Business
Exponent Reports First Quarter of Fiscal Year 2020 Financial Results
MENLO PARK, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the first quarter of fiscal year
About this update from Exponent, Inc.
[{"type":"text","content":"MENLO PARK, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the first quarter of fiscal year 2020 ended April 3, 2020.\n “We are pleased to report another strong first quarter with year over year growth in revenues and earnings. Business restrictions related to the novel coronavirus impacted our Asian operations starting in late January, and certain areas of our European and United States operations in the second half of March. Exponent is addressing the challenges associated with COVID-19 with the same seriousness, intellectual rigor, and fact-based analysis that we have employed for over 50 years. We are focused on three things: the health and safety of our people, demonstrating leadership by continuing to solve our clients’ most pressing problems, and delivering value to shareholders,” commented Dr. Catherine Corrigan, President and Chief Executive Officer. “Our unique capabilities, dedicated team of scientific experts, adaptable business model and highly diversified client base shape Exponent’s leading market position. Despite the expected near-term headwinds in some areas of our business, we are serving many essential industries and we entered this crisis in a position of business and financial strength. We ended the quarter with $152 million in cash, cash equivalents and short-term investments, no debt, and reiterated our intent to continue quarterly dividends. Exponent has a long history and a strong track record of delivering for all of our stakeholders amid macroeconomic turbulence. We are confident in the resiliency of our business and our ability to deliver growth over the long term, as society continues to focus on safety, health, sustainability, and reliability,” continued Dr. Corrigan. First Quarter Financial Results Total revenues and revenues before reimbursements grew 7% in the first quarter of 2020. Total revenues were $106 million, as compared to $99 million in the same period a year ago. Revenues before reimbursements were $99.7 million as compared to $93.4 million in the first quarter of 2019. Net income increased to $26.3 million, or $0.49 per diluted share, in the first quarter of 2020, as compared to $22.7 million, or $0.42 per diluted share, in the same period of 2019. The tax benefit for the classification of tax adjustments associated with s...