Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 27, 2014 | Aug. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HACKETT GROUP, INC. | ' |
Entity Central Index Key | '0001057379 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 27-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--01-02 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 29,590,075 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 27, 2014 | Dec. 27, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $10,805,000 | $18,199,000 |
Accounts receivable and unbilled revenue, net of allowance of $1,495 and $1,674 at June 27, 2014 and December 27, 2013, respectively | 43,865,000 | 34,011,000 |
Deferred tax asset, net | 3,189,000 | 5,130,000 |
Prepaid expenses and other current assets | 2,850,000 | 2,283,000 |
Total current assets | 60,709,000 | 59,623,000 |
Restricted cash | 655,000 | 354,000 |
Property and equipment, net | 12,785,000 | 13,019,000 |
Other assets | 4,050,000 | 1,039,000 |
Goodwill, net | 84,126,000 | 76,283,000 |
Total assets | 162,325,000 | 150,318,000 |
Current liabilities: | ' | ' |
Accounts payable | 5,020,000 | 8,080,000 |
Accrued expenses and other liabilities | 35,044,000 | 25,646,000 |
Current portion of long-term debt | 3,496,000 | ' |
Total current liabilities | 43,560,000 | 33,726,000 |
Long-term deferred tax liability, net | 3,599,000 | 4,387,000 |
Long-term debt | 26,217,000 | 19,029,000 |
Total liabilities | 73,376,000 | 57,142,000 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, $.001 par value, 1,250,000 shares authorized; none issued and outstanding | ' | ' |
Common stock, $.001 par value, 125,000,000 shares authorized; 53,103,200 and 52,143,103 shares issued at June 27, 2014 and December 27, 2013, respectively | 53,000 | 52,000 |
Additional paid-in capital | 263,017,000 | 261,861,000 |
Treasury stock, at cost, 23,396,848 and 22,189,409 shares June 27, 2014 and December 27, 2013, respectively | -87,704,000 | -80,406,000 |
Accumulated deficit | -82,451,000 | -83,880,000 |
Accumulated comprehensive loss | -3,966,000 | -4,451,000 |
Total shareholders' equity | 88,949,000 | 93,176,000 |
Total liabilities and shareholders' equity | $162,325,000 | $150,318,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 27, 2014 | Dec. 27, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts receivable and unbilled revenue, allowance | $1,495 | $1,674 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,250,000 | 1,250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 53,103,200 | 52,143,103 |
Treasury stock, at cost, shares | 23,396,848 | 22,189,409 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | |
Revenue: | ' | ' | ' | ' |
Revenue before reimbursements | $55,000,000 | $52,341,000 | $104,418,000 | $101,212,000 |
Reimbursements | 6,052,000 | 6,620,000 | 11,539,000 | 12,098,000 |
Total revenue | 61,052,000 | 58,961,000 | 115,957,000 | 113,310,000 |
Cost of service: | ' | ' | ' | ' |
Personnel costs before reimbursable expenses (includes $785 and $863 and $1,400 and $1,686 of stock compensation expense in the quarters and six months ended June 27, 2014 and June 28, 2013, respectively) | 34,353,000 | 33,363,000 | 67,606,000 | 65,405,000 |
Reimbursable expenses | 6,052,000 | 6,620,000 | 11,539,000 | 12,098,000 |
Total cost of service | 40,405,000 | 39,983,000 | 79,145,000 | 77,503,000 |
Selling, general and administrative costs (includes $691 and $782 and $1,344 and $1,481 of stock compensation expense in the quarters and six months ended June 27, 2014 and June 28, 2013, respectively) | 15,621,000 | 13,893,000 | 29,862,000 | 27,193,000 |
Restructuring costs | ' | ' | 3,604,000 | ' |
Total costs and operating expenses | 56,026,000 | 53,876,000 | 112,611,000 | 104,696,000 |
Income from operations | 5,026,000 | 5,085,000 | 3,346,000 | 8,614,000 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 1,000 | 3,000 | 2,000 | 4,000 |
Interest expense | -166,000 | -125,000 | -290,000 | -267,000 |
Income from continuing operations before income taxes | 4,861,000 | 4,963,000 | 3,058,000 | 8,351,000 |
Income tax expense | 1,386,000 | 2,033,000 | 1,629,000 | 3,392,000 |
Income from continuing operations | 3,475,000 | 2,930,000 | 1,429,000 | 4,959,000 |
Loss from discontinued operations | ' | ' | ' | -71,000 |
Net income | $3,475,000 | $2,930,000 | $1,429,000 | $4,888,000 |
Basic net income per common share: | ' | ' | ' | ' |
Income per common share from continuing operations | $0.12 | $0.10 | $0.05 | $0.16 |
Net income per common share | $0.12 | $0.10 | $0.05 | $0.16 |
Diluted net income per common share: | ' | ' | ' | ' |
Income per common share from continuing operations | $0.12 | $0.09 | $0.05 | $0.16 |
Loss per common share from discontinued operations | ' | ' | ' | ($0.01) |
Net income per common share | $0.12 | $0.09 | $0.05 | $0.15 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic | 28,939,096 | 30,532,021 | 29,029,300 | 30,411,897 |
Diluted | 29,983,794 | 32,251,053 | 29,926,248 | 31,862,013 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share based compensation | ' | ' | $2,744,000 | $3,167,000 |
Cost of Sales [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share based compensation | 785,000 | 863,000 | 1,400,000 | 1,686,000 |
Selling General and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share based compensation | $691,000 | $782,000 | $1,344,000 | $1,481,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ' | ' | ' | ' |
Net income | $3,475 | $2,930 | $1,429 | $4,888 |
Foreign currency translation adjustment | 106 | 68 | 485 | -1,396 |
Total comprehensive income | $3,581 | $2,998 | $1,914 | $3,492 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 27, 2014 | Jun. 28, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $1,429,000 | $4,888,000 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation expense | 1,219,000 | 960,000 |
