Huron Consulting (HURN) 8-K Huron Consulting Group Reports Second Quarter 2007 Financial Results

EXHIBIT 99.1

[Huron Consulting Group Logo]

News

FOR IMMEDIATE RELEASE    

August 7, 2007

Huron Consulting Group Reports Second Quarter 2007 Financial Results

·   Revenues of $118.3 million for Q2 2007 increased 74.5% from $67.8 million in Q2 2006.

·   Diluted earnings per share for Q2 2007 were $0.56 compared to $0.36 in Q2 2006.

CHICAGO - August 7, 2007 - Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of financial and operational consulting services, today announced financial results for the second quarter and six months ended June 30, 2007.

“We are very pleased with the strong revenue and earnings growth posted by Huron in the quarter, as we continue to execute our broad service portfolio strategy,” said Gary E. Holdren, chairman and chief executive officer, Huron Consulting Group.

“We are also very excited about our recent acquisitions of Callaway Partners and Aegis Advisers. Callaway brings an immediate scope of practice expansion to Huron. We see many opportunities to bring Callaway’s senior project management skills along with its variable, on-demand workforce to the marketplace to assist Huron clients with their various financial accounting and reporting challenges. We also look forward to introducing Huron’s services to Callaway’s client base. Our recent acquisition of Aegis further bolsters and builds out our capabilities to serve the community hospital market,” added Holdren.

Second Quarter 2007 Results

Revenues of $118.3 million for the second quarter of 2007 increased 74.5% from $67.8 million for the second quarter of 2006. The Company's second quarter 2007 operating income increased 74.8% to $19.8 million compared to $11.3 million in the second quarter of 2006. Net income was $10.1 million, or $0.56 per diluted share, for the second quarter of 2007 compared to $6.3 million, or $0.36 per diluted share, for the comparable quarter last year. Financial results for the second quarter of 2007 and 2006 included $2.3 million and $1.6 million, respectively, of rapid amortization on intangible assets.

Second quarter 2007 earnings before interest, taxes, depreciation and amortization (“EBITDA”)⁽⁵⁾ increased 80.8% to $26.2 million, or 22.2% of revenues, compared to $14.5 million, or 21.4% of revenues, in the comparable quarter last year. Adjusted EBITDA⁽⁵⁾, which excludes share-based compensation expense, increased 83.2% to $31.1 million in the second quarter of 2007, or 26.3% of revenues, compared to $17.0 million, or 25.0% of revenues, in the comparable quarter last year.

Headcount of revenue-generating professionals increased 49.6% to 1,002 at June 30, 2007, compared to 670 at June 30, 2006. Billable consultant utilization rate was 77.9% during the second quarter of 2007 compared with 76.7% during the same period last year. Average billing rate per hour increased 2.5% to $283 for the second quarter of 2007 from $276 for the second quarter of 2006.

Year-to-Date Results

Revenues of $234.3 million for the first six months of 2007 increased 80.3% from $130.0 million for the first six months of 2006. The Company's six-month 2007 operating income increased 84.4% to $38.7 million compared to $21.0 million in the first half of 2006. Net income was $19.9 million, or $1.11 per diluted share, for the first six months of 2007 compared to $11.9 million, or $0.69 per diluted share, for the comparable period last year. Financial results for the first half of 2007 and 2006 included $4.5 million and $1.7 million, respectively, of rapid amortization of intangible assets.

First-half 2007 EBITDA⁽⁵⁾ increased 99.6% to $51.4 million, or 22.0% of revenues, compared to $25.8 million, or 19.8% of revenues, in the same period last year. Adjusted EBITDA⁽⁵⁾, which excludes share-based compensation expense and costs associated with a secondary offering of the Company's common stock in the first quarter of 2006, increased 94.8% to $60.5 million in the first half of 2007, or 25.8% of revenues, compared to $31.1 million, or 23.9% of revenues, in the comparable period last year.

Billable consultant utilization rate was 78.0% during the first six months of 2007 compared with 77.1% during the same period last year. Average billing rate per hour increased 4.1% to $277 for the first half of 2007 from $266 for the first half of 2006.

New Operating Segments for 2007

Huron continues to demonstrate the success of its broad portfolio of service offerings with solid revenue growth based upon strong market demand.

In response to Huron's continued organic growth and acquisitions of complementary businesses, the Company has reorganized its practice areas and service lines, effective January 1, 2007, to better meet market demand and serve clients. Under the new organizational structure, Huron has four operating segments as follows: Legal Financial Consulting; Legal Operational Consulting; Health and Education Consulting; and Corporate Consulting.

Segment results are included in the attached schedules and in Huron's Form 10-Q filing for the quarter ended June 30, 2007.

