Huron Consulting (HURN) 8-K Consolidated Statements of Operations

Exhibit 99.1

HURON CONSULTING GROUP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Quarter ended												Year ended
	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2011
Revenues and reimbursable expenses:
Revenues	$	136,621		$	153,070		$	153,579		$	163,044		$	606,314
Reimbursable expenses		11,924			13,216			13,140			13,300			51,580
Total revenues and reimbursable expenses		148,545			166,286			166,719			176,344			657,894
Direct costs and reimbursable expenses (exclusive of depreciation and amortization shown in operating expenses):
Direct costs		88,075			91,132			92,865			104,012			376,084
Intangible assets amortization		1,433			1,369			1,309			1,253			5,364
Reimbursable expenses		12,055			13,326			13,005			13,287			51,673
Total direct costs and reimbursable expenses		101,563			105,827			107,179			118,552			433,121
Operating expenses:
Selling, general and administrative		29,569			31,070			27,617			31,069			119,325
Restructuring charges		524			461			394			2,450			3,829
Restatement related expenses		1,240			1,785			845			709			4,579
Litigation settlement, net		588			508			—			—			1,096
Depreciation and amortization		4,246			4,336			5,007			4,935			18,524
Goodwill impairment charge		—			—			21,973			—			21,973
Total operating expenses		36,167			38,160			55,836			39,163			169,326
Operating income		10,815			22,299			3,704			18,629			55,447
Other income (expense):
Interest (expense), net of interest income		(3,572	)		(3,535	)		(2,762	)		(2,390	)		(12,259	)
Other income (expense)		104			(65	)		(571	)		454			(78	)
Total other expense		(3,468	)		(3,600	)		(3,333	)		(1,936	)		(12,337	)
Income from continuing operations before income tax expense		7,347			18,699			371			16,693			43,110
Income tax expense (benefit)		3,873			9,535			(681	)		8,902			21,629
Net income from continuing operations		3,474			9,164			1,052			7,791			21,481
Income (loss) from discontinued operations (including loss on disposal of $1.9 million for the three and twelve months ended December 31, 2011), net of tax		582			305			(563	)		(1,286	)		(962	)
Net income	$	4,056		$	9,469		$	489		$	6,505		$	20,519
Net earnings (loss) per basic share:
Net income from continuing operations	$	0.16		$	0.43		$	0.05		$	0.36		$	1.01
Income (loss) from discontinued operations, net of tax	$	0.03		$	0.02		$	(0.03	)	$	(0.06	)	$	(0.05	)
Net income	$	0.19		$	0.45		$	0.02		$	0.30		$	0.96
Net earnings (loss) per diluted share:
Net income from continuing operations	$	0.16		$	0.43		$	0.05		$	0.35		$	0.99
Income (loss) from discontinued operations, net of tax	$	0.03		$	0.01		$	(0.03	)	$	(0.06	)	$	(0.04	)
Net income	$	0.19		$	0.44		$	0.02		$	0.29		$	0.95
Weighted average shares used in calculating earnings (loss) per share:
Basic		20,925			21,190			21,551			21,620			21,324
Diluted		21,157			21,476			21,968			22,094			21,676

HURON CONSULTING GROUP INC.

SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA

(Unaudited)