Amortization expense | 1,147,000 | 301,000 |
Amortization of debt issuance costs | 46,000 | 48,000 |
Restructuring costs | 3,604,000 | ' |
Provision (reversal) for doubtful accounts | 526,000 | -9,000 |
Loss on foreign currency translation | 109,000 | 32,000 |
Non-cash stock compensation expense | 2,744,000 | 3,167,000 |
Changes in assets and liabilities, net of acquisition: | ' | ' |
(Increase) decrease in accounts receivable and unbilled revenue | -8,806,000 | 1,278,000 |
(Increase) decrease in prepaid expenses and other current and non-current assets | -682,000 | 1,783,000 |
Decrease in accounts payable | -3,060,000 | -2,635,000 |
Decrease in accrued expenses and other liabilities | -5,653,000 | -4,640,000 |
Net cash (used in) provided by operating activities | -7,377,000 | 5,173,000 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -980,000 | -1,221,000 |
Cash consideration paid for acquisition | -2,700,000 | ' |
Cash acquired in acquisition of business | 522,000 | ' |
(Increase) decrease in restricted cash | -300,000 | 162,000 |
Net cash used in investing activities | -3,458,000 | -1,059,000 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 10,500,000 | ' |
Repayment of borrowings | -37,000 | -9,974,000 |
Proceeds from issuance of common stock | 279,000 | 358,000 |
Repurchases of common stock | -7,324,000 | -594,000 |
Net cash provided by (used in) financing activities | 3,418,000 | -10,210,000 |
Effect of exchange rate on cash | 23,000 | 1,000 |
Net decrease in cash and cash equivalents | -7,394,000 | -6,095,000 |
Cash and cash equivalents at beginning of year | 18,199,000 | 16,906,000 |
Cash and cash equivalents at end of period | 10,805,000 | 10,811,000 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for income taxes | 686,000 | 449,000 |
Cash paid for interest | $247,000 | $218,000 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Shares issued to sellers of acquired business | 1,000,000 | ' |
Basis_of_Presentation_and_Gene
Basis of Presentation and General Information | 6 Months Ended |
Jun. 27, 2014 | |
Basis of Presentation and General Information [Abstract] | ' |
Basis Of Presentation And General Information | ' |
1. Basis of Presentation and General Information | |
Basis of Presentation | |
The accompanying consolidated financial statements of The Hackett Group, Inc. (“Hackett” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company’s accounts and those of its wholly-owned subsidiaries which the Company is required to consolidate. All intercompany transactions and balances have been eliminated in consolidation. | |
In the opinion of management, the accompanying consolidated financial statements reflect all normal and recurring adjustments which are necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods presented. The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these statements do not include all the disclosures normally required by U.S. GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 27, 2013, included in the Annual Report on Form 10-K filed by the Company with the SEC. The consolidated results of operations for the quarter and six months ended June 27, 2014, are not necessarily indicative of the results to be expected for any future period or for the full fiscal year. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Fair Value | |
The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable and unbilled revenue, accounts payable, accrued expenses and other liabilities and debt. As of June 27, 2014 and December 27, 2013, the carrying amount of each financial instrument, with the exception of debt, approximated the instrument’s respective fair value due to the short-term nature and maturity of these instruments. | |
The Company uses significant other observable market data or assumptions (Level 2 inputs as defined in accounting guidance) that it believes market participants would use in pricing debt. The fair value of the debt approximated the carrying amount, using Level 2 inputs, due to the short-term variable interest rates based on market rates. | |
Business Combinations | |
The Company applies the provisions of ASC 805, Business Combinations, in the accounting for its acquisitions, which requires recognition of the assets acquired and the liabilities assumed at their acquisition date fair values, separately from goodwill. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the tangible and identifiable intangible assets acquired and liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, that may be up to 12 months from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with a corresponding adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, the impact of any subsequent adjustments is included in the consolidated statements of operations. | |
Recently Issued Accounting Standards | |
In May 2014, the FASB issued guidance on revenue recognition, which provides for a single, principles-based model for revenue recognition and replaces the existing revenue recognition guidance. The guidance is effective for annual and interim periods beginning on or after December 15, 2016 and will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is not permitted. The Company has not yet selected a transition method and is in the process of evaluating the effect this standard will have on its consolidated financial statements and related disclosures. | |
1. Basis of Presentation and General Information (continued) | |
Reclassifications | |
Certain prior period amounts in the consolidated financial statements, and notes thereto, have been reclassified to conform to current period presentation. | |
Net_Income_Per_Common_Share
Net Income Per Common Share | 6 Months Ended | ||||||||
Jun. 27, 2014 | |||||||||
