UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended April 3, 2009
OR
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
Commission File Number 0-24343
The Hackett Group, Inc.
(Exact name of Registrant as specified in its charter)
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FLORIDA
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65-0750100
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(State or other jurisdiction of
Incorporation or organization)
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(I.R.S. Employer
Identification Number)
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1001 Brickell Bay Drive, Suite 3000
Miami, Florida
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33131
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(Address of principal executive offices)
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(Zip Code)
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(305) 375-8005
(Registrant’s telephone number, including area code)
Indicate by check mark whether
the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirement for the past 90 days. YES
x
NO
¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES
¨
NO
¨
Indicate by check mark whether registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of
the Exchange Act. (Check one):
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Large Accelerated Filer
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¨
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Accelerated Filer
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x
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Non-Accelerated Filer
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¨
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Smaller Reporting Company
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¨
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Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act). YES
¨
NO
x
Indicate the number of
shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
As of May 8, 2009, there
were 38,514,910 shares of common stock outstanding.
The Hackett Group, Inc.
TABLE OF CONTENTS
2
PART I — FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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The Hackett Group, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
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April 3, 2009
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January 2, 2009
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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24,405
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$
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32,060
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Marketable investments
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1,262
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1,727
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Accounts receivable and unbilled revenue, net of allowance of $1,821 and $1,631 at April 3, 2009 and January 2, 2009, respectively
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21,363
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25,481
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Prepaid expenses and other current assets
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3,383
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3,021
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Total current assets
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50,413
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62,289
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Restricted cash
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600
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600
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Property and equipment, net
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6,174
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5,767
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Other assets
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1,225
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1,392
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Goodwill, net
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63,591
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63,616
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Total assets
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$
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122,003
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$
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133,664
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$
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3,241
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$
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3,711
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Accrued expenses and other liabilities
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23,824
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34,277
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Total current liabilities
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27,065
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37,988
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Accrued expenses and other liabilities, non-current
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1,488
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1,759
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Total liabilities
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28,553
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39,747
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Commitments and contingencies
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Shareholders’ equity:
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Preferred stock, $.001 par value, 1,250,000 shares authorized, none issued and outstanding
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—
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—
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Common stock, $.001 par value, 125,000,000 shares authorized; 53,882,742 and 53,408,465 shares issued at April 3, 2009 and
January 2, 2009, respectively
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54
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53
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Additional paid-in capital
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286,588
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285,654
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Treasury stock, at cost, 15,370,784 and 14,352,458 shares at April 3, 2009 and
January 2, 2009, respectively
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(55,159
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)
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(53,041
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)
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Accumulated deficit
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(131,473
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)
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(132,313
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)
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Accumulated other comprehensive loss
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(6,560
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)
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(6,436
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)
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Total shareholders’ equity
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93,450
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93,917
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Total liabilities and shareholders’ equity
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$
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122,003
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$
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133,664
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The accompanying notes are an integral part of the consolidated financial statements.
3
The Hackett Group, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
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Quarter Ended
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April 3, 2009
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March 28, 2008
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Revenue:
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Revenue before reimbursements
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$
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35,990
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$
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39,268
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Reimbursements
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3,526
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4,570
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Total revenue
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39,516
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43,838
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Costs and expenses:
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Cost of service:
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Personnel costs before reimbursable expenses (includes $560 and $397 of stock compensation expense in the quarters ended April 3, 2009
and March 28, 2008, respectively)
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22,274
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22,963
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Reimbursable expenses
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3,526
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4,570
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Total cost of service
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25,800
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27,533
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Selling, general and administrative costs (includes $106 and $548 of stock compensation expense in the quarters ended April 3, 2009 and
March 28, 2008, respectively)
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12,839
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12,582
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Total costs and operating expenses
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38,639
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40,115
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Income from operations
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877
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3,723
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Other income:
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Interest income
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25
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167
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Income before income taxes
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902
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3,890
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Income tax expense
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63
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107
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Net income
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$
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839
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$
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3,783
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Basic net income per common share:
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Net income per common share
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$
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0.02
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$
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0.09
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Weighted average common shares outstanding
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38,443
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42,755
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Diluted net income per common share:
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Net income per common share
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$
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0.02
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$
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0.09
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Weighted average common and common equivalent shares outstanding
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38,703
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43,353
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The accompanying notes are an integral part of the consolidated financial statements.