Acquisitions

In January 2007, Huron acquired Wellspring Partners LTD, a leading management consulting firm specializing in integrated performance improvement services for hospitals and health systems, and Glass & Associates, Inc., a leading turnaround and restructuring firm.

In July 2007, Huron announced the acquisition of Callaway Partners, LLC, an accounting and finance professional services firm based in Atlanta, GA. Callaway specializes in project management and staff augmentation for clients, focusing on general accounting/finance support, accounting and SEC reporting advisory services, internal audit, Sarbanes-Oxley compliance and corporate tax.

Also in July 2007, Huron announced the acquisition of Aegis Advisers, Ltd., a consulting firm that is well-known in the healthcare industry for its strategic planning skills, facility planning expertise, and ability to define community demographics to develop and implement strategies that capture market share.

Outlook for 2007

Based on currently available information, the Company expects Q3 2007 revenues before reimbursable expenses in a range of $136.0 million to $141.0 million, EBITDA in a range of $26.5 million to $28.5 million, operating income in a range of $19.5 million to $21.5 million, and between $0.55 and $0.60 in diluted earnings per share.

The Company anticipates full year 2007 revenues before reimbursable expenses in a range of $510.0 million to $523.0 million, EBITDA in a range of $106.0 million to $110.0 million, operating income in a range of $79.5 million to $83.5 million, and between $2.24 and $2.37 in diluted earnings per share.

Second Quarter 2007 Webcast

The Company will host a webcast to discuss its financial results today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). The webcast may be accessed at www.huronconsultinggroup.com . A rebroadcast will be available approximately two hours after the end of the webcast and for 90 days thereafter.

About Huron Consulting Group

Huron Consulting Group helps clients effectively address complex challenges that arise in litigation, disputes, investigations, regulatory compliance, procurement, financial distress, and other sources of significant conflict or change. The Company also helps clients deliver superior customer and capital market performance through integrated strategic, operational, and organizational change. Huron provides services to a wide variety of both financially sound and distressed organizations, including Fortune 500 companies, medium-sized businesses, leading academic institutions, healthcare organizations, and the law firms that represent these various organizations. Learn more at www.huronconsultinggroup.com ..

Statements in this press release, which are not historical in nature and concern Huron Consulting Group's current expectations about the Company's reported results for 2007 and future results in 2007 are "forward-looking" statements as defined in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by words such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” or “continue.” These forward-looking statements reflect our current expectation about our future results, levels of activity, performance or achievements, including without limitation, that our business continues to grow at the current expectations with respect to, among other factors, utilization and billing rates, number of revenue-generating professionals; that we are able to expand our service offerings; that we successfully integrate the businesses we acquire; and that existing market conditions do not change from current expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Therefore you should not place undue reliance on these forward-looking statements. Please see “Risk Factors” in our 2006 annual report on Form 10-K and in other documents we file with the Securities and Exchange Commission for a complete description of the material risks we face.

Media Contact:

Jennifer Frost Hennagir

312-880-3260

jfrost-hennagir@huronconsultinggroup.com

Investor Contact:

Gary L. Burge, Chief Financial Officer

312-583-8722

garyburge@huronconsultinggroup.com

###

HURON CONSULTING GROUP INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
	2007			2006			2007			2006
Revenues and reimbursable expenses:
Revenues	$	118,266		$	67,769		$	234,275		$	129,956
Reimbursable expenses		10,910			6,691			20,945			12,130
Total revenues and reimbursable expenses		129,176			74,460			255,220			142,086
Direct costs and reimbursable expenses(exclusive ofdepreciation and amortization shown in operatingexpenses):
Direct costs		66,508			37,436			133,411			73,426
Intangible assets amortization		2,304			1,640			4,544			1,716
Reimbursable expenses		10,814			6,795			20,931			12,333
Total direct costs and reimbursable expenses		79,626			45,871			158,886			87,475
Operating expenses:
Selling, general and administrative		25,606			15,713			49,433			30,554
Depreciation and amortization		4,177			1,569			8,219			3,077
Total operating expenses		29,783			17,282			57,652			33,631
Operating income		19,767			11,307			38,682			20,980
Other income (expense):
Interest income (expense), net		(1,825	)		(193	)		(3,250	)		39
Other income		95			¾			125			¾
Total other income (expense)		(1,730	)		(193	)		(3,125	)		39
Income before provision for income taxes		18,037			11,114			35,557			21,019
Provision for income taxes		7,936			4,834			15,645			9,143
Net income	$	10,101		$	6,280		$	19,912		$	11,876
Earnings per share:
Basic	$	0.60		$	0.39		$	1.19		$	0.73
Diluted	$	0.56		$	0.36		$	1.11		$	0.69
Weighted average shares used in calculating earningsper share:
Basic		16,842			16,309			16,784			16,194
Diluted		17,993			17,244			17,881			17,120

