Charles River Associates (CRA) Reports Fourth-Quarter and Full-Year 2018 Financial Results

Strong Fourth Quarter Results Cap Record Breaking Year

Board Expands Share Repurchase Authorization by $20 Million

BOSTON–(BUSINESS WIRE)–Charles
River Associates
(NASDAQ: CRAI), a worldwide leader in providing economic,
financial and management consulting services
, today announced
financial results and filed its Form 10-K for the fiscal year ended
December 29, 2018.

CRA ended fiscal 2018 with continued strong performance across our
entire portfolio, delivering the best full year results in the Company’s
history,” said Paul
Maleh
, CRA’s President and Chief Executive Officer. “For the fourth
quarter, revenue grew 12.1% year over year to $108.8 million. This
growth was achieved organically, with strong performance within both
legal and regulatory and management consulting. More specifically, our
performance was driven by double-digit revenue growth in our Energy,
Finance, Forensic Services, and Life Sciences practices with solid
contributions from our Antitrust & Competition Economics practice. We
also experienced strength across geographies, with North American
operations growing 9% and European operations growing 26% year over
year.”

Key Fourth-Quarter Fiscal 2018 Highlights

  • Revenue grew 12.1% year over year to $108.8 million, driven by an
    increase in companywide utilization to 76%, compared with 75% in the
    fourth quarter of 2017 and quarter-end headcount growth of 9%.
  • GAAP net income increased to $6.9 million, or $0.81 per diluted share,
    compared with GAAP net loss of $2.3 million, or a loss of $0.28 per
    share in the fourth quarter of fiscal 2017. Non-GAAP net income
    increased 19.7% year over year to $7.1 million, or 6.5% of revenue, or
    $0.84 per diluted share, compared with $5.9 million, or 6.1% of
    revenue, or $0.70 per diluted share for the fourth quarter of fiscal
    2017.
  • Non-GAAP EBITDA grew 28.9% year over year to $11.5 million, or 10.6%
    of revenue, compared with $8.9 million, or 9.2% of revenue, in the
    fourth quarter of fiscal 2017.
  • On a constant currency basis relative to the fourth quarter of fiscal
    2017, revenue would have been higher by $0.7 million; GAAP and
    non-GAAP net income, and GAAP and non-GAAP earnings per diluted share
    would have remained unchanged; and non-GAAP EBITDA would have been
    higher by $0.1 million.
  • CRA returned $9.3 million of capital to its shareholders, consisting
    of $1.8 million of dividend payments and $7.5 million for share
    repurchases of approximately 163,000 shares.

Key Full-Year Fiscal 2018 Highlights

  • Revenue grew 12.9% year over year to $417.6 million with an increase
    in companywide utilization to 76% compared with 74% for the full year
    fiscal 2017.
  • GAAP net income increased 195% year over year to $22.5 million, or
    5.4% of revenue, or $2.61 per diluted share, compared with $7.6
    million, or 2.1% of revenue, or $0.89 per diluted share for the full
    year fiscal 2017. Non-GAAP net income increased 44.7% year over year
    to $23.7 million, or 5.7% of non-GAAP revenue, or $2.75 per diluted
    share, compared with $16.4 million, or 4.4% of revenue, or $1.91 per
    diluted share for the full year fiscal 2017.
  • Non-GAAP EBITDA grew 23.7% to $41.0 million, or 9.8% of revenue,
    compared with $33.1 million, or 9.0% of revenue in fiscal year 2017.
  • On a constant currency basis relative to fiscal 2017, revenue would
    have been lower by $2.6 million; GAAP and non-GAAP net income and
    GAAP, and non-GAAP earnings per diluted share would have remained
    unchanged; and non-GAAP EBITDA would have been lower by $0.1 million.
  • For fiscal 2018, CRA returned $33.9 million of capital to its
    shareholders, consisting of $6.0 million of dividend payments and
    $27.9 million for share repurchases of approximately 542,000 shares.

Management Commentary

During the fourth-quarter of fiscal 2018, we experienced broad-based
demand across our services, delivering double-digit year-over-year
revenue growth for the ninth consecutive quarter,” Maleh said. “We
continued to invest in our business by increasing our consulting
headcount relative to the end of fiscal 2017 by 9% to 687 and improving
companywide utilization to 76%. For the fourth quarter and full year
fiscal 2018, CRA once again demonstrated its ability to grow profits at
a higher rate than revenue.

