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Exponent Reports Third Quarter 2008 Results
Date:10/15/2008

MENLO PARK, Calif., Oct. 15 /PRNewswire-FirstCall/ -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the third quarter ended September 26, 2008.

For the third quarter of 2008, total revenues increased 20% to $58,730,000, as compared to $48,904,000, in the same period of 2007. Revenues before reimbursements increased 15% to $51,751,000, as compared to $44,916,000, last year. Net income was up 18% to $5,942,000, or $0.38 per diluted share, as compared to $5,037,000, or $0.31 per diluted share, in the prior year period. EBITDAS(1) improved 21% to $12,430,000, as compared to $10,272,000, in the third quarter of 2007.

For the first nine months of 2008, total revenues increased 15% to $169,946,000, as compared to $148,414,000, in the same period of 2007. Revenues before reimbursements increased 14% to $154,574,000, as compared to $136,165,000, last year. Net income was up 20% to $18,082,000, or $1.13 per diluted share, as compared to $15,094,000, or $0.92 per diluted share, in the prior year period. EBITDAS(1) improved 22% to $38,175,000, as compared to $31,172,000, in the first nine months of 2007.

During the third quarter of 2008, Exponent repurchased $12 million of its common stock, and closed the third quarter with $23 million still available under the current authorization for future repurchases and $52.1 million in cash, cash equivalents and short-term investments.

"We are pleased to report another quarter of solid growth and execution in our business," commented Michael R. Gaulke, Chairman and CEO. "Our electrical, thermal sciences, technology development, human factors, mechanics and materials, and environmental practices performed well in the third quarter, in addition to our health group.

"As we enter the fourth quarter, we will focus on maintaining our unique market position of offering multidisciplinary engineering and scientific consulting services to assist our clients with their most challenging environmental, health and safety issues. We will also continue to build a strong foundation for the future by adding exceptional talent to the firm. We expect to post low double-digit growth in revenue before reimbursements for fiscal year 2008," concluded Mr. Gaulke.

Today's Conference Call Information

Exponent will discuss its financial results in more detail on a conference call today, October 15, 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 800-240-5318. 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 11120693#.

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 has been best known for analyzing accidents and failures to determine their causes, but in recent years it has become more active in assisting clients with human health, environmental and engineering issues associated with new products to help prevent problems in the future.

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 September 26, 2008 and September 28, 2007

(in thousands, except per share data)

Quarter Ended Nine Months Ended

September September September September

26, 28, 26, 28,

2008 2007 2008 2007

Revenues

Revenues before reimbursements $51,751 $44,916 $154,574 $136,165

Reimbursements 6,979 3,988 15,372 12,249

Revenues 58,730 48,904 169,946 148,414

Operating expenses

Compensation and related expenses 33,097 29,268 99,804 89,497

Other operating expenses 5,620 5,484 16,636 15,926

Reimbursable expenses 6,979 3,988 15,372 12,249

General and administrative

expenses 3,346 2,701 9,542 8,760

49,042 41,441 141,354 126,432

Operating income 9,688 7,463 28,592 21,982

Other income

Interest income, net 397 407 1,362 1,351

Miscellaneous income, net (43) 433 247 1,636

354 840 1,609 2,987

Income before income taxes 10,042 8,303 30,201 24,969

Income taxes 4,100 3,266 12,119 9,875

Net income $5,942 $5,037 $18,082 $15,094

Net income per share:

Basic $0.40 $0.34 $1.21 $1.00

Diluted $0.38 $0.31 $1.13 $0.92

Shares used in per share

computations:

Basic 14,736 14,902 14,890 15,048

Diluted 15,709 16,163 15,937 16,372

EXPONENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

September 26, 2008 and December 28, 2007

(in thousands)

September December

26, 28,

2008 2007

Assets

Current assets:

Cash and cash equivalents $18,659 $10,700

Short-term investments 33,417 53,034

Accounts receivable, net 68,132 59,819

Prepaid expenses and other assets 6,007 5,754

Deferred income taxes 4,380 3,450

Total current assets 130,595 132,757

Property, equipment and leasehold

improvements, net 31,273 29,409

Goodwill 8,607 8,607

Other assets 14,377 11,618

$184,852 $182,391

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable and accrued

liabilities $5,999 $7,139

Accrued payroll and employee

benefits 30,456 30,366

Deferred revenues 5,669 6,458

Total current liabilities 42,124 43,963

Other liabilities 5,407 4,754

Deferred rent 1,959 1,755

Total liabilities 49,490 50,472

Stockholders' equity:

Common stock 16 16

Additional paid-in capital 71,897 59,772

Accumulated other comprehensive

income 153 347

Retained earnings 122,470 113,018

Treasury stock, at cost (59,174) (41,234)

Total stockholders'

equity 135,362 131,919

$184,852 $182,391

EXPONENT, INC.

EBITDAS(1)

For the Quarters Ended September 26, 2008 and September 28, 2007

(in thousands)

Quarter Ended Nine Months Ended

September September September September

26, 28, 26, 28,

2008 2007 2008 2007

Net Income $5,942 $5,037 $18,082 $15,094

Add back (subtract):

Income taxes 4,100 3,266 12,119 9,875

Interest income, net (397) (407) (1,362) (1,351)

Depreciation and amortization 1,059 1,002 2,984 2,888

Stock-based compensation 1,726 1,374 6,352 4,666

EBITDAS (1) $12,430 $10,272 $38,175 $31,172

(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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