HURON CONSULTING GROUP INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

	June 30, 2007			December 31, 2006
Assets
Current assets:
Cash and cash equivalents	$	3,437		$	16,572
Receivables from clients, net		66,116			41,848
Unbilled services, net		34,124			22,627
Income tax receivable		1,651			3,637
Deferred income taxes		22,280			15,290
Other current assets		12,204			6,435
Total current assets		139,812			106,409
Property and equipment, net		32,017			27,742
Deferred income taxes		3,029			5,433
Deposits and other assets		7,508			2,294
Intangible assets, net		15,002			4,238
Goodwill		137,707			53,328
Total assets	$	335,075		$	199,444
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	4,634		$	2,684
Accrued expenses		19,762			12,712
Accrued payroll and related benefits		35,100			41,649
Deferred revenues		6,608			4,035
Bank borrowings		¾			8,000
Current portion of notes payable and capital lease obligations		1,141			1,282
Total current liabilities		67,245			70,362
Non-current liabilities:
Deferred compensation and other liabilities		2,737			1,169
Notes payable and capital lease obligations, net of current portion		¾			1,000
Bank borrowings		107,000			¾
Deferred lease incentives		10,246			10,333
Total non-current liabilities		119,983			12,502
Commitments and contingencies
Stockholders’ equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 19,166,689and 18,470,623 shares issued at June 30, 2007 and     December 31, 2006,respectively		180			178
Treasury stock, at cost, 469,189 and 398,783 shares at June 30, 2007 andDecember 31, 2006, respectively		(12,252	)		(9,396	)
Additional paid-in capital		93,880			79,598
Retained earnings		66,112			46,200
Accumulated other comprehensive loss		(73	)		¾
Total stockholders’ equity		147,847			116,580
Total liabilities and stockholders equity	$	335,075		$	199,444

HURON CONSULTING GROUP INC.

SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA

(Unaudited)

	Three Months Ended June 30,						Percent Increase
Segment and Consolidated Operating Results (in thousands):	2007			2006
Revenues and reimbursable expenses:
Legal Financial Consulting	$	32,669		$	23,981			36.2	%
Legal Operational Consulting(1)		22,795			9,219			147.3	%
Health and Education Consulting		42,810			20,716			106.7	%
Corporate Consulting		19,992			13,853			44.3	%
Total revenues		118,266			67,769			74.5	%
Total reimbursable expenses		10,910			6,691			63.1	%
Total revenues and reimbursable expenses	$	129,176		$	74,460			73.5	%
Operating income:
Legal Financial Consulting	$	15,281		$	11,186			36.6	%
Legal Operational Consulting		7,272			2,630			176.5	%
Health and Education Consulting		14,021			6,435			117.9	%
Corporate Consulting		5,920			4,614			28.3	%
Total segment operating income		42,494			24,865			70.9	%
Unallocated corporate costs		18,550			11,989			54.7	%
Depreciation and amortization expense		4,177			1,569			166.2	%
Total operating expenses		22,727			13,558			67.6	%
Operating income	$	19,767		$	11,307			74.8	%
Other Operating Data:
Number of revenue-generating professionals (at period end) (2):
Legal Financial Consulting - Billable Consultants		291			225			29.3	%
Legal Operational Consulting - Billable Consultants		126			112			12.5	%
Legal Operational Consulting - Other Professionals(1)		62			¾			¾
Health and Education Consulting - Billable Consultants		355			220			61.4	%
Corporate Consulting - Billable Consultants		168			113			48.7	%
Total		1,002			670			49.6	%
Average number of revenue-generating professionals (for the period)(2):
Legal Financial Consulting - Billable Consultants		288			223
Legal Operational Consulting - Billable Consultants		122			110
Legal Operational Consulting - Other Professionals(1)		59			¾
Health and Education Consulting - Billable Consultants		356			211
Corporate Consulting - Billable Consultants		170			111
Total		995			655
Billable consultant utilization rate(3):
Legal Financial Consulting		74.6	%		73.4	%
Legal Operational Consulting(1)		79.0	%		74.6	%
Health and Education Consulting		80.5	%		80.2	%
Corporate Consulting		77.1	%		78.5	%
Total		77.9	%		76.7	%
Average billing rate per hour(4):
Legal Financial Consulting	$	315		$	301
Legal Operational Consulting(1)	$	249		$	236
Health and Education Consulting	$	256		$	239
Corporate Consulting	$	313		$	341
Total	$	283		$	276

