Press Release

Navigant Consulting, Inc. Reports Third Quarter 2008 Financial Results

October 30, 2008 at 4:31 PM EDT

CHICAGO--(BUSINESS WIRE)--Oct. 30, 2008--Navigant Consulting, Inc. (NYSE:NCI):

  • Third quarter 2008 revenues increased 4% year over year to $198 million.
  • Revenues before reimbursements were $179 million in the third quarter of 2008, an increase of 7% over the third quarter of 2007.
  • EBITDA for the third quarter of 2008 was $27 million, an increase of 16% year over year.
  • Adjusted net income per diluted share for the third quarter of 2008 was $0.17, compared to $0.14 in the third quarter of 2007.
  • Net cash provided by operations was $39.1 million in the third quarter 2008, up from $31.1 million in the third quarter of 2007. Borrowings under the Company's bank facility were reduced from $309 million to $273 million at the close of the third quarter 2008.

Navigant Consulting, Inc. (NYSE:NCI), a global consulting firm providing dispute, investigative, operational, risk management and financial and regulatory advisory solutions, today announced financial results for the third quarter ended September 30, 2008.

"We are pleased with our third quarter results, notwithstanding the incredible disruption in the financial markets which impacted a number of the Company's client engagements," stated William M. Goodyear, Chairman and Chief Executive Officer. "The Company is well positioned for a strong fourth quarter and a solid completion to 2008. We expect our full-year 2008 revenue and adjusted EPS results to be at the low end of our previously announced guidance range."

Mr. Goodyear continued, "Strong demand for our Healthcare, Energy, Economic Consulting and International Construction Disputes services positively impacted our third quarter results and are expected to be significant contributors to the fourth quarter. However, any one of the financial market events we saw in September would have resulted in major dislocation - together they were simply unprecedented. With events moving at hyper speed, client decision-making understandably slowed significantly and certain client engagements were delayed or postponed relative to our earlier expectations. In addition, with the U.S. Dollar strengthening significantly relative to Sterling, third quarter revenues were impacted negatively by $1.5 million compared to last year. Our third quarter 2008 general and administrative expenses included an allowance for doubtful accounts of $7.7 million, which was an increase of $4.3 million over our 2007 allowance, in order to reflect our view of the collectibility of receivables due from certain of our financial industry clients."

"We are off to a strong start in the fourth quarter with October utilization running at 82% as we have seen engagements restart and expand." added Mr. Goodyear. "Overall we are very pleased with the strength of our results in the midst of a very stressful marketplace and look forward to a solid finish to the year."

Third Quarter 2008 Results

The Company's third quarter 2008 results are summarized as follows:


----------------------------------------------------------------------
               Third Quarter 2008 Financial Results (1)
----------------------------------------------------------------------
                     Q3 2008   Q2 2008   % Change  Q3 2007   % Change
----------------------------------------------------------------------

----------------------------------------------------------------------
Total Revenues
 ($000)              $198,092  $211,408      -6.3% $190,847       3.8%
----------------------------------------------------------------------
Adjusted EBITDA
 ($000)              $ 27,408  $ 34,462     -20.5% $ 26,972       1.6%
----------------------------------------------------------------------
EBITDA ($000)        $ 27,408  $ 32,507     -15.7% $ 23,675      15.8%
----------------------------------------------------------------------
Net Income per
 Diluted Share       $   0.16  $   0.21     -23.8% $   0.10      60.0%
----------------------------------------------------------------------
Adjusted Net Income
 per Diluted Share   $   0.17  $   0.24     -29.2% $   0.14      21.4%
----------------------------------------------------------------------
Average Billable
 FTEs                   1,927     1,916       0.6%    1,962      -1.8%
----------------------------------------------------------------------
End of Period
 Billable FTEs          1,952     1,928       1.2%    2,009      -2.8%
----------------------------------------------------------------------
Consultant
 Utilization (1,850
 base)                     76%       79%     -3.8%       77%     -1.3%
----------------------------------------------------------------------
Average Bill Rate
 (excluding success
 fees)               $    265  $    266      -0.4% $    238      11.3%
----------------------------------------------------------------------

(1) See the attached schedules for a reconciliation of Adjusted EBITDA and Adjusted EPS to the GAAP financial results.