For the full year, on a constant currency basis relative to fiscal
2017, we exceeded our non-GAAP revenue guidance of $404 million to $410
million and came in at the upper end of our non-GAAP EBITDA margin
guidance range of 8.8% to 9.8%,” Maleh said. “To summarize, fiscal year
2018 non-GAAP revenue on a constant currency basis is $415.0 million,
consisting of $417.6 million of reported results and a $2.6 million
adjustment for currency tailwinds. Full year non-GAAP EBITDA on a
constant currency basis is $40.9 million, consisting of $41.0 million of
reported results and a $0.1 million adjustment for currency tailwinds,
resulting in a non-GAAP EBITDA margin of 9.8% on a constant currency
basis.”

Outlook and Financial Guidance

In 2019, we look to build on our trend of broad-based, profitable
growth while striving to be the firm of choice for our clients’ most
important litigation, regulatory, and strategic challenges. For the
full-year fiscal 2019, on a constant currency basis relative to fiscal
2018, we expect revenue in the range of $430 million to $445 million,
and non-GAAP EBITDA margin in the range of 9.2% to 10.2%. While we are
pleased with CRA’s strong performance in 2018, we remain mindful that
uncertainties around global economic and political conditions can affect
our business,” Maleh concluded.

CRA does not provide reconciliations of its annual non-GAAP EBITDA
margin guidance to GAAP net income margin because CRA is unable to
estimate with reasonable certainty the revaluation of contingent
consideration liabilities, unusual gains or charges, foreign currency
exchange rates, and the resulting effect of these items, and of equity
awards, on CRA’s taxes without unreasonable effort. These items are
uncertain, depend on various factors, and may have a material effect on
CRA’s results computed in accordance with GAAP. A reconciliation between
the historical GAAP and non-GAAP financial measures presented in this
release is provided in the financial tables at the end of this release.

Share Repurchase Expansion and Quarterly Dividend

CRA also announced today that its Board of Directors has authorized an
expanded share repurchase program of an additional $20 million of CRA’s
common stock, in addition to the $1.6 million remaining under its
existing share repurchase program. CRA may repurchase shares in the open
market or in privately negotiated transactions in accordance with
applicable insider trading and other securities laws and regulations.
The timing, amount and extent to which CRA repurchases shares will
depend upon market conditions and other factors it may consider in its
sole discretion.

On February 28, 2019, CRA’s Board of Directors declared a quarterly cash
dividend of $0.20 per common share, payable on March 22, 2019 to
shareholders of record as of March 12, 2019. CRA expects to continue
paying quarterly dividends, the declaration, timing and amounts of which
remain subject to the discretion of CRA’s Board of Directors.

Conference Call Information and Prepared CFO Remarks

CRA will host a conference call today at 10:00 a.m. ET to discuss its
fourth-quarter and fiscal-year 2018 financial results. To listen to the
live call, please visit the “Investor
Relations
” section of CRA’s website at http://www.crai.com,
or dial (877) 709-8155 or (201) 689-8881. An archived
version of the webcast will be available on CRA’s website for one year.

In combination with this press release, CRA has posted prepared remarks
by its CFO Chad Holmes under “Conference
Call Materials
” in the “Investor
Relations
” section on CRA’s website at http://www.crai.com.
These remarks are offered to provide the investment community with
additional background on CRA’s financial results prior to the start of
the conference call.

About Charles River Associates (CRA)

Charles River Associates® is a leading global consulting firm
specializing in economic,
financial, and management consulting services
. CRA advises clients
on economic and financial matters pertaining to litigation and
regulatory proceedings, and guides corporations through critical
business strategy and performance-related issues. Since 1965, clients
have engaged CRA for its unique combination of functional expertise and
industry knowledge, and for its objective solutions to complex problems.
Headquartered in Boston, CRA has offices throughout the world. Detailed
information about Charles River Associates, a registered trade name of
CRA International, Inc., is available at www.crai.com.
Follow us on LinkedIn,
Twitter,
and Facebook.