	Six Months Ended June 30,						Percent Increase
Segment and Consolidated Operating Results (in thousands):	2007			2006
Revenues and reimbursable expenses:
Legal Financial Consulting	$	69,281		$	50,030			38.5	%
Legal Operational Consulting(1)		46,066			16,769			174.7	%
Health and Education Consulting		81,662			39,140			108.6	%
Corporate Consulting		37,266			24,017			55.2	%
Total revenues		234,275			129,956			80.3	%
Total reimbursable expenses		20,945			12,130			72.7	%
Total revenues and reimbursable expenses	$	255,220		$	142,086			79.6	%
Operating income:
Legal Financial Consulting	$	31,456		$	22,889			37.4	%
Legal Operational Consulting		15,174			4,787			217.0	%
Health and Education Consulting		26,221			11,723			123.7	%
Corporate Consulting		10,116			8,221			23.1	%
Total segment operating income		82,967			47,620			74.2	%
Unallocated corporate costs		36,066			23,563			53.1	%
Depreciation and amortization expense		8,219			3,077			167.1	%
Total operating expenses		44,285			26,640			66.2	%
Operating income	$	38,682		$	20,980			84.4	%
Other Operating Data:
Number of revenue-generating professionals (at period end) (2):
Legal Financial Consulting - Billable Consultants		291			225			29.3	%
Legal Operational Consulting - Billable Consultants		126			112			12.5	%
Legal Operational Consulting - Other Professionals(1)		62			¾			¾
Health and Education Consulting - Billable Consultants		355			220			61.4	%
Corporate Consulting - Billable Consultants		168			113			48.7	%
Total		1,002			670			49.6	%
Average number of revenue-generating professionals (for the period)(2):
Legal Financial Consulting - Billable Consultants		284			225
Legal Operational Consulting - Billable Consultants		122			107
Legal Operational Consulting - Other Professionals(1)		55			¾
Health and Education Consulting - Billable Consultants		350			210
Corporate Consulting - Billable Consultants		170			106
Total		981			648
Billable consultant utilization rate(3):
Legal Financial Consulting		79.8	%		78.8	%
Legal Operational Consulting(1)		77.3	%		71.3	%
Health and Education Consulting		79.4	%		79.1	%
Corporate Consulting		72.7	%		75.3	%
Total		78.0	%		77.1	%
Average billing rate per hour(4):
Legal Financial Consulting	$	306		$	292
Legal Operational Consulting(1)	$	244		$	231
Health and Education Consulting	$	252		$	230
Corporate Consulting	$	304		$	321
Total	$	277		$	266

	Three Months Ended
Segment and Consolidated Operating Results (in thousands):	Mar. 31, 2006			Jun. 30, 2006			Sep. 30, 2006			Dec. 31, 2006
Revenues and reimbursable expenses:
Legal Financial Consulting	$	26,049		$	23,981		$	28,618		$	30,572
Legal Operational Consulting(1)		7,550			9,219			12,971			18,034
Health and Education Consulting		18,424			20,716			21,088			23,880
Corporate Consulting		10,164			13,853			12,517			10,952
Total revenues		62,187			67,769			75,194			83,438
Total reimbursable expenses		5,439			6,691			7,921			13,279
Total revenues and reimbursable expenses	$	67,626		$	74,460		$	83,115		$	96,717
Operating income:
Legal Financial Consulting	$	11,703		$	11,186		$	13,033		$	14,382
Legal Operational Consulting		2,157			2,630			3,650			5,447
Health and Education Consulting		5,288			6,435			6,592			7,060
Corporate Consulting		3,607			4,614			4,955			4,640
Total segment operating income		22,755			24,865			28,230			31,529
Unallocated corporate costs		11,574			11,989			13,186			13,920
Depreciation and amortization expense		1,508			1,569			2,921			3,203
Total operating expenses		13,082			13,558			16,107			17,123
Operating income	$	9,673		$	11,307		$	12,123		$	14,406
Other Operating Data:
Number of revenue-generating professionals(at period end) (2):
Legal Financial Consulting - Billable Consultants		224			225			258			268
Legal Operational Consulting - Billable Consultants		109			112			118			121
Legal Operational Consulting - Other Professionals(1)		¾			¾			46			48
Health and Education Consulting - Billable Consultants		207			220			257			274
Corporate Consulting - Billable Consultants		96			113			131			131
Total		636			670			810			842
Average number of revenue-generating professionals(for the period)(2):
Legal Financial Consulting - Billable Consultants		223			223			244			260
Legal Operational Consulting - Billable Consultants		103			110			115			120
Legal Operational Consulting - Other Professionals(1)		¾			¾			22			49
Health and Education Consulting - Billable Consultants		212			211			237			265
Corporate Consulting - Billable Consultants		101			111			123			132
Total		639			655			741			826
Billable consultant utilization rate(3):
Legal Financial Consulting		83.9	%		73.4	%		82.9	%		85.6	%
Legal Operational Consulting(1)		67.7	%		74.6	%		71.8	%		72.5	%
Health and Education Consulting		78.1	%		80.2	%		82.3	%		77.0	%
Corporate Consulting		71.6	%		78.5	%		71.8	%		69.4	%
Total		77.5	%		76.7	%		78.9	%		77.9	%
Average billing rate per hour(4):
Legal Financial Consulting	$	284		$	301		$	284		$	282
Legal Operational Consulting(1)	$	225		$	236		$	227		$	238
Health and Education Consulting	$	221		$	239		$	230		$	241
Corporate Consulting	$	296		$	341		$	311		$	279
Total	$	257		$	276		$	262		$	261