Year-to-Date 2008 Results

The Company's year-to-date 2008 financial results are summarized as follows:


----------------------------------------------------------------------
               Year-to-Date 2008 Financial Results (1)
----------------------------------------------------------------------
                                           YTD 2008 YTD 2007 % Change
----------------------------------------------------------------------
Total Revenues ($000)                      $616,639 $563,770      9.4%
----------------------------------------------------------------------
Adjusted EBITDA ($000)                     $ 95,078 $ 85,830     10.8%
----------------------------------------------------------------------
EBITDA ($000)                              $ 92,473 $ 81,256     13.8%
----------------------------------------------------------------------
Net Income per Diluted Share               $   0.60 $   0.53     13.2%
----------------------------------------------------------------------
Adjusted Net Income per Diluted Share      $   0.66 $   0.58     13.8%
----------------------------------------------------------------------

(1) See the attached schedules for a reconciliation of Adjusted EBITDA and Adjusted EPS to the GAAP financial results.

Business Segment Highlights

The Company's North American Business Consulting segment produced third quarter 2008 revenues of $83 million, a decrease of 9% from the third quarter of 2007. This decline was largely attributable to the expected deterioration in discretionary spending in the Financial Services and Insurance sectors. Strong demand continued for the segment's Healthcare and Energy services which positively impacted the segment's third quarter results.

Navigant's Healthcare team is experiencing significant growth across the payer, provider and life sciences practice areas. Currently the most prominent driver for Navigant's Healthcare expertise are the hospitals and health systems that seek strategic and operational advice to enhance their competitiveness and to better manage performance and budgetary issues. The Company's Energy practice is also experiencing a strong demand environment as historically high energy prices are driving consulting expertise in alternative power sources, improved energy efficiencies and utility performance improvement measures. Additionally, new federal and state energy policies and regulations, coupled with an upward trend in rate case activity, are further escalating the need for the Navigant's Energy experts.

The Company's North American Disputes and Investigative Services segment reported revenues of $80 million, a decrease of 2% year-over-year. The segment performed very well during the first half of 2008, but encountered an unanticipated lag in the commencement of new assignments sold as the quarter progressed, due to the unprecedented amount of uncertainty in the economic and regulatory environment. While buying decisions and project start dates have temporarily slowed, market demand continues in the areas of accounting and regulatory investigations, white collar litigation, anti-money laundering investigations and commercial litigation. The Company remains confident about longer term market opportunities driven by intensifying global regulatory and economic pressures.

Revenues in the International Consulting Operations segment were $21 million, an increase of 16% over the third quarter of 2007. Large infrastructure dispute matters continued to drive strong performance for this segment, while also enhancing its opportunity for global reach and recognition.

The Company's Economics Consulting Services segment (reflecting the acquisition of Chicago Partners on May 1, 2008) produced their first full quarter with revenues of $15 million. These strong results reflected high utilization across the team on several large engagements and were in line with the Company's expectations.

A Company metrics summary including data by segment is available on Navigant's website (www.navigantconsulting.com) under the Investor Relations section.

Balance Sheet

The Company's cash flow from operating activities was $39.1 million during the third quarter of 2008, compared to $31.1 million during the corresponding period in the prior year. Additionally, capital expenditures of $1.1 million during the third quarter of 2008 continued to trend below the prior year. Borrowings under the Company's banking facilities were reduced to $273.0 million at the end of the third quarter from $309.0 million at the close of the second quarter. DSO was reduced to 84 days at the end of the third quarter, compared to 90 days one year ago and 85 days at the close of the second quarter of 2008.

During the three years prior to 2008 the Company's allowance for doubtful accounts has ranged from 1.4% to 1.7% of revenue before reimbursements. The Company's third quarter 2008 allowance for doubtful accounts was approximately $5 million above these historical levels, or 4.3% of revenues before reimbursements, as Management increased the allowance to reflect collectibility of receivables from certain financial industry clients. It is anticipated that the allowance for doubtful accounts will return to historical levels in the fourth quarter subject to further financial market disruptions or specific client circumstances.

2008 Year-End Outlook

The Company is expecting its revenues and net income per diluted share (exclusive of other operating costs) for the year ending December 31, 2008 to be at the lower end of the previously announced guidance range:

  • Revenues of $820 million to $845 million
  • Net income per diluted share (exclusive of other operating costs) of $0.89 to $0.96

Full year 2008 guidance for adjusted EBITDA has been adjusted to reflect the incremental bad debt reserve taken in the third quarter. The range for adjusted EBITDA is $130 million to $135 million for the year ending December 31, 2008.

Third Quarter 2008 Conference Call

William Goodyear will host a conference call to discuss the Company's financial results at 5:00 p.m. Eastern Time on Thursday, October 30, 2008. The web cast may be accessed via the Navigant Consulting website (www.navigantconsulting.com) under the Investor Relations section. A replay of the web cast will be available for approximately 90 days.

