October 25, 2007
Dr. Kevin Ong Appointed To Faculty of First Annual U.S. Comprehensive Course on Total Hip Resurfacing Arthroplasty
Dr. Kevin Ong from the Biomechanics practice has been appointed as a faculty member of the First Annual U.S. Comprehensive Course on Total Hip Resurfacing Arthroplasty on November 9-10, 2007. This course brings together the world leaders in total hip resurfacing for various presentations, focused discussions, and surgical demonstrations. The goal is to identify, outline, and discuss the current state of knowledge in the clinical and basic sciences as they pertain to resurfacing technology.
Dr. Ong will be discussing whether contemporary designs have reached maturity. Course brochure.
October 23, 2007
New York Steam Pipe Explosion
Exponent’s report of the July 28, 2006 New York City Steam Pipe explosion was made public and excerpts mentioned in today’s NewsDay.com feature.
Click here to read the complete article about the incident.
October 18, 2007
Exponent Engineers Publish Medical Device Article in Food and Drug Law Journal
 Drs. Marta Villarraga, Heather Guerin and Tack Lam from the Biomechanics practice recently published an article entitled “Medical Device Recalls from 2004 to 2006: A Focus on Class I Recalls,” in the Food and Drug Law Journal’s special edition on Postmarket Surveillance.
In this article they report their analysis of publicly available data from the FDA’s Enforcement Reports and Medical Device Recalls databases. This analysis provides an overview of the content of Class I recalls in the three fiscal year period. Click to read the complete article in PDF format. (Volume 62, Issue 3. With permission from FDLI.)
October 17, 2007
Exponent Reports Strong Third Quarter 2007 Results
For the third quarter of 2007, total revenues increased 13% to $48,904,000, as compared to $43,333,000, in the same period of 2006. Revenues before reimbursements grew 12% to $44,916,000, as compared to $40,049,000, last year. Net income increased 35% to $5,037,000, or $0.31 per diluted share, as compared to $3,743,000, or $0.22 per diluted share, in 2006.
Read the full press release...
EBITDAS1 for the third quarter of 2007 increased 32% to $10,272,000, as compared to $7,766,000 in the same period of 2006. Exponent closed the third quarter of 2007 with $52.5 million in cash, cash equivalents and short-term investments. During the quarter, Exponent repurchased $7.7 million of common stock as part of its ongoing repurchase program.
“Our quarter was marked by double-digit revenue growth and improved margins, which contributed to strong bottom line results,” commented Michael R. Gaulke, Chairman and CEO. “On the revenue side, we had notable performance in our electrical and semiconductors, thermal sciences, human factors, mechanics and materials, and ecological sciences practices, in addition to our health group. Our improved margins resulted from increased utilization and leverage of our infrastructure.”
For the nine months ended September 28, 2007, revenues have grown 17% to $148,414,000, compared to $127,014,000 in the same period of 2006. Revenues before reimbursements have increased 15% to $136,165,000, compared to $118,721,000, last year. Net income increased 35% to $15,094,000, or $0.92 per diluted share, as compared to $11,215,000, or $0.64 per diluted share, in 2006. EBITDAS1 increased 36% to $31,172,000, as compared to $22,891,000 for the same period one year ago.
“During the year we have continued to drive strong performance across a broad set of practices and are well positioned for long-term growth in many areas, including health sciences consulting, product design consulting, energy consulting, and defense technology development. Exponent remains uniquely positioned as a leading multidisciplinary engineering and scientific consulting firm dedicated to helping our clients solve their challenging technical problems,” concluded Mr. Gaulke.
In a related release today, Exponent announced that it has been awarded a contract to deliver additional Rapid Deployment Integrated Surveillance Systems, (RDISS), during the next three months.
As a result of improved utilization, operating leverage, and the new RDISS contract, Exponent now expects growth in revenues before reimbursements to be in the mid-teens for 2007. In addition, the Company expects an improvement in operating income as a percentage of revenues before reimbursements of approximately 250 basis points for the full year.