4
The Hackett Group, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
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Quarter Ended
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April 3, 2009
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March 28, 2008
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Cash flows from operating activities:
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Net income
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$
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839
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$
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3,783
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Adjustments to reconcile net income to net cash (used in) provided by operating activities:
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Depreciation expense
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536
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510
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Amortization expense
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160
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197
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Provision for doubtful accounts
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218
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40
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Loss (gain) on foreign currency translation
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414
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(1,096
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)
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Non-cash stock compensation expense
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666
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945
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Gain on sale of property and equipment
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—
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(21
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)
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Changes in assets and liabilities:
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Decrease (increase) in accounts receivable and unbilled revenue
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3,900
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(1,591
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)
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Increase in prepaid expenses and other assets
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(510
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)
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(502
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)
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(Decrease) increase in accounts payable
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(469
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)
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1,734
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(Decrease) increase in accrued expenses and other liabilities
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(10,988
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)
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734
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Net cash (used in) provided by operating activities
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(5,234
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)
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4,733
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Cash flows from investing activities:
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Purchases of property and equipment
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(944
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)
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(491
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Proceeds from sales of property and equipment
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—
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21
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Proceeds from redemptions of marketable investments
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466
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2,486
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Net cash (used in) provided by investing activities
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(478
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)
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2,016
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Cash flows form financing activities:
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Proceeds from issuance of common stock
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—
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175
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Repurchases of common stock
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(2,117
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)
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(6,794
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)
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Net cash used in financing activities
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(2,117
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)
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(6,619
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)
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Effect of exchange rate on cash
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174
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(3
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)
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Net (decrease) increase in cash and cash equivalents
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(7,655
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)
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127
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Cash and cash equivalents at beginning of period
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32,060
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20,061
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Cash and cash equivalents at end of period
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$
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24,405
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$
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20,188
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Supplemental disclosure of cash flow information:
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Cash paid for income taxes
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$
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148
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$
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107
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The accompanying notes are an integral part of the consolidated financial statements.
5
The Hackett Group, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Basis of Presentation and General Information
Basis of Presentation
The accompanying consolidated financial statements of The Hackett Group
,
Inc. (“Hackett” or the “Company”) include the Company’s accounts and those of its wholly owned subsidiaries which the Company is required to consolidate. All intercompany transactions and balances have been eliminated in
consolidation.
The Company consolidates the assets, liabilities, and results of operations of its entities in accordance with Accounting
Research Bulletin (“ARB”) No. 51,
Consolidated Financial Statements
, Statement of Financial Accounting Standards (“SFAS”) No. 94,
Consolidation of All Majority-Owned Subsidiaries – an amendment of ARB
No. 51, with related amendments of Accounting Principles Board (“APB”) Opinion No. 18 and ARB No. 43, Chapter 12
, and the Financial Accounting Standards Board (“FASB”) Interpretation (“FIN”)
No. 46,
Consolidation of Variable Interest Entities
, as revised.
In the opinion of management, the accompanying consolidated
financial statements reflect all normal and recurring adjustments which are necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods presented. The
consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, these statements do not include all the disclosures normally
required by accounting principles generally accepted in the United States of America for annual financial statements and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended January 2,
2009 included in the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission. The consolidated results of operations for the quarter ended April 3, 2009 are not necessarily indicative of the results to
be expected for any future period or for the full fiscal year.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to
make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recently Issued Accounting Standards
In December
2007, the FASB issued SFAS No. 141 (revised 2007),
Business Combinations
. SFAS No. 141 (revised 2007) establishes principles and requirements for how an acquirer recognizes and measures in its financial statements the identifiable
assets acquired, the liabilities assumed, any non-controlling interest in the acquiree and the goodwill acquired and also establishes disclosure requirements to enable the evaluation of the nature and financial effects of the business combination.
This standard is effective for financial statements issued for fiscal years beginning after December 15, 2008. The adoption of SFAS No. 141 (revised 2007) did not have a material impact on the Company’s consolidated financial
statements.
In April 2008, the FASB issued FSP No. 142-3,
Determination of the Useful Life of Intangible Assets
. FSP
No. 142-3 amends the factors an entity should consider in developing renewal or extension assumptions used in determining the useful life of recognized intangible assets under SFAS No. 142,
Goodwill and Other Intangible Assets
. This
new guidance applies prospectively to intangible assets that are acquired individually or with a group of other assets in business combinations and asset acquisitions. FSP No. 142-3 is effective for financial statements issued for fiscal years
and interim periods beginning after December 15, 2008. The adoption of FSP No. 142-3 did not have a material impact on the Company’s consolidated financial statements.
In April 2009, the FASB issued FSP FAS No. 157-4,
Determining Fair Value When the Volume and Level of Activity for the Asset or Liability
Have Significantly Decreased and Identifying Transactions that are not Orderly
. FSP FAS No. 157-4 provides additional guidance for estimating fair value in accordance with SFAS No. 157. This standard is effective for financial
statements issued for periods ending after June 15, 2009. The Company is currently evaluating the impact that FSP FAS No. 157-4 will have on its consolidated financial statements.
In April 2009, the FASB issued FSP FAS No. 107-1 and APB No. 28-1,
Interim Disclosures about Fair Value of Financial Instruments
.
FSP FAS No. 107-1 and APB No. 28-1 require disclosures about fair value of financial instruments for annual and interim reporting periods of publicly traded companies. FSP No. 107-1 and APB No. 28-1 are effective for financial
statements used for periods ending after June 15, 2009. The Company is currently evaluating the impact that FSP FAS No. 107-1 and APB No. 28-1 will have on its consolidated financial statements.
