Oct. 21, 2009 (PR Newswire) --
MENLO PARK, Calif., Oct. 21 /PRNewswire-FirstCall/ -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the third quarter and nine months ended October 2, 2009.
For the third quarter of 2009, total revenues were $55,245,000, as compared to $58,730,000 reported in the third quarter of last year. Revenues before reimbursements were $50,666,000, as compared to $51,751,000 in the third quarter of 2008. Net income for the third quarter of 2009 was $5,833,000, or $0.39 per diluted share, as compared to $5,942,000, or $0.38 per diluted share, in the prior year period. EBITDA(1) was $10,687,000, as compared to $10,704,000 in the third quarter of 2008.
For the first nine months of 2009, total revenues were $175,903,000, as compared to $169,946,000 in the same period of last year. Revenues before reimbursements were $158,026,000, as compared to $154,574,000 in the same period of 2008. Net income was $17,616,000, or $1.17 per diluted share, as compared to $18,082,000, or $1.13 per diluted share, in the prior year period. EBITDA in the first nine months of 2009 was $32,037,000, as compared to $31,823,000 in the first nine months of 2008.
During the third quarter of 2009, Exponent repurchased $4.7 million of its common stock, and closed the third quarter with $57.3 million in cash, cash equivalents and short-term investments.
"For the third quarter revenues before reimbursements, excluding product sales in our defense technology development practice, increased slightly over the same period last year. We are satisfied with this performance, considering the general macroeconomic climate, ongoing softness in the automotive industry, and the winding down of our support of the U.S. Army's Rapid Equipping Force (REF) labs in Iraq and Afghanistan," commented Dr. Paul Johnston, President and CEO. "We are pleased to have delivered higher earnings per share and EBITDA margin, as a result of effectively managing costs and repurchasing shares. Additionally, we had good performances in our mechanics and materials, electrical, and human factors practices, as well as our health sciences group.
"For the fourth quarter of 2009, we believe the demand for our services will remain relatively stable. However, we continue to see a tight corporate spending environment, especially in the automotive industry. While we are no longer supporting REF labs, we are continuing development and field support of the REF's ground penetrating radar program. As a result of these factors, we are still expecting revenues before reimbursements for the full year 2009, to be approximately flat with last year. As a reminder, in 2008 we had high product sales in technology development, a favorable foreign currency exchange rate environment, and an extra week in the fourth quarter.
"Our unique position as a leader in assisting clients to solve their most challenging engineering and scientific problems has allowed our business to remain relatively resilient through this economic downturn. We remain confident in our ability to grow over the long term as we build upon our strong market position and add capabilities that allow us to help our clients with their future technological, health and environmental challenges," concluded Dr. Johnston.
Today's Conference Call Information
Exponent will discuss its financial results in more detail on a conference call today, October 21, 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 877-941-2068 or 480-629-9712. A live webcast of the call will be available on the Investor Relations section of the Company's web site at 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 800-406-7325 and entering reservation 4171146#.
About Exponent
Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent's multidisciplinary organization of scientists, physicians, engineers, and business consultants brings together more than 90 technical disciplines to address complicated issues facing industry and government today. The firm has been best known for analyzing accidents and failures to determine their causes, but in recent years it has become more active in assisting clients with human health, environmental and engineering issues associated with new products to help prevent problems in the future.