	Quarter ended												Year ended
Segment and Consolidated Operating Results (in thousands):	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2011
Health and Education Consulting:
Revenues	$	91,031		$	105,860		$	102,988		$	105,560		$	405,439
Operating income	$	26,367		$	37,764		$	35,812		$	35,689		$	135,632
Segment operating income as a percent of segment revenues		29.0	%		35.7	%		34.8	%		33.8	%		33.5	%
Legal Consulting:
Revenues	$	37,317		$	39,972		$	43,501		$	51,565		$	172,355
Operating income	$	9,595		$	9,629		$	12,779		$	11,210		$	43,213
Segment operating income as a percent of segment revenues		25.7	%		24.1	%		29.4	%		21.7	%		25.1	%
Financial Consulting:
Revenues	$	8,273		$	7,238		$	7,090		$	5,919		$	28,520
Operating income	$	2,494		$	1,867		$	2,244		$	515		$	7,120
Segment operating income as a percent of segment revenues		30.1	%		25.8	%		31.7	%		8.7	%		25.0	%
Total Company:
Revenues	$	136,621		$	153,070		$	153,579		$	163,044		$	606,314
Reimbursable expenses		11,924			13,216			13,140			13,300			51,580
Total revenues and reimbursable expenses	$	148,545		$	166,286		$	166,719		$	176,344		$	657,894
Statement of operations reconciliation:
Segment operating income	$	38,456		$	49,260		$	50,835		$	47,414		$	185,965
Charges not allocated at the segment level:
Other selling, general and administrative expenses		23,395			22,626			20,151			23,849			90,021
Depreciation and amortization expense		4,246			4,336			5,007			4,935			18,524
Goodwill impairment charge(1)		—			—			21,973			—			21,973
Total operating income		10,815			22,298			3,704			18,630			55,447
Other expense, net		(3,468	)		(3,600	)		(3,332	)		(1,937	)		(12,337	)
Income from continuing operations before income tax expense	$	7,347		$	18,698		$	372		$	16,693		$	43,110
Other Operating Data:
Number of full-time billable consultants (at period end) (2):
Health and Education Consulting		960			977			1,047			1,062			1,062
Legal Consulting		131			115			107			113			113
Financial Consulting		60			60			57			57			57
Total		1,151			1,152			1,211			1,232			1,232
Average number of full-time billable consultants (for the period)(2):
Health and Education Consulting		931			966			1,012			1,061			991
Legal Consulting		121			123			112			111			117
Financial Consulting		61			60			58			58			59
Total		1,113			1,149			1,182			1,230			1,167
Full-time billable consultant utilization rate(3):
Health and Education Consulting		81.1	%		73.7	%		78.2	%		75.9	%		77.1	%
Legal Consulting		55.9	%		54.9	%		64.1	%		68.1	%		60.5	%
Financial Consulting		75.8	%		74.6	%		68.0	%		63.2	%		70.7	%
Total		78.2	%		71.9	%		76.4	%		74.6	%		75.3	%

HURON CONSULTING GROUP INC.

SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)

(Unaudited)

	Quarter ended								Year ended
Other Operating Data:	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011		December 31, 2011
Full-time billable consultant average billing rate per hour(4):
Health and Education Consulting	$	215	$	269	$	250	$	257	$	247
Legal Consulting	$	236	$	231	$	236	$	248	$	238
Financial Consulting	$	365	$	326	$	365	$	350	$	351
Total	$	224	$	270	$	254	$	260	$	252
Revenue per full-time billable consultant (in thousands):
Health and Education Consulting	$	84	$	97	$	91	$	88	$	360
Legal Consulting	$	53	$	55	$	66	$	74	$	247
Financial Consulting	$	135	$	117	$	117	$	98	$	471
Total	$	83	$	94	$	90	$	87	$	354
Average number of full-time equivalents (for the period)(5):
Health and Education Consulting		150		146		146		161		150
Legal Consulting		863		973		1,032		1,192		1,015
Financial Consulting		—		1		1		1		1
Total		1,013		1,120		1,179		1,354		1,166
Revenue per full-time equivalents (in thousands):
Health and Education Consulting	$	87	$	82	$	73	$	80	$	324
Legal Consulting	$	36	$	34	$	35	$	36	$	141
Financial Consulting	$	—	$	207	$	296	$	228	$	734
Total	$	43	$	41	$	40	$	42	$	165