NON-GAAP FINANCIAL MEASURES

In this release, CRA has supplemented the presentation of its financial
results calculated in accordance with U.S. generally accepted accounting
principles or “GAAP” with financial measures that were not calculated in
accordance with GAAP. CRA believes that the non-GAAP financial measures
described in this press release are important to management and
investors because these measures supplement the understanding of CRA’s
ongoing operating results and financial condition. In addition, these
non-GAAP measures are used by CRA in its budgeting process, and the
non-GAAP adjustments described below are made to the performance
measures for some of CRA’s performance-based compensation.

The adjustments made to the financial measures identified in this
release as “non-GAAP” are as follows: for the fourth quarter of fiscal
2018, the adjustments exclude non-cash amounts relating principally to
valuation changes in contingent consideration, additional transition
effects in connection with the Tax Cuts and Jobs Act (“Tax Act”), as
well as activity related to CRA’s GNU123 Liquidating Corporation
subsidiary (“GNU”), which sold substantially all of its assets in April
2016; for the full year fiscal 2018, the adjustments exclude non-cash
amounts relating principally to valuation changes in contingent
consideration, net costs related to a lease recapture, additional
transition effects in connection with the Tax Act, as well as activity
from GNU; for the fourth quarter of fiscal 2017, the adjustments exclude
non-cash amounts relating principally to valuation changes in contingent
consideration, activity related to GNU, consideration paid in connection
with the IQVIA transaction, and the estimated impact of the Tax Act; for
the full year fiscal 2017, the adjustments exclude non-cash amounts
relating principally to valuation changes in contingent consideration,
certain 2017 impairments charges, activity from GNU, consideration paid
in connection with the IQVIA transaction, and the estimated impact of
the Tax Act. This release also presents certain current fiscal period
financial measures on a “constant currency” basis in order to isolate
the effect that foreign currency exchange rate fluctuations can have on
CRA’s financial results. These constant currency measures are determined
by recalculating the current fiscal period local currency financial
measure using the specified corresponding prior fiscal period’s foreign
exchange rates. Finally, this release also presents the non-GAAP
financial metric EBITDA.

All of the non-GAAP financial measures referred to above should be
considered in conjunction with, and not as a substitute for, the GAAP
financial information presented in this release. EBITDA and the
financial measures identified in this release as “non-GAAP” are
reconciled to their GAAP comparable measures in the financial tables
appended to the end of this press release. In evaluating these non-GAAP
financial measures, note that the non-GAAP financial measures used by
CRA may be calculated differently from, and therefore may not be
comparable to, similarly titled measures used by other companies.

SAFE HARBOR STATEMENT

Statements in this press release concerning our future business,
operating results and financial condition, including those concerning
guidance on future revenue and non-GAAP EBITDA margin, the continuation
of or building on any trend or momentum, our expectations regarding the
payment of any future quarterly dividends, and statements using the
terms “outlook,” “expect,” or similar expressions, are “forward-looking”
statements as defined in Section 21 of the Exchange Act. These
statements are based upon our current expectations and various
underlying assumptions. Although we believe there is a reasonable basis
for these statements and assumptions, and these statements are expressed
in good faith, these statements are subject to a number of additional
factors and uncertainties. Our actual revenue and non-GAAP EBITDA margin
in fiscal 2019 on a constant currency basis relative to fiscal 2018
could differ materially from the guidance presented herein, and our
actual performance and results may differ materially from the
performance and results contained in or implied by the other
forward-looking statements made herein, due to many important factors.
These factors include, but are not limited to, 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; our
ability to attract and retain key employee or non-employee experts; the
inability to integrate and utilize existing consultants and personnel;
the decline or reduction in project work or activity; global economic
conditions including less stable political and economic environments;
foreign currency exchange rate fluctuations; unanticipated expenses and
liabilities; risks inherent in international operations; changes in tax
law or accounting standards, rules, and regulations; our ability to
collect on forgivable loans should any become due; and professional and
other legal liability or settlements. Additional risks and uncertainties
are discussed in our periodic filings with the Securities and Exchange
Commission under the heading “Risk Factors.” The inclusion of such
forward-looking information should not be regarded as our representation
that the future events, plans, or expectations contemplated will be
achieved. We undertake no obligation to update any forward-looking
statements after the date of this press release, and we do not intend to
do so.