6
The Hackett Group, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Basis of Presentation and General Information (continued)
In April 2009, the FASB issued FSP FAS No. 115-2 and FAS No. 124-2,
Recognition and Presentation of Other-Than-Temporary Impairments
. This FSP amends the other-than-temporary impairment guidance for debt securities to
make it more operational and to improve the presentation and disclosure of other-than-temporary impairments of debt and equity securities in the financial statements. This FSP is effective for interim and annual reporting periods ending after
June 15, 2009. The Company is currently evaluating the impact that FSP FAS No. 115-2 and FAS No. 124-2 will have on its consolidated financial statements.
2. Net Income per Common Share
Basic net income per common share is computed by dividing net income
by the weighted average number of common shares outstanding during the period. With regard to common stock subject to vesting requirements or restricted stock units issued to employees, the calculation includes only the vested portion of such stock.
Dilutive net income per common share is computed by dividing net income by the weighted average number of common shares outstanding,
increased by the assumed conversion of other potentially dilutive securities during the period.
The following table reconciles basic and
dilutive weighted average shares:
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Quarter Ended
|
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|
|
April 3, 2009
|
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March 28, 2008
|
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Basic weighted average common shares outstanding
|
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38,442,713
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|
42,755,277
|
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Effect of dilutive securities:
|
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|
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Unvested restricted stock units issued to employees
|
|
240,946
|
|
506,883
|
|
Common stock issuable upon the exercise of stock options
|
|
19,256
|
|
90,661
|
|
|
|
|
|
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Dilutive weighted average common shares outstanding
|
|
38,702,915
|
|
43,352,821
|
|
|
|
|
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|
Approximately 1.3 million and 1.2 million stock options were excluded from the
computations of diluted net income per common share for the quarters ended April 3, 2009 and March 28, 2008, respectively, as the exercise price was higher than the Company’s average stock price.
3. Comprehensive Income
The Company accounts for
comprehensive income under SFAS No. 130,
Reporting Comprehensive Income
. Comprehensive income is summarized below (in thousands):
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|
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Quarter Ended
|
|
|
|
|
April 3, 2009
|
|
|
March 28, 2008
|
|
|
Net income
|
|
$
|
839
|
|
|
$
|
3,783
|
|
|
Change in cumulative foreign currency on translation adjustment
|
|
|
(124
|
)
|
|
|
(21
|
)
|
|
|
|
|
|
|
|
|
|
|
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Comprehensive income
|
|
$
|
715
|
|
|
$
|
3,762
|
|
|
|
|
|
|
|
|
|
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|
4. Restructuring
As of April 3, 2009 and January 2, 2009, the Company had restructuring expense accruals related to the closure and consolidation of facilities and related exit costs recorded in fiscal years 2001, 2002 and
2005. The following table sets forth the activity in the restructuring expense accruals during the quarter ended April 3, 2009 (in thousands):
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|
Accrual Balance at
January 2, 2009
|
|
Expenditures
|
|
|
Accrual Balance at
April 3, 2009
|
|
2001 Restructuring Accrual
|
|
$
|
1,211
|
|
$
|
(115
|
)
|
|
$
|
1,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2002 Restructuring Accrual
|
|
$
|
2,448
|
|
$
|
(160
|
)
|
|
$
|
2,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 Restructuring Accrual
|
|
$
|
634
|
|
$
|
(71
|
)
|
|
$
|
563
|
|
|
|
|
|
|
|
|
|
|
|
|
7
The Hackett Group, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
5. Marketable Investments
The Company adopted SFAS
No. 157,
Fair Value Measurements
, on December 29, 2007. SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most
advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs
and minimize the use of unobservable inputs when measuring fair value. SFAS No. 157 describes the following three levels of inputs that may be used to measure fair value:
Level 1: Quoted market prices in active markets for identical assets or liabilities
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3: Unobservable inputs that are not corroborated by market data
As of April 3, 2009, the Company’s financial instruments were carried at fair value in the consolidated balance sheet. The fair value of the short-term financial instruments, including cash and cash
equivalents, restricted cash, accounts receivable and unbilled revenue, accounts payable and accrued expenses and other liabilities, equaled the respective carrying value due to the short-term nature of these instruments.
As of April 3, 2009 and January 2, 2009, the Company had a net balance of $1.3 million and $1.7 million, respectively, in Bank of
America’s Columbia Strategic Cash Portfolio (“Portfolio”). The Portfolio units are no longer trading and, therefore, have little or no observable market data. The Company recorded a reserve of $450 thousand on the Portfolio in
December 2007, and as of April 3, 2009, the Company had $141 thousand of the reserve remaining. Based on the valuation methodology used to determine the fair value, the Company has categorized the Portfolio as a Level 3 financial asset.
