Press Release

Navigant Reports Preliminary Unaudited Fourth Quarter and Full Year
2010 Financial Results and Provides 2011 Business and Financial Outlook

February 2, 2011 at 7:02 AM EST
  • Estimated fourth quarter 2010 revenue before reimbursements (RBR) of $162 million represented sequential and year over year growth of 6%. Estimated full year 2010 RBR totaled $623 million, down 2% from 2009.
  • Estimated Adjusted EPS was $0.15 for fourth quarter 2010, down from $0.18 in fourth quarter 2009 and $0.16 in third quarter 2010. Estimated GAAP EPS was $0.01 for fourth quarter 2010, down from $0.10 in fourth quarter 2009 and $0.18 in third quarter 2010. Estimated $7.3 million pretax non cash impairment charge ($0.10 per share) recorded to reflect lower valuation of certain international segment intangible assets.
  • 2011 outlook anticipates top line growth (5% - 10%) with a rebound in Adjusted EBITDA and Adjusted EPS (range of $0.70 - $0.77).

CHICAGO, Feb 02, 2011 (BUSINESS WIRE) --

Navigant (NYSE:NCI) today announced preliminary unaudited financial results for the fourth quarter and year ended December 31, 2010 along with the Company's business and financial outlook for 2011. Final audited results for the fourth quarter and full year 2010 will be released later this month and could vary from preliminary estimates after the completion of standard Company closing processes and procedures.

Fourth Quarter and Full Year 2010

"While we are disappointed in 2010's financial results, we do believe that the strategic actions implemented and capital invested over the past 18 months have materially strengthened the Company and will contribute to delivering improved results in the months and years ahead," commented William Goodyear, Chairman and Chief Executive Officer. "In the fourth quarter we realized the sequential and year over year revenue and headcount growth we had been working toward. Our key energy, healthcare and economics practices delivered strong growth over the course of the year. We are encouraged by continued signs of stabilization in the marketplace and expect that these trends will be favorably reflected in our 2011 financial results."

Preliminary Unaudited Total Company Fourth Quarter and Full Year 2010 Financial Results (1)
Q4 2010 Q4 2009 Change 2010 2009 Change
Revenues Before Reimbursements ($000) $ 161,752 $ 153,051 5.7 % $ 623,461 $ 636,748 -2.1 %
Total Revenues ($000) $ 182,940 $ 173,958 5.2 % $ 703,660 $ 707,239 -0.5 %
Adjusted EBITDA excluding other operating costs (benefit) and severance expense ($000) $ 21,201 $ 25,448 -16.7 % $ 89,072 $ 101,352 -12.1 %
EBITDA ($000) $ 18,608 $ 19,013 -2.1 % $ 84,153 $ 83,630 0.6 %
Net Income ($000) $ 559 $ 4,789 -88.3 % $ 24,057 $ 21,947 9.6 %
Earnings Per Share $ 0.01 $ 0.10 -90.0 % $ 0.48 $ 0.44 9.1 %
Adjusted Earnings Per Share excluding the net income impact of other operating costs (benefit), severance expense and non recurring foreign tax elections $ 0.15 $ 0.18 -16.7 % $ 0.61 $ 0.68 -10.3 %
Average Billable FTEs 1,755 1,685 4.2 % 1,687 1,797 -6.1 %
End of Period Billable FTEs 1,779 1,666 6.8 % 1,779 1,666 6.8 %
Consultant Utilization (1,850 base)

74%

76%

-2.6 %

74%

75%

-1.3 %
Average Bill Rate (excluding success fees) $ 267 $ 260 2.7 % $ 266 $ 254 4.7 %
DSO 81 78 3.8 % 81 78 3.8 %

(1) See the attached financial schedules for a reconciliation of EBITDA, Adjusted EBITDA and Adjusted Earnings per Share to the most directly comparable GAAP financial measure.Such financial measures have been adjusted for the impact from other operating costs (benefit), severance expense and nonrecurring foreign tax elections as applicable.