 
CRA INTERNATIONAL, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
INCLUDING A RECONCILIATION TO NON-GAAP RESULTS
FOR THE QUARTER ENDED DECEMBER 29, 2018 COMPARED TO THE QUARTER
ENDED DECEMBER 30, 2017
(In thousands, except per share data)
 
      Quarter Ended December 29, 2018       Quarter Ended December 30, 2017
 

 

       

 

 

 

 

 

   

 

GAAP

GAAP % of

Adjustments to Non-GAAP

Non-GAAP % of

GAAP

GAAP % of

Adjustments to GAAP Results

Non-GAAP

Non-GAAP % of

Results Revenues GAAP Results (1) Results Revenues Results Revenues Acquisitions (2)   IQVIA Transaction (3)   Tax Act (4) Results Revenues
 
Revenues $ 108,763 100.0 % $ $ 108,763 100.0 % $ 97,016 100.0 % $ $ $ $ 97,016 100.0 %
Cost of services (exclusive of depreciation and amortization) 76,372 70.2 % 633 75,739 69.6 % 68,606 70.7 % 1,762 66,844 68.9 %
Selling, general and administrative expenses 21,851 20.1 % 47 21,804 20.0 % 26,759 27.6 % 10 5,657 21,092 21.7 %
Depreciation and amortization   2,695 2.5 %       2,695 2.5 %   2,293   2.4 %               2,293   2.4 %
Income (loss) from operations 7,845 7.2 % (680 ) 8,525 7.8 % (642 ) -0.7 % (1,772 ) (5,657 ) 6,787 7.0 %
 

Interest and other income (expense), net

  486 0.5 %   258     228 0.2 %   (256 ) -0.3 %               (256 ) -0.3 %

Income (loss) before provision for income taxes and noncontrolling
interest

8,331 7.7 % (422 ) 8,753 8.0 % (898 ) -0.9 % (1,772 ) (5,657 ) 6,531 6.7 %
Provision for income taxes   1,492 1.4 %   (187 )   1,679 1.5 %   1,363   1.4 %   (888 )   (1,885 )   3,516     620   0.6 %
Net income (loss) 6,839 6.3 % (235 ) 7,074 6.5 % (2,261 ) -2.3 % (884 ) (3,772 ) (3,516 ) 5,911 6.1 %
Net (income) loss attributable to noncontrolling interests, net of
tax
  20 0.0 %   20     0.0 %   5   0.0 %   5               0.0 %
Net income (loss) attributable to CRA International, Inc. $ 6,859 6.3 % $ (215 ) $ 7,074 6.5 % $ (2,256 ) -2.3 % $ (879 ) $ (3,772 ) $ (3,516 ) $ 5,911   6.1 %
 
Net Income (loss) per share attributable to CRA International, Inc.:
Basic $ 0.85 $ 0.88 $ (0.27 ) $ 0.72  
Diluted $ 0.81 $ 0.84 $ (0.28 ) (a) $ 0.70  
 
Weighted average number of shares outstanding:
Basic   8,040   8,040   8,171     8,171  
Diluted   8,435   8,435   8,171   (a)   8,395  
 

(a) For the quarter ended December 30, 2017, the Treasury Stock method
was utilized for diluted EPS given the net loss attributable to CRA
International, Inc.
(1) These adjustments exclude non-cash amounts
relating principally to valuation changes in contingent consideration,
additional transition effects in connection with the Tax Cuts and Jobs
Act (“Tax Act”), as well as activity from GNU123 Liquidating Corporation
(“GNU”).
(2) These adjustments exclude non-cash amounts
relating principally to valuation changes in contingent consideration
and as well as activity from GNU.
(3) These adjustments include
consideration paid in connection with the IQVIA transaction.
(4)
Amount represents the estimated impact of the Tax Act. Subsequent to
December 2017, CRA completed its assessment of the Tax Act; any changes
to these estimates are reflected in the Company’s December 2018
financial results.

