Press release
The Hackett Group Announces Second Quarter 2020 Results
Q2 2020 net revenue of $52.6 million and pro forma EPS of $0.06 Q2 2020 GAAP loss per share of $0.13, compared to EPS of $0.22 in the prior year due to a
About this update from The Hackett Group, Inc.
[{"type":"text","content":"\n\nQ2 2020 net revenue of $52.6 million and pro forma EPS of $0.06\n\n\nQ2 2020 GAAP loss per share of $0.13, compared to EPS of $0.22 in the prior year due to a $5.0 million COVID-19 restructuring charge to reduce global workforce\n\n\nQ2 2020 ending cash balance of $37.4 million and no outstanding debt\n\n\nBoard of Directors declared a 9.5 cent quarterly dividend\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 second quarter, which ended on June 26, 2020.\n\n\nQ2 2020 net revenue (gross revenue less reimbursable expenses) was $52.6 million, down 23%, as compared to the same period in the prior year.\n\n\nGAAP diluted loss per share were $0.13 for the second quarter of 2020, as compared to GAAP diluted earnings per share of $0.22 in the same period in the prior year. GAAP results for the second quarter of 2020 included a $5.0 million, or $0.13 per diluted share, restructuring charge related to the reduction of the Company’s global workforce due to the economic disruption from the coronavirus pandemic.\n\n\nQ2 2020 pro forma diluted earnings per share were $0.06, as compared to $0.28 in the same period in the prior year, due to the economic disruption resulting from the coronavirus pandemic and the Company’s decision to forgo a significant level of profitability to maintain staffing levels throughout the second quarter. 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\nAt its most recent meeting, the Company’s Board of Directors declared a quarterly dividend of 9.5 cents per share for its shareholders of record on September 25, 2020, to be paid on October 9, 2020.\n\n\nAt the end of the second quarter of 2020, the Company’s cash balances were $37.4 million. During the quarter, the Company did not draw down on its credit facility. As of the end of the second quarter of 2020, the Company’s remaining share repurchase program authorization was $5.6 million.\n\n\n“Our operating results reflect the expected revenue declines from the coronavirus economic disruption and our decision to forgo...