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Quarterly Financial Data (Unaudited)
 12 Months Ended
Jan. 02, 2016
Quarterly Financial Data (Unaudited)  
Quarterly Financial Data (Unaudited)

16.   Quarterly Financial Data (Unaudited)

                                                                                                                                                                                    

 

 

Quarter Ended

 

 

 

April 4,
2015

 

July 4,
2015

 

October 3,
2015

 

January 2,
2016

 

 

 

(In thousands, except per share data)

 

Revenues

 

$
78,039

 

$
76,535

 

$
76,525

 

$
72,460

 

Gross profit

 

 
24,220

 

 
25,860

 

 
24,496

 

 
21,333

 

Income (loss) from operations

 

 
4,476

 

 
5,648

 

 
4,581

 

 
(2,310

)

Income (loss) before provision (benefit) for income taxes

 

 
4,631

 

 
5,391

 

 
4,346

 

 
(2,553

)

Net income (loss)

 

 
2,899

 

 
3,202

 

 
2,813

 

 
(2,589

)

Net (income) loss attributable to noncontrolling interest, net of tax

 

 
(120

)

 
123

 

 
47

 

 
1,282

 

Net income (loss) attributable to CRA International, Inc. 

 

$
2,779

 

$
3,325

 

$
2,860

 

$
(1,307

)

Basic net income (loss) per share

 

$
0.30

 

$
0.37

 

$
0.32

 

$
(0.15

)

Diluted net income (loss) per share

 

$
0.30

 

$
0.36

 

$
0.31

 

$
(0.15

)

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 
9,190

 

 
9,034

 

 
8,940

 

 
8,876

 

Diluted

 

 
9,403

 

 
9,253

 

 
9,025

 

 
8,876

 

 

                                                                                                                                                                                    

 

 

Quarter Ended

 

 

 

March 29,
2014

 

June 28,
2014

 

September 27,
2014

 

January 3,
2015

 

 

 

(In thousands, except per share data)

 

Revenues

 

$
76,245 

 

$
78,184 

 

$
73,483 

 

$
78,459 

 

Gross profit

 

 
24,379 

 

 
25,515 

 

 
24,066 

 

 
25,598 

 

Income from operations

 

 
5,629 

 

 
6,493 

 

 
5,795 

 

 
6,124 

 

Income before provision for income taxes

 

 
5,384 

 

 
6,334 

 

 
5,575 

 

 
6,022 

 

Net income

 

 
3,308 

 

 
3,167 

 

 
3,189 

 

 
3,743 

 

Net loss attributable to noncontrolling interest, net of tax

 

 
102 

 

 
21 

 

 
35 

 

 
73 

 

Net income attributable to CRA International, Inc. 

 

$
3,410 

 

$
3,188 

 

$
3,224 

 

$
3,816 

 

Basic net income per share

 

$
0.34 

 

$
0.32 

 

$
0.33 

 

$
0.41 

 

Diluted net income per share

 

$
0.34 

 

$
0.32 

 

$
0.33 

 

$
0.40 

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 
10,029 

 

 
9,919 

 

 
9,729 

 

 
9,344 

 

Diluted

 

 
10,108 

 

 
10,026 

 

 
9,919 

 

 
9,560 

 

        Total net (loss) income per share was computed using the two-class method earnings allocation formula when there were earnings to distribute to participating securities in a given quarter. In those quarters above that include a net loss for the quarter, the two-class method would not apply. As such, the aggregate net (loss) income per share for fiscal 2015 as a whole would not agree in the aggregate with the quarterly information presented above.

        During the fourth quarter of fiscal 2015, NeuCo incurred an impairment loss of $4.5 million. After considering taxes and allocation of net losses to noncontrolling interest, the net charge amounted to $1.6 million.

        During the fourth quarter of fiscal 2015, CRA identified a prior period error, relating to client reimbursable revenue and expenses, and recorded an adjustment of $0.7 million to revenue and $0.3 million to pre-tax income to correct this error. CRA concluded that this error was not material to its prior reporting periods.

        During the second quarter of fiscal 2014, CRA identified a prior period error relating to the valuation of deferred tax assets in CRA's previously issued consolidated financial statements, and recorded a non-cash tax expense of approximately $0.8 million to correct this error. CRA concluded that this error was not material to its prior reporting periods.