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LECG Corporation Reports Fourth Quarter 2008 and Year-End Results
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| Symbol | Price | Change |
|---|---|---|
| XPRT | 2.85 | +0.01 |
EMERYVILLE, CA--(MARKET WIRE)--Feb 10, 2009 -- LECG Corporation (NasdaqGS:XPRT - News), a global expert services firm, today reported financial results for the fourth quarter and full year ended December 31, 2008.
"We were disappointed by the level of our fourth quarter revenues which were impacted by the deterioration in the economic environment in the quarter. To address the near-term conditions and better position ourselves to capture the growing market opportunity, we are taking proactive steps including the recently announced restructuring program," commented Michael Jeffery, LECG chief executive officer. "We are encouraged by recent indicators that our core businesses will benefit longer term from a more rigorous regulatory climate and a significant increase in litigation as a result of the current economic and political situation."
Fourth Quarter 2008 Financial Results
Fourth quarter 2008 revenues decreased 20.6 percent to $70.0 million compared with $88.2 million in the fourth quarter of 2007, and decreased 18.6 percent from third quarter 2008 revenues of $86.0 million. Net fee-based revenues were $67.0 million in the fourth quarter of 2008 and $83.4 million in the prior year, a decrease of 19.7 percent year over year. Net fee-based revenues decreased 19.5 percent from $83.2 million in the third quarter of 2008.
Results for the fourth quarter of 2008 reflect pre-tax charges of $118.8 million in goodwill impairment, $5.4 million in other impairments, a $6.4 million restructuring charge, a $3.1 million divestiture charge and $0.8 million of mark-to-market losses related to the deferred compensation plan. The company also recorded a $3.7 million valuation allowance against deferred tax assets. Including these charges, fourth quarter 2008 net loss was $93.8 million or $3.70 per share, compared with a net loss of $2.7 million, or $0.11 per share in the fourth quarter of 2007, and net income of $2.0 million or $0.08 per diluted share in the third quarter of 2008. Excluding these charges EPS was a $0.19 loss per share for the quarter.
Adjusted EBITDA from continuing operations for the fourth quarter of 2008 was a loss of $6.8 million, compared to $7.4 million of income for the fourth quarter of 2007 and $4.9 million of income for the third quarter of 2008.
Fourth Quarter 2008 Segment Results
Economics Services
LECG's economics services segment is comprised of the company's global competition, securities, regulated industries, and labor sectors. Economics revenues were $28.9 million in the fourth quarter of 2008, representing 41.3 percent of total revenues versus 43.5 percent of revenues in the third quarter of 2008. Net fee-based revenues for the segment were $28.0 million in the quarter, down $8.7 million from the third quarter of 2008 due to a decrease in all business practices other than labor, with the largest decline coming from global competition. Economics gross profit was $6.8 million, or 44.7 percent of total gross profit in the quarter. Direct profit margin was 25.1 percent, down from 35.8 percent in the third quarter of 2008. Professional staff utilization was 60.7 percent.
Finance and Accounting Services (FAS)
LECG's FAS segment is comprised of the company's forensic accounting, intellectual property, health care, higher education, international FAS, financial services, and electronic discovery sectors. FAS revenues were $41.1 million in the fourth quarter of 2008, or 58.7 percent of total revenues versus 56.5 percent of revenues in the third quarter of 2008. Net fee-based revenues for the segment were $38.9 million in the quarter, down $7.7 million from the third quarter of 2008 due to a slowdown in all practice areas, with the exception of higher education. FAS gross profit was $8.4 million, or 55.3 percent of total gross profit in the quarter. The direct profit margin decreased to 21.5 percent from 31.2 percent in the third quarter. Professional staff utilization was 63.5 percent.
Full-Year 2008 Financial Results
Revenues for the year ended December 31, 2008 decreased 9.4 percent to $335.7 million from $370.4 million for the same period in 2007. Net fee-based revenues decreased 8.2 percent year over year.
