Exponent, Inc. (EXPO) 2014年年度报告「NASDAQ」.pdf

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1、 2014 Annual Report Dear Fellow Stockholders:We are pleased to have continued to grow our revenues while expanding our margins in 2014.This performance allowed us to increase shareholder value by growing earnings,raising the dividend and expanding stock repurchases.For the year,revenues before reimb

2、ursements increased 3%to$289.2 million and total revenues reached$304.7 million.Net income increased 5%to$40.7 million,or$2.94 per diluted share,and EBITDA increased 6%to$73.2 million.We generated$48.3 million in cash from operations,repurchased$30.9 million of common stock,paid dividends of$13.1 mi

3、llion and closed 2014 with$154.4 million of cash,cash equivalents and short-term investments.Throughout the year,we saw our reactive services continue to grow,as we were called upon to perform high profile accident and failure investigations,evaluate potentially significant product recalls,and asses

4、s environmental and health exposures.Our proactive services,particularly design evaluations of consumer electronics and medical devices and regulatory consulting for the chemicals and food industries,also grew nicely during the year.In 2015,we are continuing to strengthen our position as the go-to f

5、irm for engineering and scientific expertise when clients want to know what happened as they are facing a product recall,litigation,or regulatory enforcement.We are leveraging our experience and reputation with reactive services to further develop our proactive services,such as design evaluations,ri

6、sk management,and regulatory consulting.We expect our underlying business growth to be in the high-single digits in 2015,partially offset by a significant decline in defense work related to the drawdown of troops in Afghanistan,as well as a step down in a major project in the second half of the year