Fourth Quarter 2010

Navigant's estimated fourth quarter 2010 RBR totaled $162 million, representing both sequential and year over year growth compared to RBR of $153 million for both fourth quarter 2009 and third quarter 2010. Estimated fourth quarter 2010 Adjusted EPS was $0.15, down from $0.18 in fourth quarter 2009 and $0.16 in third quarter 2010 due to increased cost of services resulting from the full impact of new hire and acquisition investments made throughout 2010. Estimated fourth quarter 2010 GAAP EPS of $0.01 was significantly impacted by an intangible assets impairment charge and was down from fourth quarter 2009 GAAP EPS of $0.10.

The Company's fourth quarter 2010 utilization was 74%, an increase of 1% over third quarter 2010 despite the usual fourth quarter seasonal impacts. Due to ongoing senior level recruiting efforts made throughout the calendar year combined with the October 1, 2010 acquisition of EthosPartners, fourth quarter 2010 average billable full time equivalents (FTEs) rose to 1,755, an increase from 1,655 in third quarter 2010 and up from 1,685 in fourth quarter 2009. Fourth quarter 2010 average bill rate (excluding the impact of success fees) was $267, consistent with third quarter 2010 and up from $260 in fourth quarter 2009. Solid cash flow continued in fourth quarter 2010 and Navigant ended the year with approximately $203 million in debt, generally consistent with third quarter 2010 levels.

Full Year 2010

Navigant's estimated full year 2010 RBR totaled $623 million, down slightly from $637 million in 2009. The healthcare, energy and economics practices achieved combined growth of approximately 20% in 2010 while disputes, the fourth core practice area of the Company, stabilized during the second half of the year, bolstered by the addition of new senior practitioners, the acquisition of Daylight Forensic & Advisory on May 14, 2010, and solid demand activity. The Company's full year results also reflected the wind down of several non strategic practice areas and practitioner departures over the prior eighteen month period.

Estimated 2010 Adjusted EPS was $0.61, compared to $0.68 in 2009, while estimated 2010 GAAP EPS was $0.48, up from $0.44 in 2009. Despite the ongoing integration of acquisitions and new practitioners throughout the year, Navigant's 2010 utilization was 74% compared to 75% in 2009. Average bill rate (excluding the impact of success fees) for 2010 was $266, up significantly from $254 in 2009, reflecting the mix of engagements as well as select pricing opportunities. Average 2010 billable headcount was approximately 1,687 FTEs, a decrease of 110 FTEs from the 2009 average, resulting from the wind down of non strategic practice areas, attrition and general staffing alignment decisions made throughout the year.

Business Segment Highlights

Preliminary Unaudited Business Segment Fourth Quarter and Full Year Financial Results (2)
Q4 2010 Q4 2009 Change 2010 2009 Change
Business Segment Revenues ($000)
Dispute and Investigative Services $ 70,627 $ 72,160 -2.1 % $ 273,667 $ 302,424 -9.5 %
Business Consulting Services 78,185 67,419 16.0 % 285,085 269,778 5.7 %
International Consulting 16,046 21,780 -26.3 % 71,364 79,612 -10.4 %
Economic Consulting 18,082 12,599 43.5 % 73,544 55,425 32.7 %
Total Company $ 182,940 $ 173,958 5.2 % $ 703,660 $ 707,239 -0.5 %
Business Segment Revenues Before Reimbursements ($000)
Dispute and Investigative Services $ 63,540 $ 65,359 -2.8 % $ 251,612 $ 276,646 -9.0 %
Business Consulting Services 68,749 58,717 17.1 % 247,984 242,255 2.4 %
International Consulting 12,760 17,512 -27.1 % 56,620 66,361 -14.7 %
Economic Consulting 16,703 11,463 45.7 % 67,245 51,486 30.6 %
Total Company $ 161,752 $ 153,051 5.7 % $ 623,461 $ 636,748 -2.1 %
Segment Operating Profit ($000)
Dispute and Investigative Services $ 23,733 $ 25,966 -8.6 % $ 97,464 $ 112,594 -13.4 %
Business Consulting Services 22,722 18,881 20.3 % 84,704 84,428 0.3 %
International Consulting 1,632 2,661 -38.7 % 10,715 16,036 -33.2 %
Economic Consulting 4,878 3,402 43.4 % 23,032 18,173 26.7 %
Total Company $ 52,965 $ 50,910 4.0 % $ 215,915 $ 231,231 -6.6 %

(2) In first quarter 2010 the Company repositioned certain service offerings within its four reporting segments.Prior year comparative segment data has been restated to be consistent with the current presentation.A metrics summary including data by segment is available at www.navigantconsulting.com/investor_relations.