About Navigant Consulting

Navigant Consulting, Inc. (NYSE: NCI) is a global consulting firm providing dispute, investigative, operational, risk management and financial and regulatory advisory solutions to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change. The Company focuses on industries undergoing substantial regulatory or structural change and on the issues driving these transformations. "Navigant" is a service mark of Navigant International, Inc. Navigant Consulting, Inc. (NCI) is not affiliated, associated, or in any way connected with Navigant International, Inc. and NCI's use of "Navigant" is made under license from Navigant International, Inc. More information about Navigant Consulting can be found at www.navigantconsulting.com.

Except as set forth below, statements included in this press release which are not historical in nature are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," "expects" and similar expressions. These statements are based upon management's current expectations as of the date of this press release. The Company cautions readers that there may be events in the future that the Company is not able to accurately predict or control and the information contained in the forward-looking statements is inherently uncertain and subject to a number of risks that could cause actual results to differ materially from those indicated in the forward-looking statements including, without limitation: the success of the Company's organizational changes; risks inherent in international operations including foreign currency fluctuations; pace, timing and integration of acquisitions; management of professional staff, including dependence on key personnel, recruiting, attrition and the ability to successfully integrate new consultants into the Company's practices; utilization rates; dependence on the expansion of and the increase in the Company's service offerings and staff; conflicts of interest; potential loss of clients; the Company's clients' financial condition, which could result in an impairment of their ability to make payments to the Company; risks inherent with litigation; significant client assignments; professional liability; potential legislative and regulatory changes; and general economic conditions. Further information on these and other potential factors that could affect the Company's financial results is included in the Company's filings with the SEC under the "Risk Factors" sections and elsewhere in those filings. The Company cannot guarantee any future results, levels of activity, performance or achievement and undertakes no obligation to update any of its forward-looking statements after the date of this press release.


              NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF INCOME
                (In thousands, except per share data)
                             (Unaudited)


                              For the quarter ended September 30, 2008
                              ----------------------------------------
                                 Adjusted    Adjustments     Reported
                              ----------------------------------------

Revenues before
 reimbursements                    $178,908                   178,908
Reimbursements                       19,184                    19,184
                              ----------------------------------------
    Total revenues                  198,092           -       198,092

Cost of services before
 reimbursable expenses              110,083                   110,083
Reimbursable expenses                19,184                    19,184
                              ----------------------------------------
    Cost of services                129,267           -       129,267
General and administrative
 expenses                            41,417                    41,417
Depreciation                          4,330                     4,330
Amortization                          3,955                     3,955
Other operating costs
    Separation and Severance
     costs
    Office consolidation                  -         553           553
    Gain on sale of property
                              ----------------------------------------
    Operating income                 19,123        (553)       18,570
Interest expense, net                 4,790                     4,790
Other income                             93                        93
                              ----------------------------------------
Income before income tax
 expense                             14,240        (553)       13,687
Income tax expense                    6,074        (223)        5,851
                              ----------------------------------------
    Net income                     $  8,166       ($330)     $  7,836
                              ========================================

Net income per diluted share
 ("EPS")                           $   0.17                  $   0.16
                              ========================================

Shares used in computing net
 income per diluted share
                                     48,895                    48,895

Percentage of revenues before
 reimbursements :
-----------------------------
Cost of services before
 reimbursable expenses                   62%                       62%
Reimbursable expenses                    11%                       11%
General and administrative
 expenses                                23%                       23%

EBITDA (3)                               15%                       15%
Operating income                         11%                       10%
Net income                                5%                        4%


EBITDA (3) reconciliation:
    EBITDA (3)                     $ 27,408                  $ 27,408
      Depreciation                    4,330                     4,330
      Accelerated
       Depreciation - Office
       consolidation                      -        (553) (1)      553
      Amortization                    3,955                     3,955
                              ----------------------------------------
    Operating income               $ 19,123       ($553)     $ 18,570
                              ========================================


                              For the quarter ended September 30, 2007
                              ----------------------------------------
                                 Adjusted    Adjustments     Reported
                              ----------------------------------------

Revenues before
 reimbursements                    $167,057                  $167,057
Reimbursements                       23,790                    23,790
                              ----------------------------------------
    Total revenues                 $190,847           -      $190,847