Net loss for the full year ended December 31, 2008 was $85.2 million, significantly lower than net income of $11.4 million reported for the prior year. Earnings per share for the full year was a loss of $3.37, compared with diluted earnings per share of $0.45 for the prior year. Adjusted income from continuing operations per diluted share was $0.16 for 2008, compared with diluted income from continuing operations per share of $0.76 for 2007.
Adjusted EBITDA from continuing operations for the year ended December 31, 2008 was $12.8 million, a decrease of $26.8 million from adjusted EBITDA from continuing operations of $39.6 million for the same period of 2007.
Conference Call Webcast Information
LECG Corporation will host a conference call and live webcast to discuss these results at 5:00 p.m. Eastern time today. The webcast will be accessible through the investor relations section of the company's website, www.lecg.com. A replay of the call will be available on the company's website two hours after completion of the live broadcast.
About LECG
LECG, a global expert services and consulting firm, with approximately 800 experts and professionals in 31 offices around the world, provides independent expert testimony, original authoritative studies, strategic advisory, and financial advisory services to clients including Fortune Global 500 corporations, major law firms, and local, state, and federal governments and agencies worldwide. LECG's highly credentialed experts and professional staff conduct economic and financial analyses to provide objective opinions and advice regarding complex disputes and inform legislative, judicial, regulatory, and business decision makers. LECG's experts are renowned academics, former senior government officials, experienced industry leaders, and seasoned consultants. (NasdaqGS:XPRT - News).
Statements in this press release and the related conference call concerning the future business, operating and financial condition of the company, including expectations regarding revenues and net income for future periods, and statements using the terms "believes," "expects," "will," "could," "plans," "anticipates," "estimates," "predicts," "intends," "potential," "continue," "should," "may," or the negative of these terms or similar expressions are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expectations. Risks that may affect actual performance include the ongoing economic downturn and adverse economic conditions, dependence on key personnel, the cost and contribution of acquisitions, risks inherent in international operations, management of professional staff, dependence on growth of the company's service offerings, the company's ability to integrate new experts successfully, intense competition, and potential professional liability. Statements in this press release concerning historical segment revenue, costs of services and other operational data have been recast as if the current management and reporting structure had been in place since the beginning of all periods presented. Since the Company historically measured its business performance at a consolidated entity level and made resource allocations differently under that structure, the recast of historical segment information is not intended to represent the actual results that would have been achieved if these business segments had been managed under the new structure since the beginning of the period presented, or to be an indication of future results. Further information on these and other potential risk factors that could affect the company's financial results is included in the company's filings with the Securities and Exchange Commission. The company undertakes no obligation to update any of its forward-looking statements after the date of this press release.
LECG CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three months ended Year ended
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Fee-based revenues, net $ 66,963 $ 83,441 $ 322,714 $ 351,544
Reimbursable revenues 3,085 4,790 12,965 18,885
--------- --------- --------- ---------
Revenues 70,048 88,231 335,679 370,429
Direct costs 51,547 55,075 221,476 228,069
Reimbursable costs 3,270 4,513 13,339 18,557
