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x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 77-0218904 | |
(State or other jurisdiction of | | (I.R.S. Employer Identification No.) |
incorporation or organization) | | |
149 COMMONWEALTH DRIVE, MENLO PARK, CALIFORNIA | 94025 | |
(Address of principal executive office) | (Zip Code) | |
Large accelerated filer ¨ | Accelerated filer x | Non-accelerated filer ¨ | Smaller reporting company ¨ |
| | (Do not check if a smaller reporting company) | |
| Page | |
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PART I FINANCIAL INFORMATION | | |
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Item 1. | Financial Statements (unaudited): | |
| | |
| Condensed Consolidated Balance Sheets September 27, 2013 and December 28, 2012 | 3 |
| | |
| Condensed Consolidated Statements of Income Three and Nine Months Ended September 27, 2013 and September 28, 2012 | 4 |
| | |
| Condensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended September 27, 2013 and September 28, 2012 | 5 |
| | |
| Condensed Consolidated Statements of Cash Flows Nine Months Ended September 27, 2013 and September 28, 2012 | 6 |
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements | 7 |
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Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 15 |
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Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 24 |
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Item 4. | Controls and Procedures | 24 |
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PART II OTHER INFORMATION | | |
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Item 1A. | Risk Factors | 24 |
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Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 25 |
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Item 6. | Exhibits | 25 |
| | |
Signatures | | 26 |
| | September 27, | | December 28, | | ||
| | 2013 | | 2012 | | ||
Assets | | | | | | | |
Current assets: | | | | | | | |
Cash and cash equivalents | | $ | 121,747 | | $ | 113,268 | |
Short-term investments | | | 13,296 | | | 20,881 | |
Accounts receivable, net of allowance for doubtful accounts | | | | | | | |
of $2,772 and $2,666 at September 27, 2013 and | | | | | | | |
December 28, 2012, respectively | | | 82,177 | | | 85,361 | |
Prepaid expenses and other assets | | | 9,512 | | | 8,277 | |
Deferred income taxes | | | 8,295 | | | 7,657 | |
Total current assets | | | 235,027 | | | 235,444 | |
| | | | | | | |
Property, equipment and leasehold improvements, net | | | 28,372 | | | 27,446 | |
Goodwill | | | 8,607 | | | 8,607 | |
Deferred income taxes | | | 20,489 | | | 18,359 | |
Deferred compensation plan assets | | | 31,386 | | | 24,801 | |
Other assets | | | 596 | | | 760 | |
Total assets | | $ | 324,477 | | $ | 315,417 | |
| | | | | | | |
Liabilities and Stockholders’ Equity | | | | | | | |
Current liabilities: | | | | | | | |
Accounts payable and accrued liabilities | | $ | 5,139 | | $ | 10,386 | |
Accrued payroll and employee benefits | | | 47,645 | | | 54,720 | |
Deferred revenues | | | 6,155 | | | 6,665 | |
Total current liabilities | | | 58,939 | | | 71,771 | |
Other liabilities | | | 1,164 | | | 988 | |
Deferred compensation | | | 31,319 | | | 24,697 | |
Deferred rent | | | 2,416 | | | 1,532 | |
Total liabilities | | | 93,838 | | | 98,988 | |
| | | | | | | |
Stockholders’ equity: | | | | | | | |
Common stock, $0.001 par value; 100,000 shares authorized; | | | | | | | |
