Hackett Group Inc. (HCKT, Financial) filed Quarterly Report for the period ended 2009-04-03.
The Hackett Group a global strategic advisory firm and an Answerthink company is a leader in best practice research and advisory programs benchmarking and transformation consulting services including shared services offshoring and outsourcing advice. Utilizing best practices and implementation insight from more than 4000 benchmarking studies executives use Hackett's empirically based approach to quickly define and prioritize initiatives and to leverage proven strategies that enable world-class performance. Hackett Group Inc. has a market cap of $85.5 million; its shares were traded at around $2.18 with a P/E ratio of 6.3 and P/S ratio of 0.5.
Income Taxes. We recorded income taxes of $63 thousand for the quarter ended April 3, 2009, which reflected estimated annual tax rates of 7.0% for certain federal and state taxes. For the quarter ended March 28, 2008, we recorded income taxes of $107 thousand which reflected estimated annual tax rates of 3.0% for certain federal and state taxes.
At April 3, 2009 and January 2, 2009, we had $24.4 million and $32.1 million, respectively, classified in cash and cash equivalents in the accompanying consolidated balance sheets, and we had $600 thousand at April 3, 2009 and January 2, 2009 on deposit with financial institutions as collateral for letters of credit classified as restricted cash in the accompanying consolidated balance sheets. At April 3, 2009 and January 2, 2009, we had a net balance of $1.3 million and $1.7 million, respectively, in Bank of Americas Columbia Strategic Cash Portfolio (Portfolio). The Portfolio is classified as marketable investments on our consolidated balance sheets (see Note 5 to our accompanying consolidated financial statements).
Net cash used in investing activities was $0.5 million for the quarter ended April 3, 2009, compared to net cash provided by investing activities of $2.0 million for the quarter ended March 28, 2008. Cash used in investing activities for the quarter ended April 3, 2009 was primarily attributable to $0.9 million in capital expenditures, partially offset by $0.5 million of Portfolio redemptions.
Net cash used in financing activities was $2.1 million for the quarter ended April 3, 2009, compared to $6.6 million for the quarter ended March 28, 2008. Cash used in financing activities for the quarter ended April 3, 2009 was attributable to the repurchase of 1.0 million shares of our common stock at an average price of $2.08 per share, for a total cost of $2.1 million.
During the quarter ended April 3, 2009, our Board of Directors approved an additional $5.0 million authorization under our share repurchase program, thereby increasing the total approval to $60.0 million. Under the 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.
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The Hackett Group a global strategic advisory firm and an Answerthink company is a leader in best practice research and advisory programs benchmarking and transformation consulting services including shared services offshoring and outsourcing advice. Utilizing best practices and implementation insight from more than 4000 benchmarking studies executives use Hackett's empirically based approach to quickly define and prioritize initiatives and to leverage proven strategies that enable world-class performance. Hackett Group Inc. has a market cap of $85.5 million; its shares were traded at around $2.18 with a P/E ratio of 6.3 and P/S ratio of 0.5.
Highlight of Business Operations:
Selling, General and Administrative. Selling, general and administrative costs increased by 2%, or $0.3 million, for the quarter ended April 3, 2009, compared to the quarter ended March 28, 2008 primarily related to foreign currency gains and losses. The quarter ended April 3, 2009 included foreign currency losses of $0.4 million, compared to foreign currency gains of $1.1 million for the quarter ended March 28, 2008. The foreign currency impact was offset by lower 2009 incentive compensation accruals and various other cost reduction actions in the quarter ended April 3, 2009. Selling, general and administrative costs as a percentage of revenue were 33% for the quarter ended April 3, 2009, compared to 29% for the quarter ended March 28, 2008, primarily due to lower revenue.Income Taxes. We recorded income taxes of $63 thousand for the quarter ended April 3, 2009, which reflected estimated annual tax rates of 7.0% for certain federal and state taxes. For the quarter ended March 28, 2008, we recorded income taxes of $107 thousand which reflected estimated annual tax rates of 3.0% for certain federal and state taxes.
At April 3, 2009 and January 2, 2009, we had $24.4 million and $32.1 million, respectively, classified in cash and cash equivalents in the accompanying consolidated balance sheets, and we had $600 thousand at April 3, 2009 and January 2, 2009 on deposit with financial institutions as collateral for letters of credit classified as restricted cash in the accompanying consolidated balance sheets. At April 3, 2009 and January 2, 2009, we had a net balance of $1.3 million and $1.7 million, respectively, in Bank of Americas Columbia Strategic Cash Portfolio (Portfolio). The Portfolio is classified as marketable investments on our consolidated balance sheets (see Note 5 to our accompanying consolidated financial statements).
Net cash used in investing activities was $0.5 million for the quarter ended April 3, 2009, compared to net cash provided by investing activities of $2.0 million for the quarter ended March 28, 2008. Cash used in investing activities for the quarter ended April 3, 2009 was primarily attributable to $0.9 million in capital expenditures, partially offset by $0.5 million of Portfolio redemptions.
Net cash used in financing activities was $2.1 million for the quarter ended April 3, 2009, compared to $6.6 million for the quarter ended March 28, 2008. Cash used in financing activities for the quarter ended April 3, 2009 was attributable to the repurchase of 1.0 million shares of our common stock at an average price of $2.08 per share, for a total cost of $2.1 million.
During the quarter ended April 3, 2009, our Board of Directors approved an additional $5.0 million authorization under our share repurchase program, thereby increasing the total approval to $60.0 million. Under the 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.
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