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.