterly filings. Great for transparency. The HURN CFO and everyone involved in the accounting, both inside and outside really earned their pay in pulling off such a laborious task.

    HURN operates in four segments...

    HURN provides consulting services in the U.S. HURN's Health and Education Consulting segment provides federal healthcare contract consulting, medical cost containment, operational and financial advisory, and regulatory and contract compliance services to hospitals, health systems, physicians, managed care organizations, academic medical centers, colleges, universities, and pharmaceutical and medical device manufacturers. HURN's Accounting and Financial Consulting segment (which could obviously offer MBA's) provides financial and economic analyses to support law firms and corporations in connection with business disputes, litigation, international arbitration, tax controversies, and regulatory or internal investigations; and optimal solutions in the areas of enterprise risk management, internal audit, and Sarbanes-Oxley compliance. HURN's Legal Consulting segment offers digital evidence and discovery, document review, law firm management, records management, and strategic and operational improvement services. HURN's Corporate Consulting segment provides consulting assistance to financially distressed companies, creditor constituencies, and other stakeholders in connection with out-of-court restructurings and bankruptcy proceedings.

    At $19.14, HURN is below its 52-week high of $66.45 set on 09-03-08 and above its 52-week low of $11.30 set on 08-03-09. At $19.14, HURN is below both its 50-day and 200-day moving averages. HURN has trailing twelve month revenues of $698 million and a trailing twelve month EPS of $2.08. HURN is widely held by institutions. Its shares out versus float ratio is near-parity.

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    Stocks: HURN
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