By Julie Johnsson | Huron
Consulting Group saw a strong finish to a chaotic year that included a
corporate restructuring after its former CEO amid left the company amid
an accounting scandal.

Huron, a Chicago-based consulting and restructuring firm, Tuesday
reported net income of $14.4 million, or $0.71 per share, for the
fourth quarter 2009. That’s a three-fold increase from prior-year
results, even though its quarterly revenues of $168.6 million decreased
slightly from 2008 levels.

For the year, Huron lost $32.8 million, or $1.63 per share, on revenues of  $663.9 million as it absorbed $84.5 million in charges related to the accounting irregularities.
 
Huron CEO Gary Holdren stepped down and Huron was forced to restate three years of earnings results after it discovered that firms it had acquired during the middle of the decade had improperly distributed proceeds among insiders.
 
The disclosures were damaging to Huron’s reputation for accounting savvy and caused investors to flee its shares. The company announced a goodwill impairment charge, $67.0 million of which relates to continuing operations, as well as restatement-related expenses of $17.5 million.
 
Huron anticipates more turbulence this year as a result of the tough business environment for consulting services. The company forecast that full year 2010 revenues will fall slightly from 2009 levels, and will range from $600 million to $640 million.
“2010 will be a challenging year for many consulting firms, and Huron is no exception,” said James H. Roth, Huron’s chief executive officer.