3rd qtr financial statements follow:
NAVIGANT CONSULTING, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share, selected operating and growth rate data)
Nine months
Three months ended ended Growth
*March 31, June 30, Sept. 30, Sept. 30, Rate
1999 1999 1999 1999 Q3/Q2
Revenues $95,956 $103,623 $111,020 $310,599 7.1%
Cost of services 54,169 58,009 62,177 174,355 7.2%
Gross profit 41,787 45,614 48,843 136,244 7.1%
General and
administrative
expenses 19,600 20,568 21,047 61,215 2.3%
Operating income 22,187 25,046 27,796 75,029 11.0%
Other income, net (1,122) (1,037) (1,184) (3,343) 14.2%
Income before
income tax expense 23,309 26,083 28,980 78,372 11.1%
Income tax expense 9,144 10,345 11,476 30,965 10.9%
Net Income $14,165 $15,738 $17,504 $47,407 11.2%
Net income per
diluted share $0.32 $0.36 $0.39 $1.07 8.3%
Diluted shares used
in computing net
income per
share data 44,813 43,508 45,357
SELECTED OPERATING DATA
(% OF REVENUE)
Gross Margin 43.5% 44.0% 44.0%
G&A Expense 20.4% 19.8% 19.0%
Operating Margin 23.1% 24.2% 25.0%
Net Margin 14.8% 15.2% 15.8%
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, June 30, September 30,
1999 1999 1999
Cash and cash
equivalents $95,255 $99,646 $85,117
Trade accounts
receivable 104,535 111,281 120,225
Prepaid and other
current assets 8,577 7,764 7,668
Total current assets 208,367 218,691 213,010
Net property
and equipment
and other assets 31,251 34,148 59,410
Total assets $239,618 $252,839 $272,420
Current liabilities 66,959 64,395 82,487
Other liabilities 5,220 3,808 2,213
Stockholders'
equity 167,439 184,636 187,720
Total liabilities
and stockholders'
equity $239,618 $252,839 $272,420
* Net income and net income per diluted share for the first quarter 1999
is pro forma, excluding merger related costs
SOURCE: Navigant Consulting, Inc.
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