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Accenture: Reports First-Quarter Fiscal 2013 Results
December 20, 2012
By Rob Starr, Content Manager, Big4.com
Accenture (NYSE: ACN) reported financial results for the first quarter of fiscal 2013, ended Nov. 30, 2012, with record net revenues of $7.2 billion, an increase of 2 percent in U.S. dollars and 5 percent in local currency over the same period last year. Diluted earnings per share were $1.06, an increase of $0.10, or 10 percent, over the same period last year.
Gross margin (gross profit as a percentage of net revenues) for the quarter was 32.8 percent, compared with 31.8 percent for the first quarter last year. Selling, general and administrative (SG&A) expenses for the quarter were $1.32 billion, or 18.2 percent of net revenues, compared with $1.27 billion, or approximately 17.9 percent of net revenues, for the first quarter last year.
Operating cash flow for the quarter was negative $109 million, and property and equipment additions were $87 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was negative $195 million. Operating cash flow and free cash flow for the first quarter of fiscal 2013 include a discretionary cash contribution of $500 million the company made to its U.S. defined benefit pension plan, which had a net impact, after tax, of $350 million. For the same period last year, operating cash flow was $475 million; property and equipment additions were $81 million; and free cash flow was $394 million.
On Nov. 15, 2012, a semi-annual cash dividend of $0.81 per share was paid to Accenture plc Class A ordinary shareholders of record at the close of business on Oct. 12, 2012 and to Accenture SCA Class I common shareholders of record at the close of business on Oct. 9, 2012. These cash dividend payments totaled $560 million. This dividend represents an increase of 13.5 cents per share, or 20 percent, over the company’s previous semi-annual dividend, declared in March.
Accenture will host a conference call at 4:30 p.m. EST today to discuss its first-quarter fiscal 2013 financial results. To participate, please dial +1 (800) 230-1059 [+1 (612) 234-9959 outside the United States, Puerto Rico and Canada] approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations section of the Accenture Web site at www.accenture.com.