The following table summarizes the Portfolio activity during the quarter ended April 3, 2009 (in thousands):
|
|
|
|
|
|
|
|
|
Portfolio beginning balance
|
|
$
|
1,727
|
|
|
|
|
Redemptions
|
|
|
(465
|
)
|
|
|
|
Realized and unrealized losses
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio ending balance
|
|
$
|
1,262
|
|
|
|
|
|
|
|
|
|
|
|
As of April 3, 2009, the Company had received 83% of its investment balance in the Portfolio
as of the date of liquidation at an average net asset value of $0.95. The Portfolio is continuing to accrue and pay interest which the Company is recording as interest income once the collection of the interest is certain. To the extent the Company
determines there is a further change in fair value of the Portfolio, it may recognize additional losses in future periods.
6. Accounts Receivable and
Unbilled Revenue, Net
Accounts receivable and unbilled revenue, net, consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2009
|
|
|
January 2, 2009
|
|
|
Accounts receivable
|
|
$
|
18,411
|
|
|
$
|
21,889
|
|
|
Unbilled revenue
|
|
|
4,773
|
|
|
|
5,223
|
|
|
Allowance for doubtful accounts
|
|
|
(1,821
|
)
|
|
|
(1,631
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,363
|
|
|
$
|
25,481
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable for the periods ending April 3, 2009 and January 2, 2009, is net of
uncollected advanced billings. Unbilled revenue as of April 3, 2009 and January 2, 2009 includes recognized recoverable costs and accrued profits on contracts for which billings had not been presented to clients.
8
The Hackett Group, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
7. Stock Based Compensation
During the quarter ended
April 3, 2009, the Company issued 1,373,470 restricted stock units at a weighted average grant-date fair value of $2.56. As of April 3, 2009, the Company had 2,671,134 restricted stock units outstanding at a weighted average grant-date
fair value of $3.17. As of April 3, 2009, there was $6.3 million of total restricted stock unit compensation expense related to nonvested awards not yet recognized, which is expected to be recognized over a weighted average period of 2.64
years.
8. Shareholders’ Equity
Treasury Stock
During the quarter ended April 3, 2009, the Board of Directors approved an additional $5.0
million authorization under the Company’s share repurchase program, thereby increasing the total approval to $60.0 million. Under the repurchase plan, the Company may buy back shares of its outstanding stock from time to time either on the open
market or through privately negotiated transactions subject to market conditions and trading restrictions. During the quarter ended April 3, 2009, the Company repurchased approximately 1.0 million shares of its common stock at an average
price of $2.08, for a total cost of approximately $2.1 million. As of April 3, 2009, the Company had $4.8 million available under the buyback program.
9. Litigation
The Company is involved in legal proceedings, claims, and litigation arising in the ordinary course of
business not specifically discussed herein. In the opinion of management, the final disposition of such matters will not have a material adverse effect on the financial position, cash flows or results of operations of the Company.
10. Geographic and Group Information
Revenue is
primarily based on the country of the contracting entity and was attributed to the following geographical areas (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
April 3, 2009
|
|
March 28, 2008
|
|
Revenue:
|
|
|
|
|
|
|
|
North America
|
|
$
|
30,771
|
|
$
|
33,521
|
|
International (primarily European countries)
|
|
|
8,745
|
|
|
10,317
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
$
|
39,516
|
|
$
|
43,838
|
|
|
|
|
|
|
|
|
Long-lived assets are attributed to the following geographical areas (in thousands):
|
|
|
|
|
|
|
|
|
|
|
April 3, 2009
|
|
January 2, 2009
|
|
Long-Lived Assets:
|
|
|
|
|
|
|
|
North America
|
|
$
|
57,152
|
|
$
|
56,810
|
|
International (primarily European countries)
|
|
|
13,838
|
|
|
13,965
|
|
|
|
|
|
|
|
|
|
Total Long-Lived Assets
|
|
$
|
70,990
|
|
$
|
70,775
|
|
|
|
|
|
|
|
|
9
The Hackett Group, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
|
10.
|
Geographic and Group Information (continued)
|
As of
April 3, 2009 and January 2, 2009, international assets included $13.5 million and $13.6 million of goodwill and intangible assets, respectively, related to the REL acquisition.
The Company’s revenue was derived from the following service groups (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
April 3, 2009
|
|
March 28, 2008
|
|
The Hackett Group
|
|
$
|
27,333
|
|
$
|
29,981
|
|
Hackett Technology Solutions
|
|
|
12,183
|
|
|
13,857
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
$
|
39,516
|
|
$
|
43,838
|
|
|
|
|
|
|
|
|
Certain prior period amounts in
the consolidated financial statements, and notes thereto, have been reclassified to conform to current period presentation.
