Exponent Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended July 1, 2016; Provides Earnings Guidance for the Year 2016; Provides Tax Rate Guidance for the Second Half of 2016
July 19, 2016 at 04:05 pm EDT
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Exponent Inc. reported unaudited consolidated earnings results for the second quarter and six months ended July 1, 2016. For the quarter, the company reported revenues of $77,295,000 compared to $79,864,000 a year ago. Operating income was $14,931,000 compared to $18,705,000 a year ago. Income before income taxes was $16,677,000 compared to $19,292,000 a year ago. Net income was $10,453,000 or $0.38 per diluted share compared to $11,697,000 or $0.43 per diluted share a year ago. EBITDA was $18,030,000 compared to $20,582,000 a year ago. EBITDAS was $20,739,000 compared to $23,263,000 a year ago. Operating cash flow were approximately $14 million, and capital expenditures were $1.9 million.
For the six months, the company reported revenues of $160,451,000 compared to $160,157,000 a year ago. Operating income was $31,367,000 compared to $33,733,000 a year ago. Income before income taxes was $34,411,000 compared to $36,363,000 a year ago. Net income was $25,803,000 or $0.95 per diluted share compared to $22,030,000 or $0.80 per diluted share a year ago. EBITDA was $37,028,000 compared to $39,000,000 a year ago. EBITDAS was $44,957,000 compared to $46,902,000 a year ago.
For the year 2016, the company expects revenues before reimbursements are expected to be down 1% to 2% for the year as compared to 2015. Underlying growth is expected to be in the low single digits, excluding the impact of the major project completion in the third quarter of 2015. 2016 EBITDA margin is expected to decline approximately 200 to 250 basis points as compared to 2015, as a result of lower utilization.
For the second half of 2016, the company expects a tax rate of approximately 38.6% during the remainder of 2016.
Exponent, Inc., together with its subsidiaries, is a science and engineering consulting firm. The Company serves clients in chemicals, construction, consumer products, energy, food, beverage and nutrition, government, life sciences, insurance, manufacturing, technology, industrial equipment, transportation, and other sectors. It provides engineering and scientific consulting services to clients around the world. Its service offerings are provided on a project- by-project basis. The Company has two segments: Engineering and Other Scientific, and Environmental and Health. The Engineering and Other Scientific segment is a service group providing technical consulting in different practices, primarily in engineering. The Environmental and Health segment provides services in the area of environmental, epidemiology and health risk analysis. This segment provides a range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment.
Exponent Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended July 1, 2016; Provides Earnings Guidance for the Year 2016; Provides Tax Rate Guidance for the Second Half of 2016