Press release
The Hackett Group Announces Third Quarter 2020 Results
Q3 2020 net revenue of $57.8 million exceeds high end of guidance Q3 2020 GAAP EPS of $0.09 Q3 2020 Pro forma EPS of $0.17, which exceeds high end of
About this update from The Hackett Group, Inc.
[{"type":"text","content":"\n\nQ3 2020 net revenue of $57.8 million exceeds high end of guidance\n\n\nQ3 2020 GAAP EPS of $0.09\n\n\nQ3 2020 Pro forma EPS of $0.17, which exceeds high end of guidance\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 third quarter, which ended on September 25, 2020.\n\nThird quarter 2020 net revenue (gross revenue less reimbursable expenses) was $57.8 million, down 13%, as compared to the same period in the prior year, but up 10% sequentially as demand improved throughout the quarter.\n\nGAAP diluted earnings per share were $0.09 for the third quarter of 2020, as compared to GAAP diluted earnings per share of $0.21 in the same period in the prior year due to the economic disruption resulting from the COVID-19 pandemic.\n\nThird quarter 2020 pro forma diluted earnings per share were $0.17, as compared to $0.27 in the same period in 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\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 December 18, 2020, to be paid on January 9, 2021.\n\nAt the end of the third quarter of 2020, the Company’s cash balances were $43.2 million with no outstanding debt. During the quarter, the Company repurchased 83 thousand shares under its share repurchase program at an average price of $12.57 for a total of $1.0 million. As of the end of the third quarter of 2020, the Company’s remaining share repurchase program authorization was $4.7 million.\n\n“Although our results continued to be impacted by the pandemic, our revenues grew 10 percent on a quarterly sequential basis, as client demand and engagement improved throughout the quarter,” stated Ted A. Fernandez, Chairman & CEO of The Hackett Group, Inc. “We expect this momentum to continue into the fourth quarter which should allow us to continue to improve our results in the near term and emerge financially and strategically stronger as...