MENLO PARK, Calif., Feb. 4 /PRNewswire-FirstCall/ -- Exponent, Inc.
(Nasdaq: EXPO) today reported financial results for the fourth quarter and
fiscal year ended January 2, 2009.
For the 14-week fourth quarter of 2008, revenues before reimbursements
increased 10% to $51,620,000, as compared to $46,974,000, in the 13-week
fourth quarter of last year. Total revenues increased 4% to $58,892,000, as
compared to $56,734,000, in the fourth quarter of 2007. Net income decreased
3% to $5,078,000, or $0.34 per diluted share, as compared to $5,247,000, or
$0.33 per diluted share, in the prior year period. EBITDA(1) was $9,073,000,
as compared to $9,143,000, in the fourth quarter of 2007.
For the 53-week fiscal year 2008, revenues before reimbursements grew 13%
to $206,194,000, as compared to $183,139,000, in the 52-week fiscal year 2007.
Total revenues increased 12% to $228,838,000, as compared to $205,148,000, in
fiscal year 2007. Net income was up 14% to $23,160,000, or $1.47 per diluted
share, as compared to $20,341,000, or $1.25 per diluted share, in the prior
year. EBITDA(1) increased 15% to $40,896,000, as compared to $35,649,000, in
2007.
During 2008, Exponent generated $36.4 million in cash flow from
operations, used $41.6 million to repurchase its common stock, and closed the
year with $57.4 million in cash, cash equivalents and short-term investments.
'In the fourth quarter of 2008 we posted solid revenue growth and were
pleased with our operational execution,' commented Michael R. Gaulke, Chairman
and CEO. 'Our electrical, technology development, mechanics and materials,
and environmental practices performed well in the fourth quarter, in addition
to our health sciences group. During the quarter we continued to build a
strong foundation for the future by adding select talent to the firm.
'We are pleased to have delivered double-digit revenue and net income
growth in 2008. For the full year we were able to improve our EBITDA margin
while organically growing full-time equivalent employees by 7.3% over the
prior year. In addition to our strong financial results for the year, we made
significant progress in several of our strategic growth areas including health
science consulting, product design consulting, energy consulting, and defense
technology development. We continue to believe these areas represent
meaningful opportunities for long-term growth.
'In the coming year, we expect our underlying business to grow revenue
before reimbursements in the mid- to high-single digits which is slightly
lower than our historical expectations due to the uncertain macro-economic
environment. In addition, our underlying growth will be reduced by
approximately 3% to 4% because in 2008 we had high product sales in technology
development, a favorable foreign currency exchange rate environment, and an
extra week. During these uncertain economic times we continue to see our
demand being driven by product failures, human health hazards, and
environmental concerns. Over the longer term our consulting services have
been and will continue to be driven by products and processes becoming more
technologically complex and geographically dispersed. We believe that
Exponent's differentiated market position as a multidisciplinary engineering
and scientific consulting firm with unparalleled technical expertise and
experience will allow us to translate these opportunities and market drivers
into long-term shareholder value,' concluded Mr. Gaulke.
Today's Conference Call Information
Exponent will discuss its financial results in more detail on a conference
call today, February 4, 2009, starting at 4:30 p.m. Eastern Time/1:30 p.m.
Pacific Time. The audio on the conference call is available by dialing 800-
240-4186. A live webcast of the call will be available on the Investor
Relations section of the Company's web site at
http://www.exponent.com/investors. For those unable to listen to the live
webcast, a replay of the call will also be available on the Exponent web site,
or by dialing 800-405-2236 and entering reservation 11125475#.
About Exponent
Exponent is an engineering and scientific consulting firm providing
solutions to complex problems.
