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Exponent Reports First Quarter 2008 Results
Date:4/14/2008

MENLO PARK, Calif., April 14 /PRNewswire-FirstCall/ -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the first quarter ended March 28, 2008.

For the first quarter of 2008, revenues increased 15% to $56,260,000, as compared to $48,873,000, in the same period of 2007. Revenues before reimbursements grew 15% to $52,022,000, as compared to $45,433,000, last year. Net income was up 26% to $6,347,000, or $0.40 per diluted share, as compared to $5,055,000, or $0.31 per diluted share, in the prior year period. EBITDAS(1) improved 29% to $13,838,000, as compared to $10,754,000, in the first quarter of 2007.

In the first quarter of 2008, Exponent, used $4.8 million to repurchase its common stock, and ended the quarter with $61 million in cash, cash equivalents and short-term investments.

"We are pleased with both the revenue and earnings growth we realized during the quarter," commented Michael R. Gaulke, Chairman and CEO. "We had strong performances in our electrical & semiconductors, thermal sciences, human factors, construction consulting, defense technology development, and mechanics & materials practices, in addition to our health group. In defense technology development we continued the delivery of Rapid Deployment Integrated Surveillance Systems to the U.S. Army and renewed our contract with the Rapid Equipping Force for another year."

"As we move further into 2008, Exponent remains well positioned to capture new opportunities for growth across our practices. For the full year, we expect to post high single-digit to low double-digit growth in revenue before reimbursements as we focus on pursuing strategic opportunities. Exponent remains uniquely positioned as a leading multidisciplinary engineering and scientific consulting firm dedicated to helping our clients solve their most challenging technical issues," concluded Mr. Gaulke.

Today's Conference Call Information

Exponent will discuss its financial results in more detail on a conference call today, April 14, 2008, starting at 4:30 p.m. Eastern Daylight Time/1:30 p.m. Pacific Daylight Time. The audio on the conference call is available by dialing 800-218-0204. A live webcast of the call will be available on the Investor Relations section of the Company's web site at http://www.exponent.com/investors. For those unable to listen to the live webcast, a replay of the call will also be available on the Exponent web site, or by dialing 800-405-2236 and entering reservation 11112058#.

About Exponent

Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent's multidisciplinary organization of scientists, physicians, engineers, and business consultants brings together more than 90 technical disciplines to address complicated issues facing industry and government today. The firm is best known for analyzing accidents and failures to determine their causes, but in recent years it has become more active in assisting clients with their new products to help prevent problems in the future. In addition, Exponent evaluates human health and environmental concerns to find cost-effective solutions.

Exponent may be reached at (888) 656-EXPO, info@exponent.com, or http://www.exponent.com.

This news release contains, and incorporates by reference, certain "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended thereto under) that are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. When used in this document and in the documents incorporated herein by reference, the words "anticipate," "believe," "estimate," "expect" and similar expressions, as they relate to the Company or its management, identify such forward-looking statements. Such statements reflect the current views of the Company or its management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward- looking statements. Factors that could cause or contribute to such material differences include the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, the absence of backlog related to our business, our ability to attract and retain key employees, the effect of tort reform and government regulation on our business, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our Annual Report on Form 10-K under the heading "Risk Factors" and elsewhere in the report. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to release publicly any updates or revisions to any such forward-looking statements.

(1) EBITDAS is a non-GAAP financial measure defined by the Company as net income before income taxes, interest income, depreciation and amortization, and stock-based compensation. The Company regards EBITDAS as a useful measure of operating performance and cash flow to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDAS provides meaningful comparisons of past, present and future operating results. 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 income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of EBITDAS to GAAP is set forth below.

EXPONENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the Quarters Ended March 28, 2008 and March 30, 2007

(in thousands, except per share data)

Quarter Ended

March 28, March 30,

2008 2007

Revenues

Revenues before reimbursements $52,022 $45,433

Reimbursements 4,238 3,440

Revenues 56,260 48,873

Operating expenses

Compensation and related expenses 33,510 30,022

Other operating expenses 5,428 5,137

Reimbursable expenses 4,238 3,440

General and administrative

expenses 2,989 2,815

46,165 41,414

Operating income 10,095 7,459

Other income

Interest income, net 502 484

Miscellaneous income, net (65) 395

437 879

Income before income taxes 10,532 8,338

Income taxes 4,185 3,283

Net income $6,347 $5,055

Net income per share:

Basic $0.43 $0.34

Diluted $0.40 $0.31

Shares used in per share computations:

Basic 14,847 15,049

Diluted 15,991 16,377

EXPONENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

March 30, 2008 and December 28, 2007

(in thousands)

March 28, December 28,

2008 2007

Assets

Current assets:

Cash and cash equivalents $11,972 $10,700

Short-term investments 48,986 53,034

Accounts receivable, net 63,468 59,819

Prepaid expenses and other assets 4,678 5,754

Deferred income taxes 4,083 3,450

Total current assets 133,187 132,757

Property, equipment and leasehold

improvements, net 29,618 29,409

Goodwill 8,607 8,607

Other assets 12,727 11,618

$184,139 $182,391

Liabilities and

Stockholders' Equity

Current liabilities:

Accounts payable and accrued

liabilities $5,811 $7,139

Accrued payroll and employee

benefits 22,442 30,366

Deferred revenues 5,725 6,458

Total current liabilities 33,978 43,963

Other liabilities 4,830 4,754

Deferred rent 1,652 1,755

Total liabilities 40,460 50,472

Stockholders' equity:

Common stock 16 16

Additional paid-in capital 69,164 59,772

Accumulated other comprehensive

income 654 347

Retained earnings 112,086 113,018

Treasury stock, at cost (38,241) (41,234)

Total stockholders'

equity 143,679 131,919

$184,139 $182,391

EXPONENT, INC.

EBITDAS (1)

For the Quarters Ended March 28, 2008 and March 30, 2007

(in thousands)

Quarter Ended

March 28, March 30,

2008 2007

Net Income $6,347 $5,055

Add back (subtract):

Income taxes 4,185 3,283

Interest income, net (502) (484)

Depreciation and amortization 941 917

Stock-based compensation 2,867 1,983

EBITDAS (1) $13,838 $10,754

(1) EBITDAS is a non-GAAP financial measure defined by the Company as net

income before income taxes, interest income, depreciation and

amortization, and stock-based compensation. The Company regards

EBITDAS as a useful measure of operating performance and cash flow to

compliment operating income, net income and other GAAP financial

performance measures. Additionally, management believes that EBITDAS

provides meaningful comparisons of past, present and future operating

results. 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 income, cash flows, or other measures of

financial performance prepared in accordance with GAAP.


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SOURCE Exponent, Inc.
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