HURON CONSULTING GROUP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Quarter ended												Year ended
	March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			December 31, 2010
Revenues and reimbursable expenses:
Revenues	$	117,204		$	125,611		$	135,543		$	137,310		$	515,668
Reimbursable expenses		9,462			10,273	��		10,705			12,910			43,350
Total revenues and reimbursable expenses		126,666			135,884			146,248			150,220			559,018
Direct costs and reimbursable expenses (exclusive of depreciation and amortization shown in operating expenses):
Direct costs		77,542			76,046			80,761			82,676			317,025
Intangible assets amortization		886			887			886			1,466			4,125
Reimbursable expenses		9,515			10,223			10,765			12,720			43,223
Total direct costs and reimbursable expenses		87,943			87,156			92,412			96,862			364,373
Operating expenses:
Selling, general and administrative		28,364			28,309			26,091			28,766			111,530
Restructuring charges		—			1,164			295			2,603			4,062
Restatement related expenses		759			2,428			1,056			4,423			8,666
Litigation settlements, net		—			4,764			—			12,552			17,316
Depreciation and amortization		4,569			4,780			4,550			4,473			18,372
Total operating expenses		33,692			41,445			31,992			52,817			159,946
Operating income		5,031			7,283			21,844			541			34,699
Other income (expense):
Interest (expense), net of interest income		(2,955	)		(3,553	)		(4,040	)		(3,854	)		(14,402	)
Other income (expense)		246			(464	)		261			219			262
Total other expense		(2,709	)		(4,017	)		(3,779	)		(3,635	)		(14,140	)
Income (loss) from continuing operations before income tax expense		2,322			3,266			18,065			(3,094	)		20,559
Income tax expense		1,079			1,127			8,693			2,233			13,132
Net income (loss) from continuing operations		1,243			2,139			9,372			(5,327	)		7,427
Income (loss) from discontinued operations (including gain on disposal of $1.2 million for the twelve months ended December 31, 2010), net of tax		1,271			236			(1,922	)		1,513			1,098
Net income (loss)	$	2,514		$	2,375		$	7,450		$	(3,814	)	$	8,525
Net earnings (loss) per basic share:
Net income (loss) from continuing operations	$	0.06		$	0.11		$	0.45		$	(0.26	)	$	0.36
Income (loss) from discontinued operations, net of tax	$	0.06		$	0.01		$	(0.09	)	$	0.08		$	0.05
Net income (loss)	$	0.12		$	0.12		$	0.36		$	(0.18	)	$	0.41
Net earnings (loss) per diluted share:
Net income (loss) from continuing operations	$	0.06		$	0.10		$	0.45		$	(0.26	)	$	0.36
Income (loss) from discontinued operations, net of tax	$	0.06		$	0.01		$	(0.09	)	$	0.08		$	0.05
Net income (loss)	$	0.12		$	0.11		$	0.36		$	(0.18	)	$	0.41
Weighted average shares used in calculating earnings (loss) per share:
Basic		20,296			20,534			20,619			20,728			20,546
Diluted		20,496			20,756			20,849			20,728			20,774

HURON CONSULTING GROUP INC.

SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA

(Unaudited)

