07.03.2006 22:05:00
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Answerthink Comments On Impact of Dana Corporation's Chapter 11 Filing
Answerthink reported that it has approximately $800,000 inaccounts receivable and unbilled revenue due from Dana as of the dateof the bankruptcy filing. In addition, March revenue backlog ofapproximately $400,000 related to ongoing Dana projects may not to berealized unless the bankruptcy court approves the payment of feesunder the existing or a new contract.
Answerthink anticipates that it will continue efforts toparticipate in the ongoing turnaround effort at Dana, but can provideno assurances that it will be successful in these efforts. Dependingon the outcome of these efforts, the impact from the Dana filing couldreduce the Company's previously provided first quarter 2006 revenueguidance by as much as $400,000 and proforma earnings per shareguidance by as much as one and one half cents.
About Answerthink
Answerthink, Inc. (http://www.answerthink.com) is a leadingbusiness and technology consulting firm that enables companies toachieve world-class business performance. By leveraging thecomprehensive database of The Hackett Group, Answerthink's businessand technology solutions help clients significantly improveperformance and maximize returns on technology investments.Answerthink's capabilities include benchmarking, businesstransformation, business applications, business intelligence, andoffshore application development and support. Founded in 1997,Answerthink has offices throughout the United States and in Europe andIndia.
About The Hackett Group
The Hackett Group (http://www.thehackettgroup.com), a strategicadvisory firm and an Answerthink company, is a world leader in bestpractice research, benchmarking, business transformation and workingcapital management services that empirically define and enableworld-class enterprise performance. The foundation of Hackett'sservices is a proprietary database of Hackett-Certified(TM) Practices,approaches that correlate with superior performance. Only The HackettGroup empirically defines world-class performance in sales, generaland administrative (SG&A) and supply chain activities with analysisgained through 3,400 benchmark studies over 14 years at 2,000 of theworld's leading companies. Hackett clients comprise 96 percent of theDow Jones Industrials, 77 percent of the Fortune 100 and 92 percent ofthe Dow Jones Global Titans Index.
This press release contains "forward-looking statements" withinthe meaning of the Private Securities Litigation Reform Act of 1995and involve known and unknown risks, uncertainties and other factors,including, in particular, statements regarding the financial impact ofDana Corporation's Chapter 11 bankruptcy filing, that may causeAnswerthink's actual results, performance or achievements to bematerially different from the results, performance or achievementsexpressed or implied by the forward-looking statements. Factors thatimpact such forward-looking statements include, among others, theability of the products, services, or practices mentioned in thisrelease to deliver the desired effect, our ability to effectivelyintegrate acquisitions into our operations, our ability to attractadditional business, our ability to effectively market and sell ourtransformation advisory product offerings and other services, thetiming of projects and the potential for contract cancellations by ourcustomers, changes in expectations regarding the informationtechnology industry, our ability to attract and retain skilledemployees, possible changes in collections of accounts receivable,risks of competition, price and margin trends, changes in generaleconomic conditions and interest rates as well as other risks detailedin the Company's Annual Report on Form 10-K for the fiscal year endedDecember 31, 2004 filed with the Securities and Exchange Commission.We undertake no obligation to update or revise publicly anyforward-looking statements, whether as a result of new information,future events or otherwise.
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