Cost of services before
 reimbursable expenses              104,405                   104,405
Reimbursable expenses                23,790                    23,790
                              ----------------------------------------
    Cost of services                128,195           -       128,195
General and administrative
 expenses                            35,680                    35,680
Depreciation                          4,189                     4,189
Amortization                          5,378                     5,378
Other operating costs
    Separation and Severance
     costs                                -       3,348         3,348
    Office consolidation                  -       2,150         2,150
    Gain on sale of property              -      (2,201)       (2,201)
                              ----------------------------------------
    Operating income                 17,405      (3,297)       14,108
Interest expense, net                 5,863                     5,863
Other income                             58                        58
                              ----------------------------------------
Income before income tax
 expense                             11,484      (3,297)        8,187
Income tax expense                    4,784      (1,330)        3,454
                              ----------------------------------------
    Net income                     $  6,700      (1,967)     $  4,733
                              ========================================

Net income per diluted share
 ("EPS")                           $   0.14                  $   0.10
                              ========================================

Shares used in computing net
 income per diluted share
                                     46,462                    46,462

Percentage of revenues before
 reimbursements :
-----------------------------
Cost of services before
 reimbursable expenses                   62%                       62%
Reimbursable expenses                    14%                       14%
General and administrative
 expenses                                21%                       21%

EBITDA (3)                               16%                       14%
Operating income                         10%                        8%
Net income                                4%                        3%


EBITDA (3) reconciliation:
    EBITDA (3)                     $ 26,972      (3,297) (2) $ 23,675
      Depreciation                    4,189                     4,189
      Accelerated
       Depreciation - Office
       consolidation
      Amortization                    5,378                     5,378
                              ----------------------------------------
    Operating income               $ 17,405      (3,297)     $ 14,108
                              ========================================



(1) During the third quarter of 2008, the Company recorded $0.6
     million for accelerated depreciation on certain leasehold
     improvements associated with real estate rationalization.

(2) During the third quarter of 2007, the Company incurred $3.3
     million relating to workforce reduction initiatives, $2.2 million
     associated with real estate rationalization, including lease
     termination costs and write downs of leasehold improvements, and
     recorded a gain on sale of property of $2.2 million.

(3) EBITDA (earnings before interest, taxes, depreciation and
     amortization) is not a measure of financial performance under
     generally accepted accounting principles (GAAP). The Company
     believes EBITDA is useful supplemental information for investors
     to evaluate financial performance. This data is also used by the
     Company for assessment of its operating and financial results, in
     addition to operating income, net income and other GAAP measures.
     Management believes EBITDA is a useful indicator of the Company's
     financial and operating performance and its ability to generate
     cash flows from operations that are available for taxes and
     capital expenditures. Investors should recognize that EBITDA
     might not be comparable to similarly-titled measures of other
     companies. This measure should be considered in addition to, and
     not as a substitute for or superior to, any measure of
     performance prepared in accordance with GAAP.

              NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF INCOME
                (In thousands, except per share data)
                             (Unaudited)


                          For the nine months ended September 30, 2008
                          --------------------------------------------
                               Adjusted      Adjustments     Reported
                          --------------------------------------------

Revenues before
 reimbursements                    $552,587                   552,587
Reimbursements                       64,052                    64,052
                          --------------------------------------------
    Total revenues                 $616,639                  $616,639

Cost of services before
 reimbursable expenses              337,008                   337,008
Reimbursable expenses                64,052                    64,052
                          --------------------------------------------
    Cost of services                401,060                   401,060
General and
 administrative expenses            120,501                   120,501
Depreciation                         12,876                    12,876
Amortization                         12,779                    12,779
Other operating costs
    Separation and
     Severance costs                      -
    Office consolidation                  -       4,646         4,646
    Gain on sale of
     property
                          --------------------------------------------
    Operating income                 69,423      (4,646)       64,777
Interest expense, net                14,513                    14,513
Other income                             30                        30
                          --------------------------------------------
Income before income tax
 expense                             54,880      (4,646)       50,234
Income tax expense                   23,380      (1,874)       21,506
                          --------------------------------------------
    Net income                     $ 31,500     ($2,772)     $ 28,728
                          ============================================

Net income per diluted
 share ("EPS")                     $   0.66                  $   0.60
                          ============================================

Shares used in computing
 net income per diluted
 share
                                     47,997                    47,997

Percentage of revenues
 before reimbursements :
-------------------------
Cost of services before
 reimbursable expenses                   61%                       61%
Reimbursable expenses                    12%                       12%
General and
 administrative expenses                 22%                       22%