--------- --------- --------- ---------
Cost of services 54,817 59,588 234,815 246,626
Gross profit 15,231 28,643 100,864 123,803
Operating expenses:
General and administrative
expenses 22,224 21,136 88,021 83,901
Depreciation and
amortization 1,480 1,845 5,939 7,284
Goodwill impairment 118,800 - 118,800 -
Other impairments 5,358 - 5,358 -
Restructuring charges 6,437 6,743 5,937 10,689
Divestiture charges 3,136 - 3,136 -
--------- --------- --------- ---------
Operating (loss) income (142,204) (1,081) (126,327) 21,929
Interest and other expense, net 624 14 2,040 375
--------- --------- --------- ---------
(Loss) income from continuing
operations before income taxes (142,828) (1,095) (128,367) 21,554
Income tax (benefit) provision (48,996) (488) (43,126) 8,753
--------- --------- --------- ---------
(Loss) income from continuing
operations (93,832) (607) (85,241) 12,801
--------- --------- --------- ---------
Discontinued operations:
Income from operations of
discontinued subsidiary,
net of income taxes - 160 - 778
Loss on disposal of
subsidiary - (2,219) - (2,219)
--------- --------- --------- ---------
Loss on discontinued operations - (2,059) - (1,441)
--------- --------- --------- ---------
Net (loss) income $ (93,832) $ (2,666) $ (85,241) $ 11,360
========= ========= ========= =========
Basic earnings per share:
(Loss) income from
continuing operations $ (3.70) $ (0.03) $ (3.37) $ 0.51
(Loss) income from
operations of discontinued
subsidiary - (0.08) - (0.06)
--------- --------- --------- ---------
Basic earnings per share $ (3.70) $ (0.11) $ (3.37) $ 0.45
========= ========= ========= =========
Diluted earnings per share:
(Loss) income from
continuing operations $ (3.70) $ (0.03) $ (3.37) $ 0.51
(Loss) income from
operations of discontinued
subsidiary - (0.08) - (0.06)
--------- --------- --------- ---------
Diluted earnings per share $ (3.70) $ (0.11) $ (3.37) $ 0.45
========= ========= ========= =========
Shares used in calculating
earnings per share
Basic 25,373 25,287 25,330 25,117
Diluted 25,373 25,287 25,330 25,499
LECG CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
December 31,
--------------------
Assets 2008 2007
--------- ----------
Current assets:
Cash and cash equivalents $ 19,510 $ 21,602
Accounts receivable, net of allowance of $973 and
$866 87,122 103,444
Prepaid expenses 5,996 6,156
Deferred tax assets, net - current portion 15,264 12,301
Signing, retention and performance bonuses -
current portion 15,282 16,162
Income taxes receivable 6,723 2,674
Other current assets 2,447 2,310
Note receivable - current portion 518 490
--------- ----------
Total current assets 152,862 165,139
Property and equipment, net 11,011 12,586
Goodwill - 106,813
Other intangible assets, net 3,790 9,696
Signing, retention and performance bonuses -
long-term 34,976 45,523
Deferred compensation plan assets 9,684 15,599
Note receivable - long-term 1,946 2,510
Deferred tax assets, net - long-term 38,196 -
Other long-term assets 5,188 1,453
--------- ----------
Total assets $ 257,653 $ 359,319
========= ==========
Liabilities and stockholders’ equity
Current liabilities:
Accrued compensation $ 49,313 $ 64,577
Accounts payable and other accrued liabilities 11,493 7,856
Payable for business acquisitions - current 3,846 2,750
Deferred revenue 2,450 2,989
Liabilities held for sale 2,642 -
--------- ----------
Total current liabilities 69,744 78,172
Payable for business acquisitions - long-term 1,055 -
Deferred compensation plan obligations 9,632 15,133
Deferred tax liabilities - 4,505
Deferred rent 6,601 7,718
Other long-term liabilities 569 301
--------- ----------
Total liabilities 87,601 105,829
--------- ----------
Commitments and contingencies - -
Stockholders’ equity
Common stock, $.001 par value, 200,000,000 shares
authorized, 25,559,253 and 25,444,678 shares
outstanding at December 31, 2008 and 2007,
respectively 26 25
Additional paid-in capital 172,005 166,325
Accumulated other comprehensive (loss) income (1,407) 2,471
(Accumulated deficit) retained earnings (572) 84,669
--------- ----------
Total stockholders’ equity 170,052 253,490
--------- ----------
Total liabilities and stockholders’ equity $ 257,653 $ 359,319
========= ==========