Net Income Per Common Share [Abstract] | ' | ||||||||
Net (Loss) Income Per Common Share | ' | ||||||||
2. Net Income per Common Share | |||||||||
Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. With regard to common stock subject to vesting requirements and restricted stock units issued to the Company’s employees and non-employee members of its Board of Directors, the calculation includes only the vested portion of such stock and units. | |||||||||
Dilutive net income per common share is computed by dividing net income by the weighted average number of common shares outstanding, increased by the assumed conversion of other potentially dilutive securities during the period. | |||||||||
The following table reconciles basic and dilutive weighted average common shares: | |||||||||
Quarter Ended | Six Months Ended | ||||||||
June 27, | June 28, | June 27, | June 28, | ||||||
2014 | 2013 | 2014 | 2013 | ||||||
Basic weighted average common shares outstanding | 28,939,096 | 30,532,021 | 29,029,300 | 30,411,897 | |||||
Effect of dilutive securities: | |||||||||
Unvested restricted stock units and common stock subject to | |||||||||
vesting requirements issued to employees and non-employees | 1,035,202 | 1,707,857 | 887,477 | 1,435,012 | |||||
Common stock issuable upon the exercise of stock options | 9,496 | 11,175 | 9,471 | 15,104 | |||||
Dilutive weighted average common shares outstanding | 29,983,794 | 32,251,053 | 29,926,248 | 31,862,013 | |||||
Approximately 0.4 million and 0.9 million shares of common stock equivalents were excluded from the computations of diluted net income per common share for the quarters ended June 27, 2014 and June 28, 2013, respectively, as their inclusion would have had an anti-dilutive effect on diluted net income per common share. | |||||||||
Accounts_Receivable_And_Unbill
Accounts Receivable And Unbilled Revenue, Net | 6 Months Ended | ||||||
Jun. 27, 2014 | |||||||
Accounts Receivable And Unbilled Revenue, Net [Abstract] | ' | ||||||
Accounts Receivable And Unbilled Revenue, Net | ' | ||||||
3. Accounts Receivable and Unbilled Revenue, Net | |||||||
Accounts receivable and unbilled revenue, net, consisted of the following (in thousands): | |||||||
June 27, | December 27, | ||||||
2014 | 2013 | ||||||
Accounts receivable | $ | 35,985 | $ | 27,147 | |||
Unbilled revenue | 9,375 | 8,538 | |||||
Allowance for doubtful accounts | -1,495 | -1,674 | |||||
Accounts receivable and unbilled revenue, net | $ | 43,865 | $ | 34,011 | |||
Accounts receivable is net of uncollected advanced billings. Unbilled revenue includes recognized recoverable costs and accrued profits on contracts for which billings had not been presented to clients. | |||||||
Accrued_Expenses_And_Other_Lia
Accrued Expenses And Other Liabilities | 6 Months Ended | ||||||
Jun. 27, 2014 | |||||||
Accrued Expenses And Other Liabilities [Abstract] | ' | ||||||
Accrued Expenses And Other Liabilities | ' | ||||||
4. Accrued Expenses and Other Liabilities | |||||||
Accrued expenses and other liabilities consisted of the following (in thousands): | |||||||
June 27, | December 27, | ||||||
2014 | 2013 | ||||||
Accrued compensation and benefits | $ | 7,327 | $ | 5,163 | |||
Accrued bonuses | 2,446 | 5,899 | |||||
Accrued restructuring related expenses | 1,419 | 134 | |||||
Deferred revenue | 9,794 | 8,345 | |||||
Accrued sales, use, franchise and VAT tax | 1,166 | 1,393 | |||||
Acquisition-related contingent consideration | 8,000 | - | |||||
Other accrued expenses | 4,892 | 4,712 | |||||
Total accrued expenses and other liabilities | $ | 35,044 | $ | 25,646 | |||
Restructuring_Costs
Restructuring Costs | 6 Months Ended | ||
Jun. 27, 2014 | |||
Restructuring Costs [Abstract] | ' | ||
Restructuring Costs | ' | ||
5. Restructuring Costs | |||
The Company recorded restructuring costs of $3.6 million during the six months ended June 27, 2014, primarily for reductions in consultants and functional support personnel in Europe. These actions were taken as a result of the continued decline in demand in its European markets. The Company took steps to reduce its costs to better align its overall cost structure and organization with anticipated demand for its services. | |||
The following table sets forth the activity in the restructuring expense accruals (in thousands): | |||
Severance and Other | |||
Employee Costs | |||
Accrual balance at December 27, 2013 | $ | - | |
Accrual | 3,604 | ||
Expenditures | -2,185 | ||
Accrual balance at June 27, 2014 | $ | 1,419 | |
Credit_Facility
Credit Facility | 6 Months Ended | |||
Jun. 27, 2014 | ||||
Credit Facility [Abstract] | ' | |||
Credit Facility | ' | |||
6. Credit Facility | ||||
On February 21, 2012, the Company entered into a credit agreement with Bank of America, N.A. ("Bank of America"), pursuant to which Bank of America agreed to lend the Company up to $20.0 million pursuant to a revolving line of credit (the “Revolver”) and up to $30.0 million pursuant to a five-year term loan (the “Term Loan”), which was used to finance the Company's $55.0 million tender offer for its shares in March 2012. See Note10 for further information. | ||||
On August 27, 2013, the Company amended and restated the credit agreement (the "Credit Agreement") with Bank of America to finance a tender offer for shares of its common stock completed in October 2013. See Note 10 for further information. The Credit Agreement was amended and restated to: | ||||
· | To provide for up to an additional $17.0 million of borrowing under the Term Loan (the "Amended Term Loan" and together with the Revolver, the "Credit Facility"). As of June 27, 2014, the Amended Term Loan had $25.0 million principal amount outstanding with no additional availability remaining and the Revolver had $4.5 million principal amount outstanding with an additional $15.5 million availability remaining. | |||
