Cra International (CRAI) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $2.06 million, or $ 0.24 a share in the quarter, against a net loss of $1.31 million, or $0.15 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $2.09 million, or $0.24 a share compared with $0.25 million or $0.03 a share, a year ago.
Revenue during the quarter grew 9.81 percent to $79.57 million from $72.46 million in the previous year period. Gross margin for the quarter expanded 8 basis points over the previous year period to 29.52 percent. Operating margin for the quarter period stood at positive 4.54 percent as compared to a negative 3.19 percent for the previous year period.
Operating income for the quarter was $3.62 million, compared with an operating loss of $2.31 million in the previous year period.
However, the adjusted operating income for the quarter stood at $3.64 million compared to $2.22 million in the prior year period. At the same time, adjusted operating margin improved 152 basis points in the quarter to 4.58 percent from 3.06 percent in the last year period.
"As reported on February 16, CRA concluded fiscal 2016 with a strong fourth-quarter performance driven by solid contributions across our portfolio," said Paul Maleh, CRA’s president and chief executive officer. "We continued to experience broad-based demand for our services with our Legal and Regulatory, and Management Consulting lines of business each growing more than 10% in the fourth quarter of fiscal 2016 compared with a year ago. Further highlighting the strength of our portfolio, despite strong currency headwinds, our international operations grew more than 16% year over year in the fourth quarter led by Antitrust & Competition Economics, Life Sciences, and Marakon."
Cra International projects adjusted revenue to be in the range of $350 million to $360 million for financial year 2017.
Operating cash flow improves significantlyCra International has generated cash of $48.16 million from operating activities during the year, up 135.82 percent or $27.74 million, when compared with the last year. The company has spent $11.92 million cash to meet investing activities during the year as against cash outgo of $16.50 million in the last year.
The company has spent $19.19 million cash to carry out financing activities during the year as against cash outgo of $13.04 million in the last year period.
Cash and cash equivalents stood at $53.53 million as on Dec. 31, 2016, up 40.36 percent or $15.39 million from $38.14 million on Jan. 02, 2016.
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