LECG CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Year ended
December 31,
--------------------
2008 2007
--------- ---------
Cash flows from operating activities
Net (loss) income $ (85,241) $ 11,360
Adjustments to reconcile net (loss) income to net
cash provided by operating activities:
Bad debt expense 132 174
Depreciation and amortization of property and
equipment 4,489 4,884
Amortization of intangible assets 1,450 2,415
Goodwill impairment 118,800 -
Other impairments 5,358 -
Amortization of signing, retention and performance
bonuses 16,522 12,091
Equity-based compensation 6,778 5,731
Excess tax benefits from equity-based compensation (41) 736
Non cash restructuring charges 2,441 7,639
Divestiture charges 3,136 -
Loss on disposal of subsidiary - 2,219
Other 71 (24)
Changes in assets and liabilities:
Accounts receivable 9,258 3,700
Signing, retention and performance bonuses paid (17,397) (38,428)
Prepaid and other current assets (57) (2,274)
Accounts payable and other accrued liabilities 4,969 725
Income taxes (3,546) 2,062
Accrued compensation (4,260) 10,650
Deferred revenue (348) 359
Deferred compensation plan assets, net of
liabilities 415 (1,091)
Deferred rent (947) (310)
Deferred taxes (47,093) (5,770)
Other assets (3,646) 536
Other liabilities 870 (148)
--------- ---------
Net cash provided by operating activities 12,113 17,236
--------- ---------
Cash flows from investing activities
Business acquisitions, net of acquired cash and earn
out payments (9,736) (23,771)
Purchase of property and equipment (3,217) (3,839)
Proceeds from disposal of subsidiary, net of cash
transferred - 1,029
Proceeds from note receivable 536 -
Other (177) 63
--------- ---------
Net cash used in investing activities (12,594) (26,518)
--------- ---------
Cash flows from financing activities
Borrowings under revolving credit facility 61,000 13,000
Repayments under revolving credit facility (61,000) (13,000)
Proceeds from exercise of stock options 46 2,097
Excess tax benefits from equity-based compensation 41 1,282
Proceeds from issuance of stock - employee stock
purchase plan 85 199
Payment of loan fees - (102)
Other 1 77
--------- ---------
Net cash provided by financing activities 173 3,553
--------- ---------
Effect of exchange rates on changes in cash (1,784) 842
--------- ---------
Decrease in cash and cash equivalents (2,092) (4,887)
Cash and cash equivalents, beginning of year 21,602 26,489
--------- ---------
Cash and cash equivalents, end of year $ 19,510 $ 21,602
========= =========
Supplemental disclosure
Cash paid for interest $ 400 $ 259
========= =========
Cash paid for income taxes $ 7,392 $ 10,421
========= =========
LECG CORPORATION
SEGMENT OPERATING RESULTS
($ in thousands, except rate amounts)
(unaudited)
Three months ended December 31,
----------------------------------------------------------
2008 2007
----------------------------------------------------------
Finance Finance
and and
Economics Accounting Total Economics Accounting Total
-------- -------- -------- -------- -------- --------
Fee-based
revenues,
net $ 28,015 $ 38,948 $ 66,963 $ 35,729 $ 47,712 $ 83,441
Reimbursable
revenues 932 2,153 3,085 1,713 3,077 4,790
-------- -------- -------- -------- -------- --------
Revenues $ 28,947 $ 41,101 $ 70,048 $ 37,442 $ 50,789 $ 88,231
Direct costs $ 20,989 $ 30,558 $ 51,547 $ 24,103 $ 30,972 $ 55,075
Reimbursable
costs 1,152 2,118 3,270 1,619 2,894 4,513
-------- -------- -------- -------- -------- --------
Gross
profit $ 6,806 $ 8,425 $ 15,231 $ 11,720 $ 16,923 $ 28,643
Direct profit
margin (1) 25.1% 21.5% 23.0% 32.5% 35.1% 34.0%
Gross margin 23.5% 20.5% 21.7% 31.3% 33.3% 32.5%
Operating
statistics
Paid days 65 65 65 66 66 66
Billable
headcount,
period end 295 488 783 308 521 829
Billable
headcount,
period average 298 500 797 312 528 840
Billable FTEs,
period average
(2) 234 398 633 266 405 671
Average
billable rate $ 361 $ 300 $ 323 $ 336 $ 303 $ 317
Paid
utilization
rate of billable
FTEs (3) 63.7% 62.6% 63.0% 75.8% 73.5% 74.4%
Expert
headcount,
period end 128 215 343 122 184 306
Expert FTEs,
period average (2) 62 130 192 84 108 192
JR/SR staff
paid
utilization
rate (3) 60.7% 63.5% 62.4% 70.4% 70.8% 70.6%
LECG CORPORATION
SEGMENT OPERATING RESULTS (CONTINUED)