 
CRA INTERNATIONAL, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
INCLUDING A RECONCILIATION TO NON-GAAP RESULTS
FOR THE YEAR-TO-DATE PERIOD ENDED DECEMBER 29, 2018 COMPARED TO
THE YEAR-TO-DATE PERIOD ENDED DECEMBER 30, 2017
(In thousands, except per share data)
 
      Year-to-Date Period Ended December 29, 2018     Year-to-Date Period Ended December 30, 2017
 

 

     

 

 

 

 

 

   

 

GAAP

GAAP % of

Adjustments to

Non-GAAP

Non-GAAP % of

GAAP

GAAP % of

Adjustments to GAAP Results

Non-GAAP

Non-GAAP % of

Results Revenues GAAP Results (1) Results Revenues Results Revenues Acquisitions (2)   IQVIA Transaction (3)   Tax Act (4) Results Revenues
 
Revenues $ 417,648 100.0 % $ $ 417,648 100.0 % $ 370,075 100.0 % $ $ $ $ 370,075 100.0 %
Cost of services (exclusive of depreciation and amortization) 289,185 69.2 % 1,060 288,125 69.0 % 258,829 69.9 % 2,488 256,341 69.3 %
Selling, general and administrative expenses 89,533 21.5 % 602 88,931 21.3 % 86,537 23.4 % 650 5,657 80,230 21.7 %
Depreciation and amortization   9,995   2.4 %       9,995   2.4 %   8,945   2.4 %               8,945   2.4 %
Income (loss) from operations 28,935 6.9 % (1,662 ) 30,597 7.3 % 15,764 4.3 % (3,138 ) (5,657 ) 24,559 6.6 %
 
Interest and other income (expense), net   (2 ) 0.0 %   258     (260 ) -0.1 %   (600 ) -0.2 %   249             (849 ) -0.2 %

 

Income (loss) before provision for income taxes and noncontrolling
interest

28,933 6.9 % (1,404 ) 30,337 7.3 % 15,164 4.1 % (2,889 ) (5,657 ) 23,710 6.4 %
Provision for income taxes   6,461   1.5 %   (161 )   6,622   1.6 %   7,463   2.0 %   (1,492 )   (1,885 )   3,516     7,324   2.0 %
Net income (loss) 22,472 5.4 % (1,243 ) 23,715 5.7 % 7,701 2.1 % (1,397 ) (3,772 ) (3,516 ) 16,386 4.4 %
Net (income) loss attributable to noncontrolling interests, net of
tax
  20   0.0 %   20       0.0 %   (77 ) 0.0 %   (77 )             0.0 %
Net income (loss) attributable to CRA International, Inc. $ 22,492   5.4 % $ (1,223 ) $ 23,715   5.7 % $ 7,624   2.1 % $ (1,474 ) $ (3,772 ) $ (3,516 ) $ 16,386   4.4 %
 
Net Income per share attributable to CRA International, Inc.:
Basic $ 2.76   $ 2.91   $ 0.91   $ 1.96  
Diluted $ 2.61   $ 2.75   $ 0.89   $ 1.91  
 
Weighted average number of shares outstanding:
Basic   8,107     8,107     8,292     8,292  
Diluted   8,570     8,570     8,497     8,497  
 

(1) These adjustments exclude non-cash amounts relating principally to
valuation changes in contingent consideration, net costs related to a
lease recapture, additional transition effects in connection with the
Tax Cuts and Jobs Act (“Tax Act”), as well as activity from GNU123
Liquidating Corporation (“GNU”).
(2) These adjustments
relate principally to valuation changes in contingent consideration, and
certain 2017 impairment charges, as well as activity from GNU.
(3)
These adjustments include consideration paid in connection with the
IQVIA transaction.
(4) Amount represents the estimated impact of
the Tax Act. Subsequent to December 2017, CRA completed its assessment
of the Tax Act; any changes to these estimates are reflected in the
Company’s December 2018 financial results.

 
CRA INTERNATIONAL, INC.
UNAUDITED NON-GAAP EBITDA AND RECONCILIATION TO NET INCOME
FOR THE FISCAL QUARTER AND YEAR-TO-DATE PERIODS ENDED DECEMBER
29, 2018 COMPARED TO THE FISCAL QUARTER AND YEAR-TO-DATE PERIODS
ENDED DECEMBER 30, 2017
(In thousands)
 
      Quarter Ended December 29, 2018     Quarter Ended December 30, 2017
 

 

       

 

 

 

 

 

   

 

GAAP % of

Adjustments to

Non-GAAP % of

GAAP % of

Adjustments to GAAP Results

Non-GAAP % of

GAAP Results

Revenues GAAP Results (1)