		Quarter ended												Year ended
Segment and Consolidated Operating Results (in thousands):		March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			December 31, 2010
Health and Education Consulting:
Revenues		$	76,914		$	83,782		$	89,051		$	88,541		$	338,288
Operating income		$	21,066		$	28,799		$	32,002		$	30,472		$	112,339
Segment operating income as a percent of segment revenues			27.4	%		34.4	%		35.9	%		34.4	%		33.2	%
Legal Consulting:
Revenues		$	33,105		$	33,951		$	37,885		$	39,789		$	144,730
Operating income		$	7,419		$	9,302		$	11,697		$	10,836		$	39,524
Segment operating income as a percent of segment revenues			22.4	%		27.4	%		30.9	%		27.2	%		27.1	%
Financial Consulting:
Revenues		$	7,185		$	7,878		$	8,607		$	8,980		$	32.650
Operating income		$	2,052		$	2,625		$	2,938		$	4,219		$	11,834
Segment operating income as a percent of segment revenues			28.6	%		33.3	%		34.1	%		47.0	%		36.2	%
Total Company:
Revenues		$	117,204		$	125,611		$	135,543		$	137,310		$	515,668
Reimbursable expenses			9,462			10,273			10,705			12,910			43,350
Total revenues and reimbursable expenses		$	126,666		$	135,884		$	146,248		$	150,220		$	559,018
Statement of operations reconciliation:
Segment operating income		$	30,537		$	40,726		$	46,637		$	45,527		$	163,427
Charges not allocated at the segment level:
Other selling, general and administrative expenses			20,937			28,663			20,243			40,513			110,356
Depreciation and amortization expense			4,569			4,780			4,550			4,473			18,372
Total operating income			5,031			7,283			21,844			541			34,699
Other expense, net			(2,709	)		(4,017	)		(3,779	)		(3,635	)		(14,140	)
Income (loss) from continuing operations before income tax expense		$	2,322		$	3,266		$	18,065		$	(3,094	)	$	20,559
Other Operating Data:
Number of full-time billable consultants (at period end) (2):
Health and Education Consulting	��		847			826			860			907			907
Legal Consulting			127			127			122			122			122
Financial Consulting			61			60			61			59			59
Total			1,035			1,013			1,043			1,088			1,088
Average number of full-time billable consultants (for the period)(2):
Health and Education Consulting			861			835			841			890			858
Legal Consulting			137			128			123			123			128
Financial Consulting			59			59			60			60			59
Total			1,057			1,022			1,024			1,073			1,045
Full-time billable consultant utilization rate(3):
Health and Education Consulting			68.1	%		74.3	%		78.6	%		80.3	%		75.3	%
Legal Consulting			55.2	%		63.3	%		69.2	%		65.2	%		62.9	%
Financial Consulting			62.9	%		70.6	%		76.4	%		85.6	%		73.8	%
Total			66.1	%		72.8	%		77.4	%		78.9	%		73.7	%

HURON CONSULTING GROUP INC.

SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)

(Unaudited)

	Quarter ended									Year ended
Other Operating Data:	March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010			December 31, 2010
Full-time billable consultant average billing rate per hour(4):
Health and Education Consulting	$	237	$	240	$	244	$	234		$	239
Legal Consulting	$	190	$	208	$	215	$	212		$	206
Financial Consulting	$	387	$	384	$	395	$	373		$	384
Total	$	240	$	245	$	250	$	241		$	244
Revenue per full-time billable consultant (in thousands):
Health and Education Consulting	$	76	$	85	$	89	$	84		$	333
Legal Consulting	$	46	$	59	$	63	$	55		$	221
Financial Consulting	$	121	$	136	$	143	$	150	��	$	551
Total	$	74	$	84	$	89	$	84		$	331
Average number of full-time equivalents (for the period)(5):
Health and Education Consulting		141		157		157		151			152
Legal Consulting		727		676		775		881			765
Financial Consulting		—		—		—		—			—
Total		868		833		932		1,032			917
Revenue per full-time equivalents (in thousands):
Health and Education Consulting	$	84	$	83	$	88	$	94		$	348
Legal Consulting	$	37	$	39	$	39	$	37		$	152
Financial Consulting	$	—	$	—	$	—	$	—		$	—
Total	$	45	$	47	$	47	$	46		$	185

(1) The goodwill impairment charge is not allocated at the segment level because the underlying goodwill asset is reflective of our corporate investment in the segments. We do not include the impact of goodwill impairment charges in our evaluation of segment performance.

(2) Consists of our full-time professionals who provide consulting services and generate revenues based on the number of hours worked.

(3) Utilization rate for our full-time billable consultants is calculated by dividing the number of hours all our full-time billable consultants worked on client assignments during a period by the total available working hours for all of these consultants during the same period, assuming a forty-hour work week, less paid holidays and vacation days.

(4) Average billing rate per hour for our full-time billable consultants is calculated by dividing revenues for a period by the number of hours worked on client assignments during the same period.

(5) Consists of consultants who work variable schedules as needed by our clients, as well as contract reviewers and other professionals who generate revenues primarily based on number of hours worked and units produced, such as pages reviewed and data processed. Also includes full-time employees who provide software support and maintenance services to our clients.