($ in thousands, except rate amounts)
(unaudited)
Year ended December 31,
----------------------------------------------------------
2008 2007
----------------------------------------------------------
Finance Finance
and and
Economics Accounting Total Economics Accounting Total
-------- -------- -------- -------- -------- --------
Fee-based
revenues,
net $142,295 $180,419 $322,714 $151,927 $199,617 $351,544
Reimbursable
revenues 4,490 8,475 12,965 5,983 12,902 18,885
-------- -------- -------- -------- -------- --------
Revenues $146,785 $188,894 $335,679 $157,910 $212,519 $370,429
Direct
costs $ 95,546 $125,930 $221,476 $101,913 $126,156 $228,069
Reimbursable
costs 4,970 8,369 13,339 5,853 12,704 18,557
-------- -------- -------- -------- -------- --------
Gross
profit $ 46,269 $ 54,595 $100,864 $ 50,144 $ 73,659 $123,803
Direct profit
margin (1) 32.9% 30.2% 31.4% 32.9% 36.8% 35.1%
Gross
margin 31.5% 28.9% 30.0% 31.8% 34.7% 33.4%
Operating
statistics
Paid days 260 260 260 261 261 261
Billable
headcount,
period end 295 488 783 308 521 829
Billable
headcount,
period average 300 489 789 314 595 909
Billable FTEs,
period average
(2) 246 390 636 271 464 735
Average
billable
rate $ 364 $ 315 $ 335 $ 337 $ 289 $ 308
Paid
utilization
rate of
billable
FTEs (3) 76.5% 70.5% 72.8% 79.7% 71.3% 74.4%
Expert
headcount,
period end 128 215 343 122 184 306
Expert FTEs,
period average
(2) 66 116 183 88 117 205
JR/SR
staff paid
utilization
rate (3) 73.6% 70.0% 71.4% 75.6% 69.2% 71.4%
LECG CORPORATION
RECONCILIATION OF NON-GAAP MEASURES
($ in thousands, except per share data)
Three months ended Year ended
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Fee-based revenues, net $ 66,963 $ 83,441 $ 322,714 $ 351,544
Direct costs 51,547 55,075 221,476 228,069
--------- --------- --------- ---------
Direct profit $ 15,416 $ 28,366 $ 101,238 $ 123,475
========= ========= ========= =========
Direct profit margin (4) 23.0% 34.0% 31.4% 35.1%
Three months ended Year ended
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Net (loss) income $ (93,832) $ (2,666) $ (85,241) $ 11,360
(Loss) income from operations
of discontinued subsidiary,
net of income taxes - (2,059) - (1,441)
--------- --------- --------- ---------
(Loss) income from continuing
operations (93,832) (607) (85,241) 12,801
Adjustments to net (loss)
income
Goodwill impairment 118,800 - 118,800 -
Other impairments 5,358 - 5,358 -
Restructuring charges 6,437 6,743 5,937 10,689
Divestiture charges 3,136 - 3,136 -
Deferred compensation plan 765 (7) 1,763 155
Income tax (benefit)
Provision (5) (49,160) (2,721) (49,358) (4,381)
Deferred tax valuation
allowance 3,728 - 3,728 -
--------- --------- --------- ---------
Adjusted (loss) income from
continuing operations (6) $ (4,768) $ 3,408 $ 4,123 $ 19,264
========= ========= ========= =========
Adjusted (loss) income from
continuing operations
per diluted share (6)(8) $ (0.19) $ 0.13 $ 0.16 $ 0.76
Shares used in calculating
earnings per share
Diluted 25,373 25,577 25,513 25,499
LECG CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)
($ in thousands, except per share data)
Three months ended Year ended
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Net (loss) income $ (93,832) $ (2,666) $ (85,241) $ 11,360
(Loss) income from operations
of discontinued subsidiary,
net of income taxes - (2,059) - (1,441)
--------- --------- --------- ---------
(Loss) income from continuing
operations (93,832) (607) (85,241) 12,801
Income tax (benefit) provision (48,996) (488) (43,126) 8,753
Interest expense (income), net 7 (103) 191 (127)
Depreciation and amortization 1,480 1,845 5,939 7,284
--------- --------- --------- ---------
EBITDA from continuing
operations (7) (141,341) 647 (122,237) 28,711
Adjustments to EBITDA from
continuing operations
Goodwill impairment 118,800 - 118,800 -
Other impairments 5,358 - 5,358 -
Restructuring charges 6,437 6,743 5,937 10,689
Divestiture charges 3,136 - 3,136 -
Deferred compensation plan 765 (7) 1,763 155
--------- --------- --------- ---------
Adjusted EBITDA from continuing
operations (7) $ (6,845) $ 7,383 $ 12,757 $ 39,555
========= ========= ========= =========
(1) Fee-based revenues, net less direct costs as a percentage of fee-based
revenues, net.