Non-GAAP Results

Revenues

GAAP Results

Revenues Acquisitions (2)   IQVIA Transaction (3)   Tax Act (4)

Non-GAAP Results

Revenues
 
Revenues $ 108,763   100.0 % $   $ 108,763 100.0 % $ 97,016   100.0 % $   $   $   $ 97,016 100.0 %
 
Net income (loss) attributable to CRA International, Inc. $ 6,859 6.3 % $ (215 ) $ 7,074 6.5 % $ (2,256 ) -2.3 % $ (879 ) $ (3,772 ) $ (3,516 ) $ 5,911 6.1 %
Net income (loss) attributable to noncontrolling interests, net of
tax
  (20 ) 0.0 %   (20 )   0.0 %   (5 ) 0.0 %   (5 )           0.0 %
Net income (loss) 6,839 6.3 % (235 ) 7,074 6.5 % (2,261 ) -2.3 % (884 ) (3,772 ) (3,516 ) 5,911 6.1 %
Interest expense, net 87 0.1 % 87 0.1 % 123 0.1 % 123 0.1 %
Provision for income taxes 1,492 1.4 % (187 ) 1,679 1.5 % 1,363 1.4 % (888 ) (1,885 ) 3,516 620 0.6 %
Depreciation and amortization   2,695   2.5 %       2,695 2.5 %   2,293   2.4 %               2,293 2.4 %
EBITDA $ 11,113   10.2 % $ (422 ) $ 11,535 10.6 % $ 1,518   1.6 % $ (1,772 ) $ (5,657 ) $   $ 8,947 9.2 %
 
 
 
Year-to-Date Period Ended December 29, 2018 Year-to-Date Period Ended December 30, 2017

 

 

 

 

 

GAAP % of

Adjustments to

Non-GAAP % of

GAAP % of

Adjustments to GAAP Results

Non-GAAP % of

GAAP Results

Revenues GAAP Results (1)

Non-GAAP Results

Revenues

GAAP Results

Revenues Acquisitions (2) IQVIA Transaction (3) Tax Act (4)

Non-GAAP Results

Revenues
 
Revenues $ 417,648   100.0 % $   $ 417,648 100.0 % $ 370,075   100.0 % $   $   $   $ 370,075 100.0 %
 
Net income (loss) attributable to CRA International, Inc. $ 22,492 5.4 % $ (1,223 ) $ 23,715 5.7 % $ 7,624 2.1 % $ (1,474 ) $ (3,772 ) $ (3,516 ) $ 16,386 4.4 %

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

  (20 ) 0.0 %   (20 )   0.0 %   77   0.0 %   77             0.0 %
Net income (loss) 22,472 5.4 % (1,243 ) 23,715 5.7 % 7,701 2.1 % (1,397 ) (3,772 ) (3,516 ) 16,386 4.4 %
Interest expense, net 647 0.2 % 647 0.2 % 484 0.1 % 484 0.1 %
Provision for income taxes 6,461 1.5 % (161 ) 6,622 1.6 % 7,463 2.0 % (1,492 ) (1,885 ) 3,516 7,324 2.0 %
Depreciation and amortization   9,995   2.4 %       9,995 2.4 %   8,945   2.4 %               8,945 2.4 %
EBITDA $ 39,575   9.5 % $ (1,404 ) $ 40,979 9.8 % $ 24,593   6.6 % $ (2,889 ) $ (5,657 ) $   $ 33,139 9.0 %
 

(1) These adjustments exclude non-cash amounts relating principally to
valuation changes in contingent consideration, additional transition
effects in connection with the Tax Cuts and Jobs Act (“Tax Act”), as
well as activity from GNU123 Liquidating Corporation (“GNU”). For the
fiscal 2018 year, these adjustments exclude non-cash amounts relating
principally to valuation changes in contingent consideration, net costs
related to a lease recapture, additional transition effects in
connection with the Tax Act, as well as activity from GNU.
(2)
These adjustments exclude non-cash amounts relating principally to
valuation changes in contingent consideration, certain Q2 2017
impairment charges, as well as activity from GNU.

Contacts

Chad Holmes
Chief Financial Officer
Charles River Associates
312-377-2322

Jamie Bernard
Senior Associate
Sharon Merrill Associates, Inc.
617-542-5300

Read full story here

error: Content is protected !!