16,427 shares issued at September 27, 2013 and December 28, 2012 | | | 16 | | | 16 | |
Additional paid-in capital | | | 140,013 | | | 123,693 | |
Accumulated other comprehensive loss | | | | | | | |
Investment securities, available for sale | | | (1) | | | 24 | |
Foreign currency translation adjustments | | | (155) | | | (274) | |
| | | (156) | | | (250) | |
Retained earnings | | | 219,493 | | | 206,057 | |
Treasury stock, at cost; 3,327 and 3,221 shares held at | | | | | | | |
September 27, 2013 and December 28, 2012, respectively | | | (128,727) | | | (113,087) | |
Total stockholders’ equity | | | 230,639 | | | 216,429 | |
Total liabilities and stockholders’ equity | | $ | 324,477 | | $ | 315,417 | |
3 | ||
| | Three Months Ended | | Nine Months Ended | | ||||||||
| | September 27, 2013 | | September 28, 2012 | | September 27, 2013 | | September 28, 2012 | | ||||
| | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | |
Revenues before reimbursements | | $ | 70,096 | | $ | 66,725 | | $ | 211,007 | | $ | 201,513 | |
Reimbursements | | | 5,135 | | | 6,573 | | | 12,389 | | | 18,194 | |
| | | | | | | | | | | | | |
Revenues | | | 75,231 | | | 73,298 | | | 223,396 | | | 219,707 | |
| | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | |
Compensation and related expenses | | | 44,801 | | | 42,589 | | | 137,795 | | | 130,621 | |
Other operating expenses | | | 6,440 | | | 5,908 | | | 18,794 | | | 17,422 | |
Reimbursable expenses | | | 5,135 | | | 6,573 | | | 12,389 | | | 18,194 | |
General and administrative expenses | | | 3,695 | | | 3,500 | | | 10,814 | | | 9,565 | |
| | | | | | | | | | | | | |
Total operating expenses | | | 60,071 | | | 58,570 | | | 179,792 | | | 175,802 | |
| | | | | | | | | | | | | |
Operating income | | | 15,160 | | | 14,728 | | | 43,604 | | | 43,905 | |
| | | | | | | | | | | | | |
Other income, net: | | | | | | | | | | | | | |
Interest income, net | | | 14 | | | 80 | | | 95 | | | 245 | |
Miscellaneous income, net | | | 2,341 | | | 1,522 | | | 5,592 | | | 3,161 | |
Total other income, net | | | 2,355 | | | 1,602 | | | 5,687 | | | 3,406 | |
| | | | | | | | | | | | | |
Income before income taxes | | | 17,515 | | | 16,330 | | | 49,291 | | | 47,311 | |
| | | | | | | | | | | | | |
Income taxes | | | 6,421 | | | 6,105 | | | 19,373 | | | 18,558 | |
| | | | | | | | | | | | | |
Net income | | $ | 11,094 | | $ | 10,225 | | $ | 29,918 | | $ | 28,753 | |
| | | | | | | | | | | | | |
Net income per share: | | | | | | | | | | | | | |
Basic | | $ | 0.82 | | $ | 0.75 | | $ | 2.19 | | $ | 2.08 | |
Diluted | | $ | 0.79 | | $ | 0.72 | | $ | 2.13 | | $ | 2.01 | |
| | | | | | | | | | | | | |
Shares used in per share computations: | | | | | | | | | | | | | |
Basic | | | 13,598 | | | 13,694 | | | 13,638 | | | 13,796 | |
Diluted | | | 13,993 | | | 14,196 | | | 14,047 | | | 14,317 | |
4 | ||
| | Three Months Ended | | Nine Months Ended | | ||||||||
| | September 27, 2013 | | September 28, 2012 | | September 27, 2013 | | September 28, 2012 | | ||||
| | | | | | | | | | | | | |
Net income | | $ | 11,094 | | $ | 10,225 | | $ | 29,918 | | $ | 28,753 | |
Other comprehensive income (loss): | | | | | | | | | | | | | |
Foreign currency translation | | | | | | | | | | | | | |
adjustments, net of tax | | | 556 | | | 306 | | | 119 | | | 227 | |
Unrealized loss on investments, | | | | | | | | | | | | | |
net of tax | | | (3) | | | (17) | | | (25) | | | (5) | |
Comprehensive income | | $ | 11,647 | | $ | 10,514 | | $ | 30,012 | | $ | 28,975 | |
5 | ||
| | Nine Months Ended | | ||||
