Press release
The Hackett Group Announces Fourth Quarter 2019 Results
Q4 2019 net revenue of $63.7 million, at the high-end of guidance, and pro forma EPS of $0.24, at mid-point of guidance Q4 2019 GAAP EPS of $0.07 as compared
About this update from The Hackett Group, Inc.
[{"type":"text","content":"\n\nQ4 2019 net revenue of $63.7 million, at the high-end of guidance, and pro forma EPS of $0.24, at mid-point of guidance\n\n\nQ4 2019 GAAP EPS of $0.07 as compared to GAAP EPS of $0.00 in the same period in the prior year\n\n\nCompany announces annual dividend increase of 6% from $0.36 to $0.38 per share\n\n\nBoard of Directors approves $5.0 million increase in the Company’s share repurchase program\n\n\n MIAMI--(BUSINESS WIRE)--\nThe Hackett Group, Inc. (NASDAQ: HCKT), a global intellectual property-based strategic consultancy and leading enterprise benchmarking and best practices digital transformation firm, today announced its financial results for the fourth quarter, which ended on December 27, 2019.\n\n\nQ4 2019 net revenue (gross revenue less reimbursable expenses) from continuing operations was $63.7 million, up 3%, as compared to the same period in the prior year. Q4 2019 gross revenue from continuing operations was $69.1 million, up 4%, from the same period in the prior year.\n\n\nQ4 2019 pro forma diluted earnings per share were $0.24, down 8% when compared to $0.26 for the same period in the prior year. Fiscal 2019 pro forma diluted earnings per share were $1.00, down 6% when compared to $1.06 for the prior year. 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.\n\n\nGAAP diluted earnings per share were $0.07 for the fourth quarter of 2019, compared to earnings per share of $0.00 in the fourth quarter of 2018. GAAP diluted earnings per share were $0.72 for fiscal year 2019 and $0.74 for fiscal year 2018. During the fourth quarter of 2019, the Company recorded a restructuring charge and the write-off of its investment in The Hackett Institute’s Enterprise Analytics program, both of which negatively impacted GAAP earnings per share by $0.12. The fourth quarter of 2018 included the impact for the discontinued operations of the Working Capital group and the write-off of the investment for the HPE software offering which amounted to $0.23 per share.\n\n\nAt the end of the fourth quarter of 2019, the Company’s cash balances were $26.0 million. During the quarter, the Company repurchased 145 thousand shares under its share repurchase program. As of the end of the fourth quarter of 2019, the C...