10
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report and the information incorporated by
reference in it include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend the forward-looking statements to be covered
by the safe harbor provisions for forward-looking statements in these sections. All statements regarding our expected financial position and operating results, our business strategy, our financing plans and forecasted demographic and economic trends
relating to our industry are forward-looking statements. These statements can sometimes be identified by our use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect,” or
“intend” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results, performance or
achievements expressed or implied by the forward-looking statements. We cannot promise you that our expectations in such forward-looking statements will turn out to be correct. Factors that impact such forward-looking statements include, among
others, our ability to attract additional business, the timing of projects and the potential for contract cancellation by our customers, changes in expectations regarding the business and information technology industries, our ability to attract and
retain skilled employees, possible changes in collections of accounts receivable due to the bankruptcy or financial difficulties of our customers, risks of competition, price and margin trends, and changes in general economic conditions and interest
rates. An additional description of our risk factors is set forth in our Annual Report on Form 10-K for the year ended January 2, 2009. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, except as required by law.
OVERVIEW
The Hackett Group, Inc. (“Hackett”) is a leading strategic advisory and technology consulting firm that enables companies to achieve world-class
business performance. By leveraging the comprehensive Hackett database, the world’s leading repository of enterprise business process performance metrics and best practice intellectual capital, our business and technology solutions help clients
improve performance and maximize returns on technology investments.
Hackett, formed on April 23, 1997, is a strategic advisory firm
and a world leader in best practice research, benchmarking, business transformation and working capital management services that empirically defines and enables world-class enterprise performance. Only Hackett empirically defines world-class
performance in sales, general and administrative and supply chain activities with analysis gained through more than 4,000 benchmark studies over 16 years at 2,700 of the world’s leading companies.
Hackett’s combined capabilities include business advisory programs, benchmarking, business transformation, working capital management and technology
solutions, with corresponding offshore support.
In the following discussion, “Hackett” represents our total company, “The
Hackett Group” encompasses our Benchmarking, Business Transformation and Executive Advisory groups, and “Hackett Technology Solutions” encompasses our technology groups, including SAP, Oracle and Hyperion.
11
Results of Operations
The following table sets forth, for the periods indicated, our results of operations and the percentage relationship to revenue of such results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
April 3, 2009
|
|
|
March 28, 2008
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue before reimbursements
|
|
$
|
35,990
|
|
91.1
|
%
|
|
$
|
39,268
|
|
89.6
|
%
|
|
Reimbursements
|
|
|
3,526
|
|
8.9
|
%
|
|
|
4,570
|
|
10.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
39,516
|
|
100.0
|
%
|
|
|
43,838
|
|
100.0
|
%
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of service:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel costs before reimbursable expenses
|
|
|
22,274
|
|
56.4
|
%
|
|
|
22,963
|
|
52.4
|
%
|
|
Reimbursable expenses
|
|
|
3,526
|
|
8.9
|
%
|
|
|
4,570
|
|
10.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of service
|
|
|
25,800
|
|
65.3
|
%
|
|
|
27,533
|
|
62.8
|
%
|
|
|
|
|
|
|
|
Selling, general and administrative costs
|
|
|
12,839
|
|
32.5
|
%
|
|
|
12,582
|
|
28.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and operating expenses
|
|
|
38,639
|
|
97.8
|
%
|
|
|
40,115
|
|
91.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
877
|
|
2.2
|
%
|
|
|
3,723
|
|
8.5
|
%
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
25
|
|
0.0
|
%
|
|
|
167
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
902
|
|
2.2
|
%
|
|
|
3,890
|
|
8.9
|
%
|
|
Income tax expense
|
|
|
63
|
|
0.1
|
%
|
|
|
107
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
839
|
|
2.1
|
%
|
|
$
|
3,783
|
|
8.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended April 3, 2009 versus Quarter Ended March 28, 2008
Revenue
. We are a global company with operations primarily in the United States and Western Europe. As a result, our revenue is denominated in
multiple currencies, mostly the U.S. Dollar, British Pound and Euro, and as a result we are affected by currency exchange rate fluctuations. The exchange rate fluctuations had an impact on our revenue comparisons between the quarters ended
April 3, 2009 and March 28, 2008; therefore, in the following revenue discussion we will disclose The Hackett Group revenue variances based on the U.S. Dollar reporting currency, as well as variances excluding the impact of currency
fluctuations, otherwise referred to below as constant currency. Hackett Technology Solutions was not impacted by foreign currency rate fluctuations.
The following table summarizes revenue (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
April 3, 2009
|
|
March 28, 2008
|
|
The Hackett Group
|
|
$
|
27,333
|
|
$
|
29,981
|
|
Hackett Technology Solutions
|
|
|
12,183
|
|
|
13,857
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
$
|
39,516
|
|
$
|
43,838
|
|
|
|
|
|
|
|
|
Revenue for the quarter ended April 3, 2009 decreased 10%, or 7% in constant currency, to
$39.5 million, compared to $43.8 million for the quarter ended March 28, 2008. The Hackett Group revenue decreased 9%, or 5% in constant currency, to $27.3 million for the quarter ended April 3, 2009, compared to the quarter ended
March 28, 2008. The decrease in The Hackett Group revenue was primarily the result of delays in client decision-making and protracted sales cycles which impacted our momentum entering into 2009.