(1)   Legal Operational Consulting revenues include revenues generated by our document review and processing groups (Legal Operational Consulting - Other Professionals) for the three and six months ended June 30, 2007. Utilization rate and average billing rate per hour are not presented for these professionals as they are not meaningful measures.

(2)   Revenue-generating professionals consist of our billable consultants and other professionals. Billable consultants generate revenues primarily based on number of hours worked while our other professionals generate revenues based on number of hours worked and units produced, such as pages reviewed and data processed. Revenue-generating professionals exclude interns and independent contractors.

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

(4)   For engagements where revenues are based on number of hours worked by our billable consultants, average billing rate per hour is calculated by dividing revenues for a period by the number of hours worked (excluding interns and independent contractor hours) on client assignments during the same period.

HURON CONSULTING GROUP INC.

RECONCILIATION OF OPERATING INCOME TO ADJUSTED EARNINGS BEFORE INTEREST,

TAXES, DEPRECIATION AND AMORTIZATION⁽⁵⁾

(in thousands)

	Three months ended June 30,						Six months ended June 30,
	2007			2006			2007			2006
Revenues	$	118,266		$	67,769		$	234,275		$	129,956
Operating income	$	19,767		$	11,307		$	38,682		$	20,980
Add back:
Depreciation and amortization		6,481			3,209			12,763			4,793
Earnings before interest, taxes, depreciation andamortization (EBITDA)(5)		26,248			14,516			51,445			25,773
Add back:
Share-based compensation		4,845			2,459			9,051			4,722
Secondary offering costs		¾			¾			¾			567
Total adjusted items		4,845			2,459			9,051			5,289
Adjusted EBITDA(5)	$	31,093		$	16,975		$	60,496		$	31,062
Adjusted EBITDA as a percentage of revenues		26.3	%		25.0	%		25.8	%		23.9	%

RECONCILIATION OF NET INCOME TO NET INCOME BEFORE SECONDARY OFFERING COSTS

AND ADJUSTED NET INCOME⁽⁵⁾

(in thousands)

	Three months ended June 30,						Six months ended June 30,
	2007			2006			2007			2006
Net income	$	10,101		$	6,280		$	19,912		$	11,876
Diluted earnings per share	$	0.56		$	0.36		$	1.11		$	0.69
Add back: Secondary offering costs, net of tax		¾			¾			¾			567
Net income before secondary offering costs(5)	$	10,101		$	6,280		$	19,912		$	12,443
Diluted earnings per share before secondaryoffering costs(5)	$	0.56		$	0.36		$	1.11		$	0.73
Add back other adjustments:
Amortization of intangible assets		3,868			1,844			7,657			2,059
Share-based compensation		4,845			2,459			9,051			4,722
Tax effect		(3,564	)		(1,764	)		(6,834	)		(2,780	)
Total adjustments, net of tax		5,149			2,539			9,874			4,001
Adjusted net income(5)	$	15,250		$	8,819		$	29,786		$	16,444
Adjusted diluted earnings per share(5)	$	0.85		$	0.51		$	1.67		$	0.96

(1)   In evaluating the Company’s financial performance, management uses earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, net income before secondary offering costs, and adjusted net income, which are non-GAAP measures. Management believes that the use of such measures, as supplements to operating income, net income and other GAAP measures, are useful indicators of the Company’s financial performance and its ability to generate cash flows from operations that are available for taxes and capital expenditures. Additionally, these measures exclude certain items to provide better comparability from period to period. Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flows or liquidity prepared in accordance with accounting principles generally accepted in the United States.