Today's Conference Call Information
Exponent will discuss its financial results in more detail on a conference call today, October 17, 2007, 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 800-366-3908. A live webcast of the call will be available on the Investor Relations section of the Company's web site at 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 #11098780.
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 is best known for analyzing accidents and failures to determine their causes, but in recent years it has become more active in assisting clients with their new products to help prevent problems in the future. In addition, Exponent evaluates human health and environmental concerns to find cost-effective solutions.
Exponent may be reached at (888) 656-EXPO, info@exponent.com, or 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.
Condensed consolidated statements of income for the quarters ended September 28, 2007 and September 29, 2006 (PDF format)
Exponent Awarded Rapid Deployment Integrated Surveillance System Contract
MENLO PARK, Calif., October 17, 2007 - Exponent, Inc. (Nasdaq: EXPO) today reported that it had been awarded an indefinite-delivery-indefinite-quantity (IDIQ), contract by the RDECOM Acquisition Center to deliver Rapid Deployment Integrated Surveillance Systems (RDISS), to the U.S. Army's Rapid Equipping Force that minimizes soldiers’ exposure to threats by providing continuous surveillance throughout Iraq and Afghanistan. Currently $11.96 million of the IDIQ contract has been funded. These orders are expected to be completed during the next three months. This award is currently being protested and could be suspended or canceled at anytime.
"Exponent is pleased to assist the Army's Rapid Equipping Force with the development of technologies to aid our soldiers in combat," commented Chairman and CEO, Michael R. Gaulke. "We are committed to helping our military clients stay current with and benefit from rapidly evolving technologies."
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 is best known for analyzing accidents and failures to determine their causes, but in recent years it has become more active in assisting clients with their new products to help prevent problems in the future. In addition, Exponent evaluates human health and environmental concerns to find cost-effective solutions.
Exponent may be reached at (888) 656-EXPO, info@exponent.com, or 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.
October 16, 2007
Geeks In Combat-Battlefield Ph.Ds
Exponent’s Technology Development Practice was featured in a National Review Online article about the US Army’s Rapid Equipping Force. Cited author, Mario Loyola, “Staffed by bright young engineers in their 30s, the Ph.Ds are in constant touch with frontline troops. They not only develop cheap and user-friendly solutions to the novel problems the troops constantly face, but also escort their solutions through the problems that invariably arise in implementation. It’s called 'spiral development'.”
Click to read the entire article.
October 08, 2007
Exponent Engineer Publishes Article in UK Trade Magazine Medical Device Developments
Dr. Jason Clevenger, Managing Scientist in Exponent’s Natick, MA office recently published an article entitled “Safe Surface” in Medical Device Developments, a UK-based medical device industry trade magazine. Nearly half of infections in the US are related to medical implants, making anti-microbial coatings extremely beneficial. Dr. Clevenger investigates how these coatings can prevent and reduce infection levels. The ubiquitous risk of infection for all types of implanted medical devices has driven a tremendous wave of technological innovation over the past 20 years in the field of anti-microbial coating technology. Nosocomial infections associated with medical implants account for nearly 50% of the estimated two million annual infections in the US, with a total associated treatment cost of over $3bn. To read the complete article, click here.
October 04, 2007
Piotr Moncarz Appointed Board Member of the National Center for Research and Development of the Republic of Poland
Dr. Piotr Moncarz, Corporate Vice President, has been appointed by the Polish Government to serve as one of the Board members of the National Center for Research and Development of the Republic of Poland.
The National Center for Research and Development (NCBiR) is a government funded agency. It was established in July 2007 to implement priority tasks in the field of Polish scientific and innovative policy and is a unique state agency to perform public tasks in that area.
NCBiR shall fulfill its mission mainly by funding and managing strategic scientific research and experimental development programs. The Centre is responsible for specifying necessary research tasks, choosing organizations (companies, research institutes, universities) to perform these tasks, supervising their implementation and introduction of the results into practical application. The key assumption is the outcome of strategic programs - new technologies or products – shall be implemented and used in economy, health service, administration or other areas crucial for Polish society.
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