The Hackett Group’s international revenue, which is primarily based on the country of the contracting entity, accounted for 32%, or 34% in constant
currency, of The Hackett Group’s total revenue in the first quarter of 2009, as compared to 34% in the first quarter of 2008.
12
Hackett Technology Solutions revenue decreased 12%, or $1.7 million, for the quarter ended April 3,
2009, compared to the quarter ended March 28, 2008, primarily due to lower revenue from our Oracle group.
During the quarters ended
April 3, 2009 and March 28, 2008, one customer accounted for 8% and 7%, respectively, of our total revenue.
Cost of Service.
Cost of service primarily consists of salaries, benefits and incentive compensation for consultants and reimbursable expenses associated with projects. Cost of service before reimbursable expenses decreased 3%, or $0.7 million, for the quarter
ended April 3, 2009, compared to the quarter ended March 28, 2008, primarily due to lower accruals for 2009 incentive compensation awards. Total cost of service as a percentage of revenue before reimbursable expenses increased to 56% for
the quarter ended April 3, 2009, from 52% for the quarter ended March 28, 2008, mostly due to the decrease in revenue as previously discussed. Cost of service is also denominated in multiple currencies and is therefore affected by currency
exchange rate fluctuations.
The Hackett Group revenue produced gross margins of 43% for the quarter ended April 3, 2009, compared to
Hackett Technology Solutions which produced gross margins of 23% for the same period. On a net revenue basis, The Hackett Group produced gross margins as a percentage of revenue of 46% for the quarter ended April 3, 2009, compared to Hackett
Technology Solutions, which produced gross margins as a percentage of net revenue of 26% for the same period.
During the quarter ended
April 3, 2009, reductions in headcount were made to conform to the current market demand as well as moving certain positions to our facility in India.
Selling, General and Administrative
. Selling, general and administrative costs increased by 2%, or $0.3 million, for the quarter ended April 3, 2009, compared to the quarter ended March 28, 2008
primarily related to foreign currency gains and losses. The quarter ended April 3, 2009 included foreign currency losses of $0.4 million, compared to foreign currency gains of $1.1 million for the quarter ended March 28, 2008. The foreign
currency impact was offset by lower 2009 incentive compensation accruals and various other cost reduction actions in the quarter ended April 3, 2009. Selling, general and administrative costs as a percentage of revenue were 33% for the quarter
ended April 3, 2009, compared to 29% for the quarter ended March 28, 2008, primarily due to lower revenue.
Income Taxes.
We recorded income taxes of $63 thousand for the quarter ended April 3, 2009, which reflected estimated annual tax rates of 7.0% for certain federal and state taxes. For the quarter ended March 28, 2008, we recorded income taxes of
$107 thousand which reflected estimated annual tax rates of 3.0% for certain federal and state taxes.
Liquidity and Capital Resources
At April 3, 2009 and January 2, 2009, we had $24.4 million and $32.1 million, respectively, classified in cash and cash equivalents in the
accompanying consolidated balance sheets, and we had $600 thousand at April 3, 2009 and January 2, 2009 on deposit with financial institutions as collateral for letters of credit classified as restricted cash in the accompanying
consolidated balance sheets. At April 3, 2009 and January 2, 2009, we had a net balance of $1.3 million and $1.7 million, respectively, in Bank of America’s Columbia Strategic Cash Portfolio (“Portfolio”). The Portfolio is
classified as marketable investments on our consolidated balance sheets (see Note 5 to our accompanying consolidated financial statements).
The following table summarizes our cash flow activity (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
April 3, 2009
|
|
|
March 28, 2008
|
|
|
Cash flows from operating activities
|
|
$
|
(5,234
|
)
|
|
$
|
4,733
|
|
|
Cash flows from investing activities
|
|
|
(478
|
)
|
|
|
2,016
|
|
|
Cash flows from financing activities
|
|
|
(2,117
|
)
|
|
|
(6,619
|
)
|
Net cash used in operating activities was $5.2 million for the quarter ended April 3, 2009,
compared to net cash provided by operating activities of $4.7 million for the quarter ended March 28, 2008. During the quarter ended April 3, 2009, net cash used in operating activities was primarily attributable to the payout of 2008
incentive compensation awards and the timing of the payroll cycle, partially offset by higher accounts receivable collections in the quarter.
Net cash provided by operating activities in the quarter ended March 28, 2008 was primarily attributable to earnings net of non-cash items including foreign currency gains, depreciation and amortization expense, and non-cash stock
compensation. Additionally, we had increases in accounts payable due to the timing of trade payables and increases in accrued expenses. These increases were offset by lower net collections of accounts receivable and unbilled revenue.
13
Net cash used in investing activities was $0.5 million for the quarter ended April 3, 2009, compared
to net cash provided by investing activities of $2.0 million for the quarter ended March 28, 2008. Cash used in investing activities for the quarter ended April 3, 2009 was primarily attributable to $0.9 million in capital expenditures,
partially offset by $0.5 million of Portfolio redemptions.