EBITDA (3)                               17%                       17%
Operating income                         13%                       12%
Net income                                6%                        5%


EBITDA (3)
 reconciliation:
    EBITDA (3)                     $ 95,078     ($2,605) (1) $ 92,473
      Depreciation                   12,876                    12,876
      Accelerated
       Depreciation -
       Office
       consolidation                      -      (2,041) (1)    2,041
      Amortization                   12,779                    12,779
                          --------------------------------------------
    Operating income               $ 69,423     ($4,646)     $ 64,777
                          ============================================


                          For the nine months ended September 30, 2007
                          --------------------------------------------
                               Adjusted      Adjustments     Reported
                          --------------------------------------------

Revenues before
 reimbursements                    $501,545                  $501,545
Reimbursements                       62,225                    62,225
                          --------------------------------------------
    Total revenues                 $563,770                  $563,770

Cost of services before
 reimbursable expenses              311,488                   311,488
Reimbursable expenses                62,225                    62,225
                          --------------------------------------------
    Cost of services                373,713                   373,713
General and
 administrative expenses            104,227                   104,227
Depreciation                         11,905                    11,905
Amortization                         12,798                    12,798
Other operating costs
    Separation and
     Severance costs                      -       4,625         4,625
    Office consolidation                  -       2,150         2,150
    Gain on sale of
     property                             -      (2,201)       (2,201)
                          --------------------------------------------
    Operating income                 61,127      (4,574)       56,553
Interest expense, net                 9,030                     9,030
Other income                            (50)                      (50)
                          --------------------------------------------
Income before income tax
 expense                             52,147      (4,574)       47,573
Income tax expense                   21,998      (1,845)       20,153
                          --------------------------------------------
    Net income                     $ 30,149     ($2,729)     $ 27,420
                          ============================================

Net income per diluted
 share ("EPS")                     $   0.58                  $   0.53
                          ============================================

Shares used in computing
 net income per diluted
 share
                                     52,165                    52,165

Percentage of revenues
 before reimbursements :
-------------------------
Cost of services before
 reimbursable expenses                   62%                       62%
Reimbursable expenses                    12%                       12%
General and
 administrative expenses                 21%                       21%

EBITDA (3)                               17%                       16%
Operating income                         12%                       11%
Net income                                6%                        5%


EBITDA (3)
 reconciliation:
    EBITDA (3)                     $ 85,830     ($4,574) (2) $ 81,256
      Depreciation                   11,905                    11,905
      Accelerated
       Depreciation -
       Office
       consolidation
      Amortization                   12,798                    12,798
                          --------------------------------------------
    Operating income               $ 61,127     ($4,574)     $ 56,553
                          ============================================



(1) During the first nine months of 2008, the Company incurred office
     consolidation costs of $4.6 million associated with real estate
     rationalization, including lease termination costs and
     accelerated depreciation on certain leasehold improvements.

(2) During the first quarter of 2007, the Company incurred realignment
     costs of $1.3 million associated with a management reorganization
     including severance. During the third quarter of 2007, the
     Company incurred $3.3 million relating to workforce reduction
     initiatives, $2.2 million associated with real estate
     rationalization, including lease termination costs and write
     downs of leasehold improvements, and recorded a gain on sale of
     property of $2.2 million.

(3) EBITDA (earnings before interest, taxes, depreciation and
     amortization) is not a measure of financial performance under
     generally accepted accounting principles (GAAP). The Company
     believes EBITDA is useful supplemental information for investors
     to evaluate financial performance. This data is also used by the
     Company for assessment of its operating and financial results, in
     addition to operating income, net income and other GAAP measures.
     Management believes EBITDA is a useful indicator of the Company's
     financial and operating performance and its ability to generate
     cash flows from operations that are available for taxes and
     capital expenditures. Investors should recognize that EBITDA
     might not be comparable to similarly-titled measures of other
     companies. This measure should be considered in addition to, and
     not as a substitute for or superior to, any measure of
     performance prepared in accordance with GAAP.

              NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
       CONDENSED CONSOLIDATED BALANCE SHEETS AND SELECTED DATA
                   (In thousands, except DSO data)
                             (Unaudited)

                     September 30, June 30, December 31, September 30,
Assets                   2008        2008       2007         2007
-------------------- -------------------------------------------------
Cash and cash
 equivalents              $ 10,530 $ 10,320     $ 11,656      $ 21,149
Trade accounts
 receivable, net           197,877  219,868      189,616       202,097
Prepaid and other
 assets                     39,549   36,097       27,287        29,130
                     -------------------------------------------------
  Total current
   assets                  247,956  266,285      228,559       252,376

Property and
 equipment, net             45,391   49,473       54,687        55,366
Goodwill and
 intangible assets,
 net                       521,261  536,246      488,523       497,934
Other non-current
 assets, net                19,444   19,867        6,928         8,515
                     -------------------------------------------------
  Total Assets            $834,052 $871,871     $778,697      $814,191
                     =================================================

Liabilities and
 Stockholders'
 Equity
--------------------

Bank debt                 $  2,250 $  2,250     $  2,250      $  2,250
Other current
 liabilities               131,252  130,393      124,269       109,513
Long term debt             270,729  306,787      254,366       308,148
Other liabilities           59,681   65,904       55,059        55,555
Stockholders' equity       370,140  366,537      342,753       338,725
  Total Liabilities
   and stockholders'
   equity
                     -------------------------------------------------
                          $834,052 $871,871     $778,697      $814,191
                     =================================================



Selected Data

Days sales
 outstanding, net
 (DSO) (1)
                                84       85           77            90
                     =================================================

1) Net of deferred revenue. June 30, 2008 is calculated on a proforma
 basis as if Chicago Partners acquisition occurred April 1, 2008.

                      NAVIGANT CONSULTING, INC.
                CONSOLIDATED STATEMENTS OF CASH FLOWS
              Dollars in 000s (except per share amounts)

                  For the three months ended For the nine months ended
                        September 30,              September 30,
                  -------------------------- -------------------------
                        2008         2007         2008         2007
                  ---------------- --------- -------------- ----------

Cash flows from
 operating
 activities:
Net income               $  7,836  $  4,733       $ 28,728  $  27,420
Adjustments to
 reconcile net
 income to net
 cash
provided by (used
 in) operating
 activities:
  Depreciation
   expense                  4,883     4,189         14,917     11,905
  Amortization
   expense                  3,955     5,378         12,779     12,798
  Stock-based
   compensation
   expense                  3,055     4,668          9,632     13,378
  Deferred income
   taxes                   (1,251)     (479)        (5,830)     2,044
  Gain on sale of
   property                     -    (2,201)             -     (2,201)
  Allowance for
   doubtful
   accounts
   receivable               7,731     3,412         17,201      8,081
  Other, net                  102       601            431      1,302
  Changes in
   assets and
   liabilities             12,810    10,797        (39,305)   (32,708)

                  -------------------------- -------------------------
Net cash provided
 by operating
 activities                39,121    31,098         38,553     42,019
                  -------------------------- -------------------------

Cash flows from
 investing
 activities:
  Purchases of
   property and
   equipment               (1,091)   (4,218)        (5,055)   (18,648)
  Proceeds from
   sale of
   property                     -     4,028              -      4,028
  Acquisitions of
   businesses                   -   (27,325)       (50,000)   (65,250)
  Payments of
   acquisition
   liabilities                  -    (2,300)        (3,154)    (4,465)
  Other, net                  (12)     (647)          (863)    (1,916)

                  -------------------------- -------------------------
Net cash used in
 investing
 activities                (1,103)  (30,462)       (59,072)   (86,251)
                  -------------------------- -------------------------

Cash flows from
 financing
 activities:
  Issuances of
   common stock             1,220     1,226          5,298      6,795
  Repurchase of
   common
   stock/treasury
   stock                        -         -              -   (218,429)
  Payments of
   notes payable           (4,976)   (5,967)        (4,976)    (5,967)
  Proceeds from
   (Payments of)
   term loan                 (562)     (563)        (1,687)   224,437
  Borrowings from
   bank, net              (32,604)    8,273         20,995     49,176
  Other, net                 (886)   (2,147)          (237)    (2,376)

                  -------------------------- -------------------------
Net cash provided
 by (used in)
 provided by
 financing
 activities               (37,808)      822         19,393     53,636
                  -------------------------- -------------------------

Net increase
 (decrease) in
 cash and cash
 equivalents                  210     1,458         (1,126)     9,404
Cash and cash
 equivalents at
 beginning of the
 period                    10,320    19,691         11,656     11,745
                  -------------------------- -------------------------
Cash and cash
 equivalents at
 end of the
 period                  $ 10,530  $ 21,149       $ 10,530  $  21,149
                  ========================== =========================

CONTACT: Navigant Consulting, Inc. Jennifer Moreno Executive Director, Investor Relations 312.573.5634 jmoreno@navigantconsulting.com

SOURCE: Navigant Consulting, Inc.

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