· | To extend the maturity date on the Revolver and the Amended Term Loan to August 27, 2018, five years from the date of the amendment and restatement of the Credit Agreement. | |||
The obligations of the Company under the Credit Facility are guaranteed by the active existing and future material U.S. subsidiaries of the Company and are secured by substantially all of the existing and future property and assets of the Company (subject to certain exceptions). | ||||
The interest rates per annum applicable to loans under the Credit Facility will be, at the Company’s option, equal to either a base rate or a LIBOR base rate, plus an applicable margin percentage. The applicable margin percentage is based on the consolidated leverage ratio, as defined in the Credit Agreement. As of June 27, 2014, the applicable margin percentage was 1.75% per annum based on the consolidated leverage ratio, in the case of LIBOR rate advances, and 1.00% per annum, in the case of base rate advances. | ||||
The Term Loan requires the amortization of principal payments in equal quarterly installments beginning December 31, 2013 through August 27, 2018, unless payments are made in advance. The Company is subject to certain covenants, including total consolidated leverage, fixed cost coverage and liquidity requirements, each as set forth in the Credit Agreement, subject to certain exceptions. | ||||
Acquisition
Acquisition | 6 Months Ended |
Jun. 27, 2014 | |
Acquisition [Abstract] | ' |
Acquisition | ' |
7. Acquisition | |
During the quarter ended March 28, 2014, the Company acquired the U.S., Canada and Uruguay operations of Technolab International Corporation ("Technolab"). The purchase price for the assets acquired and liabilities assumed was $3.0 million in cash ($0.3 million held in escrow) and $1.0 million in shares of the Company's common stock, which are subject to a four-year vesting provision. The sellers will have the ability to earn an additional $8.0 million in contingent consideration in cash and stock subject to an earn-out based on actual results achieved. | |
Management's initial purchase price allocation resulted in $7.6 million which exceeded the estimated fair value of tangible and intangible assets and liabilities and which was therefore allocated to goodwill. The acquired intangible assets with definite lives of $4.1 million will be amortized over periods ranging from 2 years to 5 years. | |
Management's preliminary determination of the fair value of the tangible and intangible assets acquired and liabilities assumed is based on estimates and assumptions that are subject to change. During the measurement period, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively. The measurement period can extend as long as one year from the acquisition date. | |
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Jun. 27, 2014 | |
Discontinued Operations [Abstract] | ' |
Discontinued Operations | ' |
8. Discontinued Operations | |
During the quarter ended March 29, 2013, the Company exited the Oracle ERP implementation business. This transaction was not material to the Company’s consolidated financial statements. | |
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 27, 2014 | |
Stock Based Compensation [Abstract] | ' |
Stock Based Compensation | ' |
9. Stock Based Compensation | |
During the six months ended June 27, 2014, the Company issued 780,818 restricted stock units at a weighted average grant-date fair value of $5.90 per share. As of June 27, 2014, the Company had 2,241,262 restricted stock units outstanding at a weighted average grant-date fair value of $5.31 per share. As of June 27, 2014, $8.1 million of total restricted stock unit compensation expense related to unvested awards had not been recognized and is expected to be recognized over a weighted average period of approximately 2.4 years. | |
During the six months ended June 27, 2014, the Company issued 164,474 shares of common stock subject to vesting requirements related to the Technolab acquisition at a weighted average grant-date fair value of $6.04 per share. See Note 7 for further information. As of June 27, 2014, the Company had 265,474 shares of common stock subject to vesting requirements outstanding at a weighted average grant-date fair value of $7.52 per share. As of June 27, 2014, $1.1 million of compensation expense related to common stock subject to vesting requirements had not been recognized and is expected to be recognized over a weighted average period of approximately 2.6 years. | |
On February 8, 2012, the Compensation Committee approved the fiscal year 2012 through 2015 equity compensation target for the Company’s Chief Executive Officer and Chief Operating Officer. Under this target, a single performance-based option grant was made to the Company’s Chief Executive Officer and the Chief Operating Officer of 1,912,500 options and 1,004,063 options, respectively, totaling 2,916,563 options, each with an exercise price of $4.00 and a fair value of $0.96. One-half of the options vest upon the achievement of at least 50% growth of pro forma earnings per share and the remaining half vest upon the achievement of at least 50% pro forma EBITDA growth. Each metric can be achieved at any time during the six-year term of the award based on a trailing twelve month period measured quarterly. | |
In March of 2013 these performance-based stock option grants were surrendered by the Company’s Chief Executive Officer and Chief Operating Officer and replaced with performance-based SARs, equal to the number of options. The terms and conditions and the specific performance targets applicable to the SARs are the same as those applicable to the replaced options, with the exception that the SARs will be settled in cash, stock or any combination thereof, at the Company’s discretion. | |
