The Company provides 'best practices' research, decision support tools and executive education focusing on corporate strategy, operations and general management issues.
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With over 20 years experience in managing high-quality executive memberships, Corporate Executive Board Company is able to shape strategic debate and to accelerate tactical implementation in even the most progressive organizations. EXBD provides its services to 2,800 of the world's largest and most prestigious corporations, including over 80% of the Fortune 500. These services are provided primarily on an annual subscription basis.
Corporate Executive Board Company results for the 2nd quarter and the six months ended June 30, 2006 revenues for Q2 increased 27.8% to $111.7 million from $87.4 million for Q2 2005. Net income and earnings per diluted share for Q2 were $17.8 million and $0.43 respectively.
For the first six months of 2006, revenues were $216.7 million, a 28.3% increase from $169.0 million for the first half of 2005. Net income and earnings per diluted share for the first six months of 06 were $34.9 million and $0.85 respectively.
Effective January 2006, the Company adopted Statement of Financial Accounting Standards No. 123(R), which provides the accounting rules for share-based compensation. To present results on a comparable basis to the prior year, the Company is providing adjusted financial results, including net income and EPDS that exclude the effects of share-based compensation.
Excluding the effects of share-based compensation related to FAS No.123(R), adjusted net income for the first six months of 2006 increased 25.6% to $21.8 million from $17.0 million for Q2 of 2005. Adjusted EPDS for Q2 of 2006 increased 29.3% to $0.53 from $0.41 in 2005.
During the six months ended June 30,2006, the Company repurchased approximately 598,000 shares of its common stock at a total cost of approximately $58.4 million, repurchases will continue to be made in open market and privately negotiated transactions subject to market conditions. The company is funding its share repurchases with cash on hand and cash generated from operations.
In its outlook for 2006, the Company is increasing its target for annual revenue growth to a minimum of 27% accompanied by a continued modest expansion in the adjusted operating margin, excluding share-based compensation under FAS No.123(R). The Company expects a quarterly revenues distribution of approximately $118.0 million for Q3 and $125.5 million for Q4 of 2006.
For 2006 the Company expects other income of approximately $25.25 million to $25.75 million, an effective tax rate of approximately 38.5% and diluted weight shares outstanding of approximately 41.0 - 41.5 million.
The Company is raising its guidance on GAAP diluted EPS for 2006 to $1.91.