Huron Consulting Group Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed on January 9, 2007, by Huron Consulting Group Inc. The report details the consummation of an asset acquisition that occurred on January 9, 2007, following a definitive agreement announced on January 8, 2007.
Key Financial Metrics
The filing reports the acquisition of Glass & Associates, Inc. ("Glass") for an aggregate purchase price of approximately $30 million in cash at closing, subject to standard post-closing adjustments. The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity metrics for Huron Consulting Group Inc. or Glass & Associates, Inc. within this document.
Material Changes
The primary material change is the completion of the acquisition of Glass & Associates, Inc. The transaction structure includes potential additional cash consideration payable over the next four years if specific performance targets are met. The exact amount of this contingent consideration is not determinable at this time but could be significant.
Guidance, Outlook, and Risks
Management expects to fund any additional contingent payments using cash flows generated from operations. The filing contains forward-looking statements regarding future performance and achievements, which are subject to known and unknown risks. Investors are directed to the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2005, for a complete description of material risks. Financial statements for the acquired business and pro forma financial information are not included in this report and are scheduled to be filed by amendment no later than March 28, 2007.
Key Facts for Investor Verification
- Acquisition of Glass & Associates, Inc. was consummated on January 9, 2007.
- Initial cash purchase price was approximately $30 million.
- Significant additional cash consideration may be payable over four years based on performance targets.
- Financial statements for Glass and pro forma information are pending and due by March 28, 2007.
- Management intends to fund contingent payments from operating cash flows.