Although the targets for the performance-based SARs have not been achieved as of June 27, 2014, the Company recorded $0.1 million and $0.2 million of compensation expense related to these SARs for both of the quarters and six months ended June 27, 2014 and June 28, 2013, respectively. | |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended |
Jun. 27, 2014 | |
Shareholders' Equity [Abstract] | ' |
Shareholders' Equity | ' |
10. Shareholders’ Equity | |
Tender Offer | |
On August 28, 2013, the Company announced a tender offer to purchase up to $35.75 million in value of shares of its common stock, $0.001 par value per share, at a price neither greater than $6.50 nor less than $5.75 per share, to the seller in cash, less any applicable withholding taxes and without interest (the "Offer"). On September 26, 2013, the Company amended the Offer (the "Amended Offer") to increase the price range at which it would purchase its common stock to a range of neither greater than $7.00 nor less than $6.50 per share and to decrease the dollar amount of the Offer to $25.0 million. The Amended Offer was completed on October 15, 2013, with the Company purchasing approximately 1.0 million shares of its common stock at a purchase price of $7.00 per share, for an aggregate cost of approximately $6.9 million, excluding fees and expenses related to the Amended Offer. The 1.0 million shares represented approximately 3.1% of the Company's issued and outstanding shares of common stock at that time. The Company financed the Amended Offer from borrowings under the Amended Term Loan under its existing Credit Facility. See Note 6 for further information. | |
On March 21, 2012, the Company completed a tender offer to purchase 11.0 million shares of its common stock at a purchase price of $5.00 per share, for an aggregate cost of approximately $55.0 million, excluding fees and expenses relating to the tender offer The 11.0 million shares accepted for purchase represented approximately 27% of the Company’s issued and outstanding shares of common stock at that time. | |
Share Repurchase Plan | |
Under the Company’s share repurchase plan, the Company may buy back shares of its outstanding stock either on the open market or through privately negotiated transactions subject to market conditions and trading restrictions. During the quarter ended June 27, 2014, the Company repurchased approximately 491 thousand shares of its common stock at an average price of $6.03 per share for a total cost of approximately $3.0 million. During the six months ended June 27, 2014, the Company repurchased approximately 1.2 million shares of its common stock at an average price of $6.04 per share for a total cost of approximately $7.3 million. As of June 27, 2014, the Company had approximately $2.3 million available under its share repurchase plan authorization. During the quarter and six months ended June 28, 2013, the Company repurchased approximately 124 thousand shares of its common stock at an average price of $4.80 per share for a total cost of approximately $594 thousand. Subsequent to June 27, 2014, the Company's Board of Directors approved an additional $5.0 million authorization under the share repurchase plan. | |
Litigation
Litigation | 6 Months Ended |
Jun. 27, 2014 | |
Litigation [Abstract] | ' |
Litigation | ' |
11. Litigation | |
The Company is involved in legal proceedings, claims, and litigation arising in the ordinary course of business not specifically discussed herein. In the opinion of management, the final disposition of such matters will not have a material adverse effect on the Company’s financial position, cash flows or results of operations. | |
Geographic_And_Group_Informati
Geographic And Group Information | 6 Months Ended | ||||||||||||
Jun. 27, 2014 | |||||||||||||
Geographic And Group Information [Abstract] | ' | ||||||||||||
Geographic And Group Information | ' | ||||||||||||
12. Geographic and Group Information | |||||||||||||
Revenue is primarily based on the country of the contracting entity and was attributed to the following geographical areas (in thousands): | |||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||
June 27, | June 28, | June 27, | June 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Revenue: | |||||||||||||
North America | $ | 48,297 | $ | 46,636 | $ | 94,703 | $ | 88,946 | |||||
International (primarily European countries) | 12,755 | 12,325 | 21,254 | 24,364 | |||||||||
Total revenue | $ | 61,052 | $ | 58,961 | $ | 115,957 | $ | 113,310 | |||||
The geographic revenue for the quarter ended June 27, 2014, includes a reclass of revenue in the quarter ended March 28, 2014, between the US and International areas. | |||||||||||||
Long-lived assets are attributable to the following geographic areas (in thousands): | |||||||||||||
June 27, | December 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Long-lived assets: | |||||||||||||
North America | $ | 84,456 | $ | 74,095 | |||||||||
International (primarily European countries) | 16,505 | 16,246 | |||||||||||
Total long-lived assets | $ | 100,961 | $ | 90,341 | |||||||||
As of June 27, 2014, foreign assets included $16.1 million of goodwill related to the Archstone, REL and Technolab acquisitions. As of December 27, 2013, foreign assets included $15.8 million of goodwill related to the REL and Archstone acquisitions. | |||||||||||||
The Company’s revenue was derived from the following service groups (in thousands): | |||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||
June 27, | June 28, | June 27, | June 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
The Hackett Group | $ | 49,151 | $ | 47,659 | $ | 95,284 | $ | 91,271 | |||||
ERP Solutions | 11,901 | 11,302 | 20,673 | 22,039 | |||||||||