Navigant's Dispute and Investigative Services segment reported estimated RBR of $64 million for fourth quarter 2010, down slightly from both third quarter 2010 and fourth quarter 2009. Segment results reflected softness in the construction disputes market and actions were taken in fourth quarter 2010 to align staffing with current demand levels. Overall market conditions in the disputes arena continued to stabilize in the fourth quarter, supported by ongoing demand in credit crisis litigation, anti-corruption compliance and investigations, white collar matters and other commercial litigation and arbitrations.

Navigant's Business Consulting Services segment generated estimated RBR of $69 million for fourth quarter 2010, an increase of 18% over third quarter 2010 and an increase of 17% from fourth quarter 2009. The segment's healthcare and energy practices represented 73% of fourth quarter 2010 Business Consulting Services segment revenues, compared to 62% in fourth quarter 2009. Fourth quarter 2010 healthcare results were positively impacted by Navigant's October 1, 2010 acquisition of EthosPartners.

Navigant's International Consulting segment reported estimated RBR of $13 million for fourth quarter 2010, down 4% from third quarter 2010 and down 27% from fourth quarter 2009. The segment was challenged in 2010 by severe reductions in government spending in the United Kingdom, as well as general weakness in the demand for advisory services in the European marketplace. As a result, average billable FTEs for the segment decreased 18% from fourth quarter 2009 to fourth quarter 2010 and additional cost saving measures are being implemented. The Company recorded an estimated $7.3 million pretax non cash impairment charge ($0.10 per share) related to lower valuation of certain intangible assets in its International Consulting segment.

Navigant's Economic Consulting segment generated estimated RBR of $17 million for fourth quarter 2010, consistent with third quarter 2010 and up 46% from fourth quarter 2009. Continued demand for economic consulting, along with contributions from senior economists hired in 2010, is expected to positively impact the segment in 2011.

2011 Outlook

Goodyear commented, "Our 2011 revenues are estimated to be in the range of $715 to $760 million and RBR is expected to be between $650 and $690 million. 2011 Adjusted EBITDA is estimated to be between $95 and $105 million, while Adjusted EPS (excluding the net income impact from other operating costs and severance expense) is expected to range between $0.70 and $0.77 per share. These ranges reflect continued execution of our long term strategy focusing on the key areas of disputes, economics, healthcare and energy, combined with an expectation of stable market conditions in 2011 and the favorable impact of our 2010 investments."

Conference Call Details

Goodyear will host a conference call to discuss the Company's preliminary unaudited fourth quarter and full year 2010 financial results and 2011 business and financial outlook at 10:00 a.m. Eastern Time on Wednesday, February 2, 2011. The conference call may be accessed via the Navigant website (www.navigantconsulting.com/investor_relations) or by dialing 888.847.7597 (630.395.0268 for international callers) and referencing pass code "NCI." A replay of the web cast will be available for approximately 90 days.

About Navigant

Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries. More information about Navigant can be found at www.navigantconsulting.com.

Statements included in this press release which are not historical in natureare forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995.Forward-looking statements may be identified by words including "outlook," "plans," "goals," "anticipates," "believes," "intends," "estimates," "expects" and similar expressions.These statements are based upon management's current expectations and speak only 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 contained in or implied by the forward-looking statements including, without limitation: the success and timing of the Company's implementation of its strategic business assessment; the success of the Company's organizational changes and cost reduction actions; risks inherent in international operations, including foreign currency fluctuations; ability to make acquisitions; pace, timing and integration of acquisitions; impairment charges; 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; conflicts of interest; potential loss of clients; clients' financial condition and their ability to make payments to the Company; risks inherent with litigation; higher risk client assignments; professional liability; potential legislative and regulatory changes; continued access to capital; and general economic conditions.Further information on these and other potential factors that could affect the Company's financial results are included under the "Risk Factors" section and elsewhere in the Company's filings with the Securities and Exchange Commission (SEC), which are available on the SEC's website or at www.navigantconsulting.com/investor_relations.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.

NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
For the quarters ended December 31, For the years ended December 31,
2010 2009 2010 2009
Revenues:
Revenues before reimbursements $ 161,752 $ 153,051 $ 623,461 $ 636,748
Reimbursements 21,188 20,907 80,199 70,491
Total revenues 182,940 173,958 703,660 707,239
Cost of Services:
Cost of services before reimbursable expenses 111,797 103,766 418,523 416,545
Reimbursable expenses 21,188 20,907 80,199 70,491
Total costs of services 132,985 124,673 498,722 487,036
General and administrative expenses 31,347 28,142 121,685 129,048
Depreciation expense 3,575 4,288 14,457 17,600
Amortization expense 3,442 2,947 12,368 13,014
Other operating costs (benefit):
Office consolidation - 2,305 (900 ) 8,810
Intangible assets impairment 7,307 - 7,307 -
Operating income 4,284 11,603 50,021 51,731
Interest expense 1,929 3,485 10,704 15,076
Interest income (325 ) (303 ) (1,309 ) (1,211 )
Other (income) expense, net (378 ) 12 (567 ) (182 )
Income before income tax expense 3,058 8,409 41,193 38,048
Income tax expense 2,499 3,620 17,136 16,101
Net income $ 559 $ 4,789 $ 24,057 $ 21,947
Basic net income per share $ 0.01 $ 0.10 $ 0.49 $ 0.46
Shares used in computing income per basic share 50,062 48,586 49,405 48,184
Diluted net income per share $ 0.01 $ 0.10 $ 0.48 $ 0.44
Shares used in computing income per diluted share 50,909 50,018 50,447 49,795
NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AND SELECTED DATA
(In thousands, except DSO data)
(Unaudited)
December 31, December 31,
2010 2009
ASSETS
Current assets:
Cash and cash equivalents $ 1,981 $ 49,144
Accounts receivable, net 179,058 163,608
Prepaid expenses and other current assets 19,697 16,374
Deferred income tax assets 18,749 19,052
Total current assets 219,485 248,178
Non-current assets:
Property and equipment, net 38,903 42,975
Intangible assets, net 23,194 30,352
Goodwill 561,002 485,101
Other assets 26,451 13,639
Total assets $ 869,035 $ 820,245
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,900 $ 8,203
Accrued liabilities 7,936 8,664
Accrued compensation-related costs 72,639 69,751
Income tax payable 2,306 -
Term loan current 18,397 12,375
Other current liabilities 43,401 34,441
Total current liabilities 155,579 133,434
Non-current liabilities:
Deferred income tax liabilities 42,274 37,096
Other non-current liabilities 25,907 23,923
Bank debt non-current 33,695 -
Term loan non-current 150,859 207,000
Total non-current liabilities 252,735 268,019
Total liabilities 408,314 401,453
Stockholders' equity:
Common stock 61 60
Additional paid-in capital 564,214 559,368
Treasury stock (206,162 ) (218,798 )
Retained earnings 115,243 91,186
Accumulated other comprehensive loss (12,635 ) (13,024 )
Total stockholders' equity 460,721 418,792
Total liabilities and stockholders' equity $ 869,035 $ 820,245
Selected Data
Days sales outstanding, net (DSO) 81 78