Net cash provided by investing activities in the quarter ended March 28,
2008 was primarily attributable to $2.5 million of redemptions of marketable investments, partially offset by $0.5 million of capital expenditures mostly related to computer software and equipment.
Net cash used in financing activities was $2.1 million for the quarter ended April 3, 2009, compared to $6.6 million for the quarter ended
March 28, 2008. Cash used in financing activities for the quarter ended April 3, 2009 was attributable to the repurchase of 1.0 million shares of our common stock at an average price of $2.08 per share, for a total cost of $2.1
million.
Net cash used in financing activities in the quarter ended March 28, 2008 was primarily attributable to the repurchase of
1.8 million of our common stock, at an average price of $3.81 per share, for a total cost of $6.8 million.
During the quarter ended
April 3, 2009, our Board of Directors approved an additional $5.0 million authorization under our share repurchase program, thereby increasing the total approval to $60.0 million. Under the repurchase plan, we may buy back shares from time to
time either on the open market or through privately negotiated transactions subject to market conditions and trading restrictions.
We
currently believe that available funds and cash flows generated by operations will be sufficient to fund our working capital and capital expenditure requirements for at least the next twelve months. We may decide to raise additional funds in order
to fund expansion, to develop new or further enhance products and services, to respond to competitive pressures, or to acquire complementary businesses or technologies. There is no assurance, however, that additional financing will be available when
needed or desired.
Recently Issued Accounting Standards
In December 2007, the FASB issued SFAS No. 141 (revised 2007),
Business Combinations
. SFAS No. 141 (revised 2007) establishes principles and requirements for how an acquirer recognizes and measures in
its financial statements the identifiable assets acquired, the liabilities assumed, any non-controlling interest in the acquiree and the goodwill acquired. This standard also establishes disclosure requirements to enable the evaluation of the nature
and financial effects of the business combination and is effective for financial statements issued for fiscal years beginning after December 15, 2008. The adoption of SFAS No. 141 (revised 2007) did not have a material impact on our
consolidated financial statements.
In April 2008, the FASB issued FSP No. 142-3,
Determination of the Useful Life of Intangible
Assets
. FSP No. 142-3 amends the factors an entity should consider in developing renewal or extension assumptions used in determining the useful life of recognized intangible assets under SFAS No. 142,
Goodwill and Other Intangible
Assets
. This new guidance applies prospectively to intangible assets that are acquired individually or with a group of other assets in business combinations and asset acquisitions. FSP No. 142-3 is effective for financial statements issued
for fiscal years and interim periods beginning after December 15, 2008. The adoption of FSP No. 142-3 did not have a material impact on our consolidated financial statements.
In April 2009, the FASB issued FSP FAS No. 157-4,
Determining Fair Value When the Volume and Level of Activity for the Asset or Liability
Have Significantly Decreased and Identifying Transactions that are not Orderly
. FSP FAS No. 157-4 provides additional guidance for estimating fair value in accordance with SFAS No. 157. This standard is effective for financial
statements issued for periods ending after June 15, 2009. We are currently evaluating the impact that FSP FAS No. 157-4 will have on our consolidated financial statements.
In April 2009, the FASB issued FSP FAS No. 107-1 and APB No. 28-1,
Interim Disclosures about Fair Value of Financial Instruments
.
FSP FAS No. 107-1 and APB No. 28-1 require disclosures about fair value of financial instruments for annual and interim reporting periods of publicly traded companies. FSP No. 107-1 and APB No. 28-1 are effective for financial
statements used for periods ending after June 15, 2009. We are currently evaluating the impact that FSP FAS No. 107-1 and APB No. 28-1 will have on our consolidated financial statements.
In April 2009, the FASB issued FSP FAS No. 115-2 and FAS No. 124-2,
Recognition and Presentation of Other-Than-Temporary
Impairments
. This FSP amends the other-than-temporary impairment guidance for debt securities to make it more operational and to improve the presentation and disclosure of other-than-temporary impairments of debt and equity securities in
the financial statements. This FSP is effective for interim and annual reporting periods ending after June 15, 2009. We are currently evaluating the impact that FSP FAS No. 115-2 and FAS No. 124-2 will have on our consolidated
financial statements.
14
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
At April 3, 2009, our exposure to market risk related primarily to changes in interest rates and foreign currency exchange rate risks.
Interest Rate Risk
We invest only with high credit quality issuers and we do not use derivative financial instruments in
our investments. As of April 3, 2009, we had a net balance of $1.3 million in Bank of America’s Columbia Strategic Cash Portfolio (“Portfolio”) which was closed to redemptions and to new investors effective December 7, 2007,
and which is currently under liquidation. We have recorded the Portfolio at fair market value in the accompanying consolidated balance sheets which includes realized and unrealized losses totaling $450 thousand as of April 3, 2009 and January 2,
2009. Based on the market outlook and information relating to the Portfolio, there may be further changes in the fair value of the Portfolio. To the extent we determine there is a further change in fair value, we will recognize additional losses in
future periods up to the aggregate amount of our investment.
