CRA International Inc. (CRAI, Financial) filed Quarterly Report for the period ended 2012-06-30.
Cra International, Inc. has a market cap of $169.5 million; its shares were traded at around $16.29 with a P/E ratio of 16.3 and P/S ratio of 0.6.
Costs of Services. Costs of services decreased $13.4 million, or 12.7%, to $91.9 million for the fiscal year to date period ended June 30, 2012 from $105.3 million for the fiscal year to date period ended July 2, 2011. The decrease in costs of services was due primarily to the decreases in revenue and profitability in the first half of fiscal 2012 as compared to the first half of fiscal 2011, a decrease in client reimbursable expenses, and a decrease in headcount. As a result of the decreased revenue and profitability, we had a decrease in incentive bonus expense for our employee consultants in the fiscal year to date period ended June 30, 2012 as compared to the fiscal year to date period ended July 2, 2011. Client reimbursable expenses decreased by $4.5 million primarily due to a decrease in the usage of outside consultants and travel expenses as a result of the decreased revenue. Also contributing to the decrease was a decrease in employee consultant headcount from 519 as of July 2, 2011 to 511 as of June 30, 2012.
Borrowings under our credit facility bear interest at LIBOR plus an applicable margin. Applicable margins range from 1.75% to 2.75%, depending on the ratio of our consolidated total debt to consolidated earnings before interest, taxes, depreciation and amortization, or EBITDA, for the preceding four fiscal quarters, subject to various adjustments stated in the senior loan agreement. These margins are adjusted both quarterly and each time we borrow under the credit facility. Interest is payable monthly. A commitment fee of 0.25% is payable on the unused portion of the credit facility. Borrowings under the credit facility are secured by 100% of the stock of certain of our U.S. subsidiaries and 65% of the stock of certain of our foreign subsidiaries, which represent approximately $25.8 million in net assets as of June 30, 2012.
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Cra International, Inc. has a market cap of $169.5 million; its shares were traded at around $16.29 with a P/E ratio of 16.3 and P/S ratio of 0.6.
Highlight of Business Operations:
Costs of Services. Costs of services decreased by $8.3 million, or 15.4%, to $45.4 million for the second quarter of fiscal 2012 from $53.7 million for the second quarter of fiscal 2011. The decrease in costs of services was due primarily to the decreases in revenue, client reimbursable expenses, and headcount in the second quarter of fiscal 2012 as compared to the second quarter of fiscal 2011. As a result of the revenue decrease, our profitability decreased and we had a decrease in incentive bonus expense for our employee consultants in the second quarter of fiscal 2012 as compared to the second quarter of fiscal 2011. Client reimbursable expenses decreased by $2.4 million primarily due to a decrease in the usage of outside consultants and travel expenses as a result of the decreased revenue. Employee consultant headcount decreased from 519 at the end of the second quarter of fiscal 2011 to 511 at the end of the second quarter of fiscal 2012.Costs of Services. Costs of services decreased $13.4 million, or 12.7%, to $91.9 million for the fiscal year to date period ended June 30, 2012 from $105.3 million for the fiscal year to date period ended July 2, 2011. The decrease in costs of services was due primarily to the decreases in revenue and profitability in the first half of fiscal 2012 as compared to the first half of fiscal 2011, a decrease in client reimbursable expenses, and a decrease in headcount. As a result of the decreased revenue and profitability, we had a decrease in incentive bonus expense for our employee consultants in the fiscal year to date period ended June 30, 2012 as compared to the fiscal year to date period ended July 2, 2011. Client reimbursable expenses decreased by $4.5 million primarily due to a decrease in the usage of outside consultants and travel expenses as a result of the decreased revenue. Also contributing to the decrease was a decrease in employee consultant headcount from 519 as of July 2, 2011 to 511 as of June 30, 2012.
Borrowings under our credit facility bear interest at LIBOR plus an applicable margin. Applicable margins range from 1.75% to 2.75%, depending on the ratio of our consolidated total debt to consolidated earnings before interest, taxes, depreciation and amortization, or EBITDA, for the preceding four fiscal quarters, subject to various adjustments stated in the senior loan agreement. These margins are adjusted both quarterly and each time we borrow under the credit facility. Interest is payable monthly. A commitment fee of 0.25% is payable on the unused portion of the credit facility. Borrowings under the credit facility are secured by 100% of the stock of certain of our U.S. subsidiaries and 65% of the stock of certain of our foreign subsidiaries, which represent approximately $25.8 million in net assets as of June 30, 2012.
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