NAVIGANT CONSULTING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, except per share data)
(Unaudited)
For the quarters ended For the years ended
December 31, December 31,
2010 2009 2010 2009
Cash flows from operating activities:
Net income $ 559 $ 4,789 $ 24,057 $ 21,947
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation expense 3,575 4,288 14,457 17,600
Depreciation expense- office consolidation - 175 - 1,285
Amortization expense 3,442 2,947 12,368 13,014
Share-based compensation expense 1,979 1,468 6,755 7,478
Accretion of interest expense 324 194 944 887
Deferred income taxes (3,874 ) 5,544 3,773 6,366
Allowance for doubtful accounts receivable 1,106 800 8,211 15,053
Intangible assets impairment 7,307 - 7,307 -
Changes in assets and liabilities:
Accounts receivable (1,440 ) 20,919 (23,990 ) (4,631 )
Prepaid expenses and other assets (5,647 ) (2,264 ) (16,146 ) 1,088
Accounts payable 310 2,151 2,742 (344 )
Accrued liabilities (119 ) (228 ) (110 ) (989 )
Accrued compensation-related costs 13,461 18,021 3,003 (3,305 )
Income tax payable 4,673 (2,969 ) 2,371 1,063
Other liabilities 1,972 (1,587 ) (3,974 ) 979
Net cash provided by operating activities 27,628 54,248 41,768 77,491
Cash flows from investing activities:
Purchases of property and equipment (3,844 ) (4,018 ) (11,959 ) (17,641 )
Acquisitions of businesses, net of cash acquired (28,500 ) (11,000 ) (62,370 ) (12,875 )
Payments of acquisition liabilities (2,750 ) (1,000 ) (2,750 ) (3,821 )
Other, net - 137 - 28
Net cash used in investing activities (35,094 ) (15,881 ) (77,079 ) (34,309 )
Cash flows from financing activities:
Issuances of common stock 444 487 3,457 3,173
Payments of notes payable - - - (4,482 )
Borrowings from banks, net of repayments 8,500 (2,217 ) 34,441 (12,313 )
Payments of term loan (4,599 ) (562 ) (50,119 ) (2,250 )
Other, net (70 ) (121 ) 494 (1,009 )
Net cash provided by (used in) financing activities 4,275 (2,413 ) (11,727 ) (16,881 )
Effect of exchange rate changes on cash (211 ) (152 ) (125 ) (291 )
Net increase (decrease) in cash and cash equivalents (3,402 ) 35,802 (47,163 ) 26,010
Cash and cash equivalents at beginning of the period 5,383 13,342 49,144 23,134
Cash and cash equivalents at end of the period $ 1,981 $ 49,144 $ 1,981 $ 49,144
NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
RECONCILIATION OF NON GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles (GAAP) are included in this press release. During 2009, the Company incurred significant severance expense as staffing levels were adjusted to market demand and Navigant executed its strategic refresh initiative involving the redeployment of certain resources. The Company also continues to be impacted by office consolidation costs and benefits due to its real estate initiatives including the impact of closing certain offices and changes in market conditions associated with expected sublease proceeds. During the quarter ended September 30, 2010, the Company recorded a non recurring benefit from a tax election related to certain of its foreign entities. During the quarter ended December 31, 2010, the Company recorded an impairment on its intangible assets relating to its International Consulting segment. Adjusted EBITDA and adjusted operating income excludes the impact of other operating costs (benefit) and severance, and adjusted earnings per share excludes the net income impact of other operating costs (benefit), severance and the non recurring benefit from a tax election related to certain of the Company's foreign entities in all periods presented. Severance and other operating costs (benefit) are not considered to be non recurring, infrequent or unusual to the Company's business, however, management believes providing investors with this information gives additional insights into Navigant's operating performance. Although the intangible asset impairment previously discussed has not historically been as frequent as severance and office consolidation costs, we have substantial intangible assets which could become impaired in the future. While management believes that these non-GAAP financial measures are useful in evaluating Navigant's operations, this information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure prepared in accordance with GAAP.

EBITDA, Adjusted EBITDA, Adjusted operating income

EBITDA (earnings before interest, taxes, depreciation and amortization) is not a measure of financial performance under (GAAP). The Company believes EBITDA provides 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 interest, debt service, taxes and capital expenditures. Investors should recognize that EBITDA might not be comparable to similarly-titled measures of other companies. Adjusted EBITDA and adjusted operating income excludes the impact of other operating costs (benefit) and severance as discussed above. This measure should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