Total revenue | $ | 61,052 | $ | 58,961 | $ | 115,957 | $ | 113,310 | |||||
Basis_of_Presentation_and_Gene1
Basis of Presentation and General Information (Policies) | 6 Months Ended |
Jun. 27, 2014 | |
Basis of Presentation and General Information [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying consolidated financial statements of The Hackett Group, Inc. (“Hackett” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company’s accounts and those of its wholly-owned subsidiaries which the Company is required to consolidate. All intercompany transactions and balances have been eliminated in consolidation. | |
In the opinion of management, the accompanying consolidated financial statements reflect all normal and recurring adjustments which are necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows as of the dates and for the periods presented. The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these statements do not include all the disclosures normally required by U.S. GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 27, 2013, included in the Annual Report on Form 10-K filed by the Company with the SEC. The consolidated results of operations for the quarter and six months ended June 27, 2014, are not necessarily indicative of the results to be expected for any future period or for the full fiscal year. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Fair Value | ' |
Fair Value | |
The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable and unbilled revenue, accounts payable, accrued expenses and other liabilities and debt. As of June 27, 2014 and December 27, 2013, the carrying amount of each financial instrument, with the exception of debt, approximated the instrument’s respective fair value due to the short-term nature and maturity of these instruments. | |
The Company uses significant other observable market data or assumptions (Level 2 inputs as defined in accounting guidance) that it believes market participants would use in pricing debt. The fair value of the debt approximated the carrying amount, using Level 2 inputs, due to the short-term variable interest rates based on market rates. | |
Business Combinations | ' |
Business Combinations | |
The Company applies the provisions of ASC 805, Business Combinations, in the accounting for its acquisitions, which requires recognition of the assets acquired and the liabilities assumed at their acquisition date fair values, separately from goodwill. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the tangible and identifiable intangible assets acquired and liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, that may be up to 12 months from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with a corresponding adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, the impact of any subsequent adjustments is included in the consolidated statements of operations. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In May 2014, the FASB issued guidance on revenue recognition, which provides for a single, principles-based model for revenue recognition and replaces the existing revenue recognition guidance. The guidance is effective for annual and interim periods beginning on or after December 15, 2016 and will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is not permitted. The Company has not yet selected a transition method and is in the process of evaluating the effect this standard will have on its consolidated financial statements and related disclosures. | |
Reclassifications | ' |
Reclassifications | |
Certain prior period amounts in the consolidated financial statements, and notes thereto, have been reclassified to conform to current period presentation. | |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 6 Months Ended | ||||||||
Jun. 27, 2014 | |||||||||
Net Income Per Common Share [Abstract] | ' | ||||||||
Basic And Diluted Weighted Average Shares | ' | ||||||||
Quarter Ended | Six Months Ended | ||||||||
June 27, | June 28, | June 27, | June 28, | ||||||
2014 | 2013 | 2014 | 2013 | ||||||
Basic weighted average common shares outstanding | 28,939,096 | 30,532,021 | 29,029,300 | 30,411,897 | |||||
Effect of dilutive securities: | |||||||||
Unvested restricted stock units and common stock subject to | |||||||||
vesting requirements issued to employees and non-employees | 1,035,202 | 1,707,857 | 887,477 | 1,435,012 | |||||
Common stock issuable upon the exercise of stock options | 9,496 | 11,175 | 9,471 | 15,104 | |||||
Dilutive weighted average common shares outstanding | 29,983,794 | 32,251,053 | 29,926,248 | 31,862,013 | |||||
Accounts_Receivable_And_Unbill1
Accounts Receivable And Unbilled Revenue, Net (Tables) | 6 Months Ended | ||||||
Jun. 27, 2014 | |||||||
Accounts Receivable And Unbilled Revenue, Net [Abstract] | ' | ||||||
Accounts Receivable And Unbilled Revenue, Net | ' | ||||||
June 27, | December 27, | ||||||
2014 | 2013 | ||||||
Accounts receivable | $ | 35,985 | $ | 27,147 | |||
Unbilled revenue | 9,375 | 8,538 | |||||
Allowance for doubtful accounts | -1,495 | -1,674 | |||||
Accounts receivable and unbilled revenue, net | $ | 43,865 | $ | 34,011 | |||
Accrued_Expenses_And_Other_Lia1
Accrued Expenses And Other Liabilities (Tables) | 6 Months Ended | ||||||
Jun. 27, 2014 | |||||||
Accrued Expenses And Other Liabilities [Abstract] | ' | ||||||
Components Of Accrued Expenses And Other Liabilities | ' | ||||||
June 27, | December 27, | ||||||
2014 | 2013 | ||||||
Accrued compensation and benefits | $ | 7,327 | $ | 5,163 | |||
Accrued bonuses | 2,446 | 5,899 | |||||
Accrued restructuring related expenses | 1,419 | 134 | |||||
Deferred revenue | 9,794 | 8,345 | |||||
Accrued sales, use, franchise and VAT tax | 1,166 | 1,393 | |||||
Acquisition-related contingent consideration | 8,000 | - | |||||