| | September 27, 2013 | | September 28, 2012 | | ||
Cash flows from operating activities: | | | | | | | |
| | | | | | | |
Net income | | $ | 29,918 | | $ | 28,753 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | |
Depreciation and amortization of property, equipment and leasehold improvements | | | 3,667 | | | 3,459 | |
Amortization of premiums and accretion of discounts on short-term investments | | | 165 | | | 428 | |
Deferred rent | | | 884 | | | (296) | |
Provision for doubtful accounts | | | 822 | | | 1,304 | |
Stock-based compensation | | | 10,832 | | | 9,932 | |
Deferred income tax provision | | | (2,770) | | | (2,780) | |
Tax benefit for stock plans | | | (4,064) | | | (2,762) | |
Changes in operating assets and liabilities: | | | | | | | |
Accounts receivable | | | 2,362 | | | (16,594) | |
Prepaid expenses and other assets | | | (3,498) | | | (4,849) | |
Accounts payable and accrued liabilities | | | (521) | | | 6,574 | |
Accrued payroll and employee benefits | | | (3,469) | | | (925) | |
Deferred revenues | | | (510) | | | (610) | |
Net cash provided by operating activities | | | 33,818 | | | 21,634 | |
| | | | | | | |
Cash flows from investing activities: | | | | | | | |
Capital expenditures | | | (4,593) | | | (3,425) | |
Purchase of short-term investments | | | (11,813) | | | (515) | |
Maturity of short-term investments | | | 19,190 | | | 2,735 | |
Sale of short-term investments | | | - | | | 518 | |
Net cash provided by (used in) investing activities | | | 2,784 | | | (687) | |
| | | | | | | |
Cash flows from financing activities: | | | | | | | |
Tax benefit for stock plans | | | 4,064 | | | 2,762 | |
Payroll taxes for restricted stock units | | | (6,112) | | | (3,531) | |
Repurchase of common stock | | | (21,719) | | | (19,437) | |
Exercise of share-based payment awards | | | 1,497 | | | 2,071 | |
Dividends paid | | | (5,962) | | | - | |
Net cash used in financing activities | | | (28,232) | | | (18,135) | |
| | | | | | | |
Effect of foreign currency exchange rates on cash and cash equivalents | | | 109 | | | 402 | |
| | | | | | | |
Net increase in cash and cash equivalents | | | 8,479 | | | 3,214 | |
Cash and cash equivalents at beginning of period | | | 113,268 | | | 84,439 | |
Cash and cash equivalents at end of period | | $ | 121,747 | | $ | 87,653 | |
6 | ||
7 | ||
| | Fair Value Measurements at Reporting Date Using | | ||||||||||
(In thousands) | | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | ||||
| | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | |
Money market | | | | | | | | | | | | | |
securities (1) | | $ | 56,938 | | $ | 56,938 | | $ | - | | $ | - | |
| | | | | | | | | | | | | |
Fixed income available | | | | | | | | | | | | | |
for sale securities (2) | | | 13,296 | | | - | | | 13,296 | | | - | |
| | | | | | | | | | | | | |
Fixed income trading | | | | | | | | | | | | | |
securities held in deferred | | | | | | | | | | | | | |
compensation plan (3) | | | 9,921 | | | 9,921 | | | - | | | - | |
| | | | | | | | | | | | | |
Equity trading securities | | | | | | | | | | | | | |
held in deferred | | | | | | | | | | | | | |
compensation plan (3) | | | 25,578 | | | 25,578 | | | - | | | - | |
| | | | | | | | | | | | | |
Total | | $ | 105,733 | | $ | 92,437 | | $ | 13,296 | | $ | - | |
| | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deferred compensation | | | | | | | | | | | | | |
plan (4) | | | 35,431 | | | 35,431 | | | - | | | - | |
| | | | | | | | | | | | | |
Total | | $ | 35,431 | | $ | 35,431 | | $ | - | | $ | - | |