For the quarters ended December 31, For the years ended December 31,
2010 2009 2010 2009
EBITDA reconciliation:
Operating income $ 4,284 $ 11,603 $ 50,021 $ 51,731
Depreciation 3,575 4,288 14,457 17,600
Accelerated depreciation - office consolidation - 175 - 1,285
Amortization 3,442 2,947 12,368 13,014
Intangible assets impairment 7,307 - 7,307 -
EBITDA $ 18,608 $ 19,013 $ 84,153 $ 83,630
Adjusted EBITDA and operating income excluding other operating costs (benefit) and severance expense, reconciliation to operating income:
Operating income $ 4,284 $ 11,603 $ 50,021 $ 51,731
Other operating costs (benefit):
Office consolidation - 2,305 (900 ) 8,810
Intangible assets impairment 7,307 - 7,307 -
Severance expense 2,593 4,305 5,819 10,197
Adjusted operating income to exclude other operating costs (benefit) and severance expense $ 14,184 $ 18,213 $ 62,247 $ 70,738
Depreciation 3,575 4,288 14,457 17,600
Amortization 3,442 2,947 12,368 13,014
Adjusted EBITDA, excluding other operating costs (benefit) and severance expense $ 21,201 $ 25,448 $ 89,072 $ 101,352
Adjusted earnings per share (adjusted to exclude the net income impact from other operating costs (benefit), severance expense and non recurring foreign tax elections)

The Company discloses adjusted earnings per share to exclude the net income impact from other operating costs (benefit), severance and non recurring foreign tax elections as discussed above. Management believes the adjusted earnings per share information provides additional insights into Navigant's ongoing operating performance. This measure should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

For the quarters ended December 31, For the years ended December 31,
2010 2009 2010 2009
Other operating costs (benefit) - office consolidation $ - $ 2,305 $ (900 ) $ 8,810
Income tax (benefit) (1) - (930 ) 363 (3,553 )
Net income impact of other operating costs (benefit) - office consolidation $ - $ 1,375 $ (537 ) $ 5,257
Shares used in computing income per diluted share 50,909 50,018 50,447 49,795
Diluted income per share impact of other operating costs (benefit) - office consolidation $ - $ 0.03 $ (0.01 ) $ 0.11
Other operating costs (benefit) - intangible assets impairment $ 7,307 $ - $ 7,307 $ -
Income tax (benefit) (1) (1,991 ) - (1,991 ) -
Net income impact of other operating costs (benefit) - intangible assets impairment $ 5,316 $ - $ 5,316 $ -
Shares used in computing income per diluted share 50,909 50,018 50,447 49,795
Diluted income per share impact of other operating costs (benefit) - intangible assets impairment $ 0.10 $ - $ 0.11 $ -
Severance expense $ 2,593 $ 4,305 $ 5,819 $ 10,197
Income tax (benefit) (1) (1,020 ) (1,442 ) (2,128 ) (3,589 )
Net income impact of severance expense $ 1,573 $ 2,863 $ 3,691 $ 6,608
Shares used in computing income per diluted share 50,909 50,018 50,447 49,795
Diluted income per share impact of severance expense $ 0.03 $ 0.06 $ 0.07 $ 0.13
Net income $ 559 $ 4,789 $ 24,057 $ 21,947
Net income impact of other operating costs (benefit) - office consolidation - 1,375 (537 ) 5,257
Net income impact of other operating costs (benefit) - intangible assets impairment 5,316 - 5,316 -
Net income impact of severance expense 1,573 2,863 3,691 6,608
Non recurring foreign tax elections - (1,751 ) -
Adjusted net income, excluding the net income impact of other operating costs (benefit), severance expense and non recurring foreign tax elections $ 7,448 $ 9,027 $ 30,776 $ 33,812
Shares used in computing income per diluted share 50,909 50,018 50,447 49,795
Adjusted earnings per share, excluding the net income impact of other operating costs (benefit), severance expense and non recurring foreign tax elections $ 0.15 $ 0.18 $ 0.61 $ 0.68
(1) Effective income tax (benefit) has been determined based on specific tax jurisdiction.

SOURCE: Navigant

Navigant
Jennifer Moreno Reddick
Executive Director, Investor Relations
312.573.5634
jennifer.morenoreddick@navigantconsulting.com

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