(2) Full Time Equivalents (FTEs) are calculated by dividing actual total
paid hours in the period by the number of paid days in the period times
eight hours per day, assuming a forty-hour work week or 2,080 paid
hours per year.
(3) Paid utilization rate is calculated by dividing the actual number of
billed hours in the period by the actual number of paid hours in the
period, assuming a forty-hour work week or 2,080 paid hours per year.
(4) Fee-based revenues, net less direct costs before restructuring charges
as a percentage of fee-based revenues, net.
(5) Assumes a marginal tax rate of 39.9% and 40.4% in the quarter and year
ended December 31, 2008 and 2007, respectively. The tax benefit for
2008 excludes non-deductible goodwill impairment of approximately $12
million.
(6) Adjusted (loss) income from continuing operations and adjusted (loss)
income from continuing operations per diluted share are non-GAAP
financial measures. Adjusted (loss) income from continuing operations
excludes restructuring charges, goodwill impairment, other impairments,
divestiture charges, charges related to market fluctuations in the
value of deferred compensation plan investments and the deferred tax
valuation allowance charge. Adjusted (loss) income from continuing
operations per diluted share is calculated using adjusted (loss) income
from continuing operations divided by diluted shares. The Company
regards adjusted (loss) income from continuing operations and adjusted
(loss) income from continuing operations per diluted share as useful
measures of financial performance of the business. Generally, a
non-GAAP financial measure is a numerical measure of a company's
performance, financial position or cash flow that either excludes or
includes amounts that are not normally excluded or included in the most
directly comparable measure calculated and presented in accordance with
GAAP. This measure, however, should be considered in addition to, and
not as a substitute or superior to, operating (loss) income, cash
flows, or other measures of financial performance prepared in
accordance with GAAP.
(7) EBITDA from continuing operations and Adjusted EBITDA from continuing
operations are non-GAAP financial measures. EBITDA from continuing
operations is defined as earnings from continuing operations before
provision for income tax, interest, and depreciation and amortization.
Adjusted EBITDA from continuing operations excludes restructuring
charges, goodwill impairment, other impairments, divestiture charges
and charges related to market fluctuations in the value of deferred
compensation plan investments. The Company regards EBITDA from
continuing operations and Adjusted EBITDA from continuing operations as
useful measures of financial performance of the business. Generally, a
non-GAAP financial measure is a numerical measure of a company's
performance, financial position or cash flow that either excludes or
includes amounts that are not normally excluded or included in the most
directly comparable measure calculated and presented in accordance with
GAAP. This measure, however, should be considered in addition to, and
not as a substitute or superior to, operating (loss) income, cash
flows, or other measures of financial performance prepared in
accordance with GAAP.
(8) For Q4 2008, diluted earnings per share and diluted shares are equal to
basic earnings per share and basic shares, respectively, as the effect
on net loss would be anti-dilutive if common stock equivalent shares
were included in the weighted average number of common shares
outstanding during the period.
Contact:
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