Other accrued expenses | 4,892 | 4,712 | |||||
Total accrued expenses and other liabilities | $ | 35,044 | $ | 25,646 | |||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 6 Months Ended | ||
Jun. 27, 2014 | |||
Restructuring Costs [Abstract] | ' | ||
Summary Of Restructuring Expense Accruals | ' | ||
Severance and Other | |||
Employee Costs | |||
Accrual balance at December 27, 2013 | $ | - | |
Accrual | 3,604 | ||
Expenditures | -2,185 | ||
Accrual balance at June 27, 2014 | $ | 1,419 | |
Geographic_And_Group_Informati1
Geographic And Group Information (Tables) | 6 Months Ended | ||||||||||||
Jun. 27, 2014 | |||||||||||||
Geographic And Group Information [Abstract] | ' | ||||||||||||
Geographic Revenue | ' | ||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||
June 27, | June 28, | June 27, | June 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Revenue: | |||||||||||||
North America | $ | 48,297 | $ | 46,636 | $ | 94,703 | $ | 88,946 | |||||
International (primarily European countries) | 12,755 | 12,325 | 21,254 | 24,364 | |||||||||
Total revenue | $ | 61,052 | $ | 58,961 | $ | 115,957 | $ | 113,310 | |||||
Long-Lived Assets Attributable To Geographic Area | ' | ||||||||||||
June 27, | December 27, | ||||||||||||
2014 | 2013 | ||||||||||||
Long-lived assets: | |||||||||||||
North America | $ | 84,456 | $ | 74,095 | |||||||||
International (primarily European countries) | 16,505 | 16,246 | |||||||||||
Total long-lived assets | $ | 100,961 | $ | 90,341 | |||||||||
Revenue By Service Group | ' | ||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||
June 27, | June 28, | June 27, | June 28, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
The Hackett Group | $ | 49,151 | $ | 47,659 | $ | 95,284 | $ | 91,271 | |||||
ERP Solutions | 11,901 | 11,302 | 20,673 | 22,039 | |||||||||
Total revenue | $ | 61,052 | $ | 58,961 | $ | 115,957 | $ | 113,310 | |||||
Net_Income_Per_Common_Share_Na
Net Income Per Common Share (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 |
Net Income Per Common Share [Abstract] | ' | ' |
Antidilutive common share equivalents | 0.4 | 0.9 |
Net_Income_Per_Common_Share_Ba
Net Income Per Common Share (Basic And Diluted Weighted Average Shares) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | |
Net Income Per Common Share [Abstract] | ' | ' | ' | ' |
Basic weighted average common shares outstanding | 28,939,096 | 30,532,021 | 29,029,300 | 30,411,897 |
Unvested restricted stock units and common stock subject to vesting requirements issued to employees and non-employees | 1,035,202 | 1,707,857 | 887,477 | 1,435,012 |
Common stock issuable upon the exercise of stock options | 9,496 | 11,175 | 9,471 | 15,104 |
Diluted weighted average common shares outstanding | 29,983,794 | 32,251,053 | 29,926,248 | 31,862,013 |
Accounts_Receivable_And_Unbill2
Accounts Receivable And Unbilled Revenue (Details) (USD $) | Jun. 27, 2014 | Dec. 27, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable And Unbilled Revenue, Net [Abstract] | ' | ' |
Accounts receivable | $35,985 | $27,147 |
Unbilled revenue | 9,375 | 8,538 |
Allowance for doubtful accounts | -1,495 | -1,674 |
Accounts receivable and unbilled revenue, net | $43,865 | $34,011 |
Accrued_Expenses_And_Other_Lia2
Accrued Expenses And Other Liabilities (Details) (USD $) | Jun. 27, 2014 | Dec. 27, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses And Other Liabilities [Abstract] | ' | ' |
Accrued compensation and benefits | $7,327 | $5,163 |
Accrued bonuses | 2,446 | 5,899 |
Accrued restructuring related expenses | 1,419 | 134 |
Deferred revenue | 9,794 | 8,345 |
Accrued sales, use, franchise and VAT tax | 1,166 | 1,393 |
Acquisition-related contingent consideration | 8,000 | ' |
Other accrued expenses | 4,892 | 4,712 |
Total accrued expenses and other liabilities | $35,044 | $25,646 |
Restructuring_Costs_Narrative_
Restructuring Costs (Narrative) (Details) (USD $) | 6 Months Ended |
Jun. 27, 2014 | |
Restructuring Costs [Abstract] | ' |
Restructuring costs | $3,604,000 |
Restructuring_Costs_Summary_Of
Restructuring Costs (Summary Of Restructuring Expense Accruals) (Details) (Severance And Other Employee Costs [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 27, 2014 |
Severance And Other Employee Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Accrual | $3,604 |
Expenditures | -2,185 |
Accrual balance | $1,419 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | Jun. 27, 2014 | Feb. 21, 2012 | Jun. 27, 2014 | Feb. 21, 2012 | Jun. 27, 2014 | Aug. 27, 2013 | Jun. 27, 2014 | Jun. 27, 2014 |
In Millions, unless otherwise specified | Revolving line of credit facility [Member] | Revolving line of credit facility [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Line Of Credit Facility And Term Loan [Member] | Revolving Line Of Credit Facility And Term Loan [Member] | LIBOR Rate [Member] | Base Rate [Member] |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity under credit facility | ' | $20 | ' | $30 | ' | ' | ' | ' |
Credit facility amount outstanding | 4.5 | ' | 25 | ' | ' | ' | ' | ' |
Availability remaining | 15.5 | ' | 0 | ' | ' | ' | ' | ' |
Term of debt | ' | ' | '5 years | ' | '5 years | ' | ' | ' |
Additional borrowing capacity | ' | ' | ' | ' | ' | $17 | ' | ' |
Maturity date | ' | ' | 27-Aug-18 | ' | 27-Aug-18 | ' | ' | ' |
Margin percentage base rate | ' | ' | ' | ' | ' | ' | 1.75% | 1.00% |
Acquisition_Details
Acquisition (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 27, 2014 |
Assets acquired and liabilities assumed | $3 |
Held in escrow | 0.3 |
Purchase price, common stock | 1 |
Vesting pervision | '4 years |
Contingent consideration | 8 |
Purchase price | 7.6 |
Acquired intangible assets | $4.10 |
Minimum [Member] | ' |
Amortization period | '2 years |
Maximum [Member] | ' |
