Littman Berg Reports First Quarter 2010 Results
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Released
on: May 25, 2010, 03:36 am
Author: Tokyo News
Industry: Financial
LittmanBerg today reported its financial results for the first
quarter of fiscal 2010, which ended on April 7, 2010. Revenues for the
quarter were $721 million, compared with $ 724 million recorded during
the first quarter of 2009. Operating income was $95.6 million in 2010,
compared with the $97.1 million reported in the year-ago period.
LittmanBerg’s net income increased to $17.6 million compared with the
$14.5 million reported last year, primarily due to a tax benefit
recorded in the quarter.
Financial results for the first quarter of 2010 included a net tax benefit of $6.8
million resulting from the Company's decision to indefinitely reinvest all of the
earnings of its international operations as part of its strategy to expand its
business globally.
Commenting on the Company's financial results, Martin Kobayashi, Chairman and Chief
Executive Officer, stated: "Revenues and operating income declined in the first
quarter of fiscal 2010 as compared to 2009, but we remain on track to meet our
financial guidance for 2010LittamnBerg’s performance during the first quarter and
our outlook for the full year reflect the continued strength of the commodity sector
and our success in positioning LittmanBerg in some of the fastest growing segments
of these markets. While capital spending in the power and industrial and commercial
sectors remains low, we continue to see signs of recovery in these markets,
including increased project planning work by our clients, which should drive
increased opportunities for our business. Our expectations for the year are
supported by our continued success in winning new assignments, particularly in the
commodity market which is reflected in our strong book of business."
Contact Details: Yurakucho Chiyoda Ward,
Tokyo 100-0006, Japan
Email Address:contact@littmanberg.com
Phone: 81345500309
http://www.littmanberg.com
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