(1) | Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. |
(2) | Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet. |
(3) | Included in other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. |
(4) | Included in accrued liabilities and deferred compensation on the Company’s unaudited condensed consolidated balance sheet. |
8 | ||
| | Fair Value Measurements at Reporting Date Using | | ||||||||||
(In thousands) | | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | ||||
| | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | |
Money market | | | | | | | | | | | | | |
securities (1) | | $ | 49,134 | | $ | 49,134 | | $ | - | | $ | - | |
| | | | | | | | | | | | | |
Fixed income available | | | | | | | | | | | | | |
for sale securities (2) | | | 20,881 | | | - | | | 20,881 | | | - | |
| | | | | | | | | | | | | |
Fixed income trading | | | | | | | | | | | | | |
securities held in deferred | | | | | | | | | | | | | |
compensation plan (3) | | | 9,911 | | | 9,911 | | | - | | | - | |
| | | | | | | | | | | | | |
Equity trading securities | | | | | | | | | | | | | |
held in deferred | | | | | | | | | | | | | |
compensation plan (3) | | | 17,178 | | | 17,178 | | | - | | | - | |
| | | | | | | | | | | | | |
Total | | $ | 97,104 | | $ | 76,223 | | $ | 20,881 | | $ | - | |
| | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deferred compensation | | | | | | | | | | | | | |
plan (4) | | | 26,984 | | | 26,984 | | | - | | | - | |
| | | | | | | | | | | | | |
Total | | $ | 26,984 | | $ | 26,984 | | $ | - | | $ | - | |
(1) | Included in cash and cash equivalents on the Company’s consolidated balance sheet. |
(2) | Included in short-term investments on the Company’s consolidated balance sheet. |
(3) | Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. |
(4) | Included in accrued liabilities and deferred compensation on the Company’s consolidated balance sheet. |
9 | ||
| | | Amortized | | Unrealized | | | Unrealized | | | Estimated | | |
(In thousands) | | Cost | | Gains | | Losses | | Fair Value | | ||||
| | | | | | | | | | | | | |
Classified as current assets: | | | | | | | | | | | | | |
Cash | | $ | 64,809 | | $ | - | | $ | - | | $ | 64,809 | |
| | | | | | | | | | | | | |
Cash equivalents: | | | | | | | | | | | | | |
Money market securities | | | 56,938 | | | - | | | - | | | 56,938 | |
Total cash equivalents | | | 56,938 | | | - | | | - | | | 56,938 | |
Total cash and cash equivalents | | | 121,747 | | | - | | | - | | | 121,747 | |
| | | | | | | | | | | | | |
Short-term investments: | | | | | | | | | | | | | |
State and municipal bonds | | | 13,299 | | | 3 | | | (6) | | | 13,296 | |
Total short-term investments | | | 13,299 | | | 3 | | | (6) | | | 13,296 | |
| | | | | | | | | | | | | |
Total cash, cash equivalents | | | | | | | | | | | | | |
and short-term investments | | $ | 135,046 | | $ | 3 | | $ | (6) | | $ | 135,043 | |
| | | Amortized | | | Unrealized | | | Unrealized | | | Estimated | |
(In thousands) | | Cost | | Gains | | Losses | | Fair Value | | ||||
| | | | | | | | | | | | | |
Classified as current assets: | | | | | | | | | | | | | |
Cash | | $ | 64,134 | | $ | - | | $ | - | | $ | 64,134 | |
| | | | | | | | | | | | | |
Cash equivalents: | | | | | | | | | | | | | |
Money market securities | | | 49,134 | | | - | | | - | | | 49,134 | |
Total cash equivalents | | | 49,134 | | | - | | | - | | | 49,134 | |
Total cash and cash equivalents | | | 113,268 | | | - | | | - | | | 113,268 | |
| | | | | | | | | | | | | |
Short-term investments: | | | | | | | | | | | | | |