Exchange Rate Sensitivity
We face exposure to adverse movements in foreign currency exchange rates, as a portion of our revenue, expenses, assets and liabilities are denominated in
currencies other than the U.S. Dollar, primarily the British Pound and the Euro. These exposures may change over time as business practices evolve. Currently, we do not hold any derivative contracts that hedge our foreign currency risk, but we
may adopt such strategies in the future.
|
Item 4.
|
Controls and Procedures
|
Evaluation of Disclosure Controls and
Procedures
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the
participation of management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures (“Disclosure
Controls”) pursuant to Rule 13a-14(c) and Rule 15d-14(c) under the Securities Exchange Act of 1934. Based upon that evaluation, the CEO and CFO concluded that our disclosure controls are effective in timely alerting them to material information
required to be included in our periodic SEC filings.
Limitations on the Effectiveness of Controls
Management, including our CEO and CFO, does not expect that our disclosure controls and internal controls will prevent all error and all fraud. A control
system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of
fraud, if any, within our Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be
circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.
Changes in Internal
Controls
There were no changes in our internal controls over financial reporting that occurred during the period covered by this
Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
15
PART II — OTHER INFORMATION
|
Item 1.
|
Legal Proceedings
|
The Company is involved in legal
proceedings, claims, and litigation arising in the ordinary course of business not specifically discussed herein. In the opinion of management, the final disposition of such matters will not have a material adverse effect on the Company’s
financial position, cash flows or results of operations.
There have been no material changes
to any of the risk factors disclosed in our most recently filed Annual Report on Form 10-K.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
During the quarter ended April 3, 2009, the Company repurchased 1.0 million shares of its common stock at a cost of approximately $2.1 million under the Company’s share repurchase program approved by the Board of Directors in
2002. All repurchases were made in the open market or through privately negotiated transactions, subject to market conditions and trading restrictions. There is no expiration date on the current authorization during the period covered by the table,
nor was any determination made by the Company to suspend or cancel purchases under the program.
Issuer Purchases of Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Number
|
|
Maximum Dollar
|
|
|
|
|
|
|
|
of Shares as Part
|
|
Value That May
|
|
|
|
|
|
|
|
of Publicly
|
|
Yet be Purchased
|
|
|
|
Total Number
|
|
Average Price
|
|
Announced
|
|
Under the
|
|
Period
|
|
of Shares
|
|
Paid per Share
|
|
Program
|
|
Program
|
|
Balance as of January 2, 2009
|
|
—
|
|
$
|
—
|
|
—
|
|
$
|
1,958,622
|
|
January 3, 2009 to January 30, 2009
|
|
68,657
|
|
$
|
2.62
|
|
68,657
|
|
$
|
1,778,537
|
|
January 31, 2009 to February 27, 2009 *
|
|
229,511
|
|
$
|
2.45
|
|
229,511
|
|
$
|
6,217,165
|
|
February 28, 2009 to April 3, 2009
|
|
720,158
|
|
$
|
1.91
|
|
720,158
|
|
$
|
4,841,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,018,326
|
|
$
|
2.08
|
|
1,018,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
In February 2009, the Board of Directors approved an additional $5.0 million to the Company’s share repurchase program.
|
See Index to Exhibits on page 18, which
is incorporated herein by reference.
The Exhibits listed in the accompanying Index to Exhibits are filed as part of this report.
16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
The Hackett Group, Inc.
|
|
|
|
|
|
Date: May 12, 2009
|
|
|
|
/s/ Robert A. Ramirez
|
|
|
|
|
|
|
|
|
|
|
|
Robert A. Ramirez
|
|
|
|
|
|
Executive Vice President, Finance and Chief Financial Officer
|
17
INDEX TO EXHIBITS
|
|
|
|
|
Exhibit No.
|
|
Exhibit Description
|
|
|
|
|
3.1
|
|
Second Amended and Restated Articles of Incorporation of the Registrant, as amended (incorporated herein by reference to the Registrant’s Form 10-K for the year ended December 29, 2000).
|
|
|
|
|
3.2
|
|
Amended and Restated Bylaws of the Registrant, as amended (incorporated herein by reference to the Registrant’s Form 10-K for the year ended December 29, 2000).
|
|
|
|
|
3.3
|
|
Articles of Amendment of the Third Amended and Restated Articles of Incorporation of the Registrant (incorporated herein by reference to the Registrant’s Form 10-K for the year ended
December 28, 2007).
|
|
|
|
|
3.4
|
|
Amendment to Amended and Restated Bylaws of the Registrant (incorporated herein by reference to the Registrant’s Form 8-K filed on March 31, 2008).
|
|
|
|
|
31.1
|
|
Certification by CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (exhibits filed herewith).
|
|
|
|
|
31.2
|
|
Certification by CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (exhibits filed herewith).
|
|
|
|
|
32
|
|
Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (exhibits filed herewith).
|
18
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