Hackett Group Inc. (HCKT, Financial) filed Quarterly Report for the period ended 2010-07-02.
Hackett Group Inc. has a market cap of $126.8 million; its shares were traded at around $3.08 with a P/E ratio of 102.6 and P/S ratio of 0.9. HCKT is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Income Tax Expense. We recorded income tax expense of $117 thousand and $227 thousand for the quarter and six months ended July 2, 2010, respectively, which reflected estimated annual tax rates of 3%, respectively, for certain federal and state taxes. For the quarter and six months ended July 3, 2009, we recorded income taxes of $26 thousand and $89 thousand, respectively, which reflected estimated annual tax rates of 14% and 8%, respectively, for certain federal and state taxes.
As of July 2, 2010 and January 1, 2010, we had $17.4 million and $15.0 million, respectively, classified in cash and cash equivalents in the accompanying consolidated balance sheets. During these same periods, we had $1.7 million and $1.5 million, respectively, on deposit with financial institutions that served as collateral for letters of credit for operating leases and for amounts related to employee agreements. These deposit accounts have been classified as restricted cash on the consolidated balance sheets.
Net cash used in investing activities was $1.6 million for the six months ended July 2, 2010, as compared $0.9 million for the six months ended July 3, 2009. Cash used in investing activities for the six months ended July 2, 2010 was primarily attributable to capital expenditures and an increase in cash on deposit with a financial institution as collateral for a letter of credit related to an operating lease. Net cash used in investing activities for the six months ended July 3, 2009 was primarily attributable to $1.6 million in capital expenditures, partially offset by $0.6 million of Bank of Americas Columbia Strategic Cash Portfolio redemptions.
Net cash used in financing activities was $1.9 million for the six months ended July 2, 2010, as compared to $2.2 million for the six months ended July 3, 2009. Net cash used in financing activities for the six months ended July 2, 2010 was attributable to the repurchase of 715 thousand shares of our common stock at an average price of $3.00 per share, for a total cost of $2.1 million. Net cash used in financing activities for the six months ended July 3, 2009 was attributable to the repurchase of 1.2 million shares of our common stock at an average price of $2.09 per share, for a total cost of $2.5 million.
Under our repurchase plan, we may buy back shares from time to time either on the open market or through privately negotiated transactions subject to market conditions and trading restrictions. As of July 2, 2010, we had $3.4 million available under the buyback program. Subsequent to July 2, 2010, our Board of Directors approved the repurchase of an additional $5.0 million of our common stock, thereby increasing the total program size to $70.0 million.
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Hackett Group Inc. has a market cap of $126.8 million; its shares were traded at around $3.08 with a P/E ratio of 102.6 and P/S ratio of 0.9. HCKT is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Non-Cash Acquisition Earn-out Shares Re-measurement Gain. As a result of the fluctuation in the share price of our common stock, we recorded a non-cash re-measurement gain of $0.8 million and $1.7 million in accordance with FASB ASC 805 for the quarter and six months ended July 2, 2010, respectively, related to the Archstone acquisition. On May 11, 2010, the final earn-out determination was settled for 1,435,000 shares, of the total 1,655,000 shares of common stock, to be deemed earned, and 220,000 shares were forfeited.Income Tax Expense. We recorded income tax expense of $117 thousand and $227 thousand for the quarter and six months ended July 2, 2010, respectively, which reflected estimated annual tax rates of 3%, respectively, for certain federal and state taxes. For the quarter and six months ended July 3, 2009, we recorded income taxes of $26 thousand and $89 thousand, respectively, which reflected estimated annual tax rates of 14% and 8%, respectively, for certain federal and state taxes.
As of July 2, 2010 and January 1, 2010, we had $17.4 million and $15.0 million, respectively, classified in cash and cash equivalents in the accompanying consolidated balance sheets. During these same periods, we had $1.7 million and $1.5 million, respectively, on deposit with financial institutions that served as collateral for letters of credit for operating leases and for amounts related to employee agreements. These deposit accounts have been classified as restricted cash on the consolidated balance sheets.
Net cash used in investing activities was $1.6 million for the six months ended July 2, 2010, as compared $0.9 million for the six months ended July 3, 2009. Cash used in investing activities for the six months ended July 2, 2010 was primarily attributable to capital expenditures and an increase in cash on deposit with a financial institution as collateral for a letter of credit related to an operating lease. Net cash used in investing activities for the six months ended July 3, 2009 was primarily attributable to $1.6 million in capital expenditures, partially offset by $0.6 million of Bank of Americas Columbia Strategic Cash Portfolio redemptions.
Net cash used in financing activities was $1.9 million for the six months ended July 2, 2010, as compared to $2.2 million for the six months ended July 3, 2009. Net cash used in financing activities for the six months ended July 2, 2010 was attributable to the repurchase of 715 thousand shares of our common stock at an average price of $3.00 per share, for a total cost of $2.1 million. Net cash used in financing activities for the six months ended July 3, 2009 was attributable to the repurchase of 1.2 million shares of our common stock at an average price of $2.09 per share, for a total cost of $2.5 million.
Under our repurchase plan, we may buy back shares from time to time either on the open market or through privately negotiated transactions subject to market conditions and trading restrictions. As of July 2, 2010, we had $3.4 million available under the buyback program. Subsequent to July 2, 2010, our Board of Directors approved the repurchase of an additional $5.0 million of our common stock, thereby increasing the total program size to $70.0 million.
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