State and municipal bonds | | | 20,841 | | | 41 | | | (1) | | | 20,881 | |
Total short-term investments | | | 20,841 | | | 41 | | | (1) | | | 20,881 | |
| | | | | | | | | | | | | |
Total cash, cash equivalents | | | | | | | | | | | | | |
and short-term investments | | $ | 134,109 | | $ | 41 | | $ | (1) | | $ | 134,149 | |
10 | ||
| | Amortized | | Estimated | | ||
(In thousands) | | Cost | | Fair Value | | ||
| | | | | | | |
Due within one year | | $ | 6,069 | | $ | 6,066 | |
Due between one and two years | | | 6,357 | | | 6,357 | |
Due between two and three years | | | 873 | | | 873 | |
Total | | $ | 13,299 | | $ | 13,296 | |
| | Three Months Ended | | Nine Months Ended | | ||||
(In thousands) | | September 27, 2013 | | September 28, 2012 | | September 27, 2013 | | September 28, 2012 | |
Shares used in basic per share computation | | 13,598 | | 13,694 | | 13,638 | | 13,796 | |
Effect of dilutive common stock options outstanding | | 83 | | 150 | | 78 | | 158 | |
Effect of dilutive restricted stock units outstanding | | 312 | | 352 | | 331 | | 363 | |
| | | | | | | | | |
Shares used in diluted per share computation | | 13,993 | | 14,196 | | 14,047 | | 14,317 | |
11 | ||
| | Nine Months Ended | | ||||
(In thousands) | | September 27, 2013 | | September 28, 2012 | | ||
Cash paid during period: | | | | | | | |
Income taxes | | $ | 17,027 | | $ | 16,026 | |
Non-cash investing and financing activities: | | | | | | | |
Unrealized loss on short-term investments | | $ | (25) | | $ | (5) | |
Vested stock unit awards issued to settle accrued bonuses | | $ | 5,807 | | $ | 5,343 | |
12 | ||
| | September 27, | | December 28, | | ||
(In thousands) | | 2013 | | 2012 | | ||
| | | | | | | |
Billed accounts receivable | | $ | 52,733 | | $ | 54,653 | |
Unbilled accounts receivable | | | 32,216 | | | 33,374 | |
Allowance for doubtful accounts | | | (2,772) | | | (2,666) | |
Total accounts receivable, net | | $ | 82,177 | | $ | 85,361 | |
Revenues | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended | | ||||||||
(In thousands) | | September 27, 2013 | | September 28, 2012 | | September 27, 2013 | | September 28, 2012 | | ||||
| | | | | | | | | | | | | |
Engineering and other scientific | | $ | 56,395 | | $ | 53,071 | | $ | 163,353 | | $ | 158,784 | |
Environmental and health | | | 18,836 | | | 20,227 | | | 60,043 | | | 60,923 | |
| | | | | | | | | | | | | |
Total revenues | | $ | 75,231 | | $ | 73,298 | | $ | 223,396 | | $ | 219,707 | |
Operating Income | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended | | ||||||||
(In thousands) | | September 27, 2013 | | September 28, 2012 | | September 27, 2013 | | September 28, 2012 | | ||||
| | | | | | | | | | | | | |
Engineering and other scientific | | $ | 18,115 | | $ | 16,217 | | $ | 51,747 | | $ | 47,573 | |
Environmental and health | | | 5,624 | | | 6,933 | | | 19,104 | | | 20,722 | |
| | | | | | | | | | | | | |
Total segment operating income | | | 23,739 | | | 23,150 | | | 70,851 | | | 68,295 | |
| | | | | | | | | | | | | |
Corporate operating expense | | | (8,579) | | | (8,422) | | | (27,247) | | | (24,390) | |
| | | | | | | | | | | | | |
Total operating income | | $ | 15,160 | | $ | 14,728 | | $ | 43,604 | | $ | 43,905 | |
13 | ||
Capital Expenditures | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended | | ||||||||
(In thousands) | | September 27, 2013 | | September 28, 2012 | | September 27, 2013 | | September 28, 2012 | | ||||
| | | | | | | | | | | | | |
Engineering and other scientific | | $ | 664 | | $ | 1,103 | | $ | 3,924 | | $ | 2,039 | |
