United States

Analyst Research Report Snapshot


Hackett (HCKT): 1Q13 review; reit. Buy




Griffin Securities, Inc.


08 May 2013





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HCKT | Buy: PT = $6 | Europe woes impact revenues | Prospects remain, attractive valuation;  Reported pro forma 1Q ’13 EPS of $0.10 meeting our estimate of $0.10, whereas revenues of $54.3 million were below our target of $56 million- lowering 2013 pro forma EPS from $0.46 to $0.45;  Company expects revenues in Europe (22% of revs.) to decline 20% sequentially from 1Q to 2Q- clients are deferring and/or reducing projects- similar trend appeared last year and lasted 1 quarter;  Expect debt issued to fund Dutch auction tender (currently $20.5 million versus $40 million several quarters ago) to be repaid with 2-3 quarters- at that point if no acquisition is found we believe management may entertain another Dutch tender;  Launch of dashboard exchange proceeding as planned- launched 3rd module based upon client feedback- could accelerate growth prospects with existing clientele commencing 2H 2013- investment will cost company $0.04-$0.05/share during 2013 and is incorporated in estimates for year- assuming subscription based model to commence in 1H ’14;  Discretionary free C/F generation of $0.55 in ’12 & projected $0.57 during ’13.

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