Amortization period | '5 years |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 0 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Feb. 08, 2012 | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Feb. 08, 2012 | Jun. 27, 2014 | Feb. 08, 2012 | Feb. 08, 2012 | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | |
Technolab [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Chief Executive Officer [Member] | Chief Operating Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Growth of Pro-forma EPS Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Growth of Pro-forma EBITDA percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units granted | ' | ' | ' | ' | 780,818 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant-date fair value | ' | ' | ' | ' | $5.90 | $0.96 | ' | ' | ' | ' | ' | ' | ' |
Weighted average period, Restricted stock units | ' | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period, Common stock | ' | '2 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance based stock option grant, Exercise price | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trailing period | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' |
Performance based stock option grant | ' | ' | ' | ' | ' | 2,916,563 | ' | 1,912,500 | 1,004,063 | ' | ' | ' | ' |
Total share based compensation | ' | $2,744,000 | $3,167,000 | ' | ' | ' | ' | ' | ' | $100,000 | $200,000 | $100,000 | $200,000 |
Restricted stock units outstanding | ' | ' | ' | ' | 2,241,262 | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested weighted average grant-date fair value | ' | ' | ' | ' | $5.31 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expenses related to unvested restricted stock unit based awards | ' | ' | ' | 164,474 | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares subject to vesting requirements | ' | 265,474 | ' | 6.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested weighted average grant-date fair value, Common stock | ' | $7.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to common stock subject to vesting requirements | ' | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of the award | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||
Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | Dec. 27, 2013 | Mar. 21, 2012 | Sep. 26, 2013 | Aug. 28, 2013 | Sep. 26, 2013 | Aug. 28, 2013 | Sep. 26, 2013 | Aug. 28, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Oct. 15, 2013 | |
2012 Tender Offer [Member] | 2013 Tender Offer [Member] | 2013 Tender Offer [Member] | 2013 Tender Offer [Member] | 2013 Tender Offer [Member] | 2013 Tender Offer [Member] | 2013 Tender Offer [Member] | Stock Repurchase A [Member] | Stock Repurchase B [Member] | Subsequent Event [Member] | ||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | 2013 Tender Offer [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional stock repurchase authorized | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase authorized | ' | ' | ' | ' | ' | ' | 25,000,000 | 35,750,000 | ' | ' | ' | ' | ' | ' | 6,900,000 |
Stock repurchase shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Common stock, par value | ' | ' | $0.00 | ' | $0.00 | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' |
Purchase price per share | ' | $4.80 | ' | $4.80 | ' | ' | ' | ' | $6.50 | $5.75 | $7 | $6.50 | $6.03 | $6.04 | $7 |
Percentage of issued and outstanding shares repurchased in tender offer | ' | ' | ' | ' | ' | 27.00% | ' | ' | ' | ' | ' | ' | ' | ' | 3.10% |
Number of stock repurchased in tender offer | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price per share repurchased in tender offer | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase cost of tender offer net of fees and expenses related to tender offer | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | 124,000 | ' | 124,000 | ' | ' | ' | ' | ' | ' | ' | ' | 491,000 | 1,200,000 | ' |
Total cost | ' | 594,000 | ' | 594,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 7,300,000 | ' |
Amount available under repurchase plan | ' | ' | $2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic_And_Group_Informati2
Geographic And Group Information (Narrative) (Details) (USD $) | Jun. 27, 2014 | Dec. 27, 2013 |
In Millions, unless otherwise specified | ||
Geographic And Group Information [Abstract] | ' | ' |
Goodwill included in foreign assets | $16.10 | $15.80 |
Geographic_And_Group_Informati3
Geographic And Group Information (Geographic Revenue) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | $61,052 | $58,961 | $115,957 | $113,310 |
North America [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | 48,297 | 46,636 | 94,703 | 88,946 |
International Primarily European Countries [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total revenue | $12,755 | $12,325 | $21,254 | $24,364 |
Geographic_And_Group_Informati4
Geographic And Group Information (Long-Lived Assets Attributable To Geographic Area) (Details) (USD $) | Jun. 27, 2014 | Dec. 27, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total long-lived assets | $100,961,000 | $90,341,000 |
North America [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total long-lived assets | 84,456,000 | 74,095,000 |
International Primarily European Countries [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total long-lived assets | $16,505,000 | $16,246,000 |
Geographic_And_Group_Informati5
Geographic And Group Information (Revenue By Service Group) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenue | $61,052 | $58,961 | $115,957 | $113,310 |
The Hackett Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenue | 49,151 | 47,659 | 95,284 | 91,271 |
ERP Solutions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenue | $11,901 | $11,302 | $20,673 | $22,039 |