Environmental and health | | | 41 | | | 174 | | | 110 | | | 348 | |
| | | | | | | | | | | | | |
Total segment capital expenditures | | | 705 | | | 1,277 | | | 4,034 | | | 2,387 | |
| | | | | | | | | | | | | |
Corporate capital expenditures | | | 187 | | | 206 | | | 559 | | | 1,038 | |
| | | | | | | | | | | | | |
Total capital expenditures | | $ | 892 | | $ | 1,483 | | $ | 4,593 | | $ | 3,425 | |
Depreciation and Amortization | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended | | ||||||||
(In thousands) | | September 27, 2013 | | September 28, 2012 | | September 27, 2013 | | September 28, 2012 | | ||||
| | | | | | | | | | | | | |
Engineering and other scientific | | $ | 813 | | $ | 677 | | $ | 2,269 | | $ | 2,061 | |
Environmental and health | | | 76 | | | 72 | | | 221 | | | 209 | |
| | | | | | | | | | | | | |
Total segment depreciation and amortization | | | 889 | | | 749 | | | 2,490 | | | 2,270 | |
| | | | | | | | | | | | | |
Corporate depreciation and amortization | | | 394 | | | 384 | | | 1,177 | | | 1,189 | |
| | | | | | | | | | | | | |
Total depreciation and amortization | | $ | 1,283 | | $ | 1,133 | | $ | 3,667 | | $ | 3,459 | |
| | Environmental | | Engineering and | | | | |||
(In thousands) | | and health | | other scientific | | Total | | |||
| | | | | | | | | | |
Goodwill | | $ | 8,099 | | $ | 508 | | $ | 8,607 | |
14 | ||
15 | ||
Revenues | | | | | | | | |
| Three Months Ended | | | | ||||
(In thousands, except percentages) | September 27, 2013 | | September 28, 2012 | | Percent Change | | ||
| | | | | | | | |
Engineering and other scientific | $ | 56,395 | $ | 53,071 | 6.3 | % | ||
Percentage of total revenues | | 75.0 | % | | 72.4 | % | | |
Environmental and health | | 18,836 | | 20,227 | (6.9) | % | ||
Percentage of total revenues | | 25.0 | % | | 27.6 | % | | |
| | | | | | | | |
Total revenues | $ | 75,231 | $ | 73,298 | 2.6 | % |
16 | ||
Compensation and Related Expenses | | | | | | | | | | | |
| | Three Months Ended | | | | | |||||
(In thousands, except percentages) | | September 27, 2013 | | | September 28, 2012 | | | Percent Change | | ||
| | | | | | | | | | | |
Compensation and related expenses | | $ | 44,801 | | $ | 42,589 | | 5.2 | % | ||
Percentage of total revenues | | | 59.6 | % | | | 58.1 | % | | | |
Other Operating Expenses | | | | | | | | | | | |
| | Three Months Ended | | | | | |||||
(In thousands, except percentages) | | September 27, 2013 | | | September 28, 2012 | | | Percent Change | | ||
| | | | | | | | | | | |
Other operating expenses | | $ | 6,440 | | $ | 5,908 | | 9.0 | % | ||
Percentage of total revenues | | | 8.6 | % | | | 8.1 | % | | | |
17 | ||
| Three Months Ended | | | | ||||
(In thousands, except percentages) | September 27, 2013 | | September 28, 2012 | | Percent Change | | ||
| | | | | | | | |
Reimbursable expenses | $ | 5,135 | $ | 6,573 | (21.9) | % | ||
Percentage of total revenues | | 6.8 | % | | 9.0 | % | | |
General and Administrative Expenses | | | | | | | | | | | |
| | Three Months Ended | | | | | |||||
(In thousands, except percentages) | | September 27, 2013 | | | September 28, 2012 | | | Percent Change | | ||
| | | | | | | | | | | |
General and administrative expenses | | $ | 3,695 | | $ | 3,500 | | 5.6 | % | ||
Percentage of total revenues | | | 4.9 | % | | | 4.8 | % | | | |
Other Income, Net | | | | | | | | | | | |
| | Three Months Ended | | | | | |||||
(In thousands, except percentages) | | September 27, 2013 | | | September 28, 2012 | | | Percent Change | | ||
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