<SEC-DOCUMENT>0001104659-15-065791.txt : 20151020
<SEC-HEADER>0001104659-15-065791.hdr.sgml : 20151020
<ACCEPTANCE-DATETIME>20150917165029
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-15-065791
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150917

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRA INTERNATIONAL, INC.
		CENTRAL INDEX KEY:			0001053706
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-LEGAL SERVICES [8111]
		IRS NUMBER:				042372210
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 CLARENDON STREET
		STREET 2:		T-33
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		6174253000

	MAIL ADDRESS:	
		STREET 1:		200 CLARENDON STREET
		STREET 2:		T-33
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHARLES RIVER ASSOCIATES INC
		DATE OF NAME CHANGE:	19980126
</SEC-HEADER>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CRA INTERNATIONAL,&nbsp;INC.<br> 200 CLARENDON STREET<br> BOSTON, MA 02116</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;&nbsp;&nbsp;&nbsp;, 2015</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Carlos Pacho<br> Senior Assistant Chief Accountant<br> AD Office 11 - Telecommunications<br> Division of Corporate Finance<br> Securities and Exchange Commission<br> 100 F Street, NE<br> Washington, D.C. 20549</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>CRA International,&nbsp;Inc.<br> Form&nbsp;10-K for Fiscal Year Ended January&nbsp;3, 2015<br> Filed March&nbsp;17, 2015<br> File No.&nbsp;000-24049</b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Pacho:</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter is submitted by and on behalf of CRA International,&nbsp;Inc. (&#147;we&#148; or the &#147;Company&#148;) in response to the comment of the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) set forth in your letter to us dated September&nbsp;3, 2015 (the &#147;Comment Letter&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For reference purposes, the text of the Comment Letter has been reproduced herein with responses below each numbered comment.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-Q for the Quarterly Period ended July&nbsp;4, 2015 (&#147;2015 Q2 10-Q&#148;)</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page&nbsp;19</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>We note your CEO&#146;s discussion, during your second quarter earnings call for 2015, of planned staffing additions for remainder of fiscal year 2015. We also note your disclosures on page&nbsp;26 of your recent stock repurchases and your current authorization for future repurchases of stock. Please expand your discussion of related uncertainties and known impact on future liquidity and capital resources of your competing plans to use capital resources for: stock repurchases, staff expansion and other reinvestment opportunities. See Items 303(a)(1)&nbsp;and 303(a)(2)(ii)&nbsp;of Regulation S-K.</i></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response to Comment No.&nbsp;1</font></u></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The hiring of individuals to replenish and expand our employee base is an essential part of our business operations and historically has been funded principally from our cash flows from operations.&#160; We anticipate that over the 12 months following the filing of the 2015 Q2 10-Q, as has been the case for the past several years, that our other capital needs will principally consist of the acquisition of new sources of revenue (other than through ordinary course hiring), share repurchases, capital expenditures and debt repayments and that our positive cash flow from operations will be applied to those items.&#160; However, these activities are largely discretionary in nature.&#160; For example, acquisitions can be forgone, share repurchase programs can be suspended, and certain capital expenditures can be deferred.&#160; As such, our operating model provides flexibility with respect to the deployment of positive cash flow from operations.&#160; As a result of this flexibility, we concluded in the 2015 Q2 10-Q that our current cash, cash equivalents, cash generated from operations, and amounts available under our revolving credit facility will be sufficient to meet our anticipated working capital and capital expenditure requirements for at least the next 12 months.&#160; In the future, we will include expanded disclosure along those lines, modified as necessary, in our periodic reports.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Company&#146;s responses contained in this letter, the Company acknowledges that:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thank you for your continued courtesy and consideration in these matters.&#160; If you have any questions regarding this letter or if you require additional information, please do not hesitate to call me at (312) 377-2322.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief   Financial Officer, Executive Vice President and Treasurer</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Joseph Cascarano, Senior Staff Accountant<br> Joseph M. Kempf, Senior Staff Accountant</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_041816_3216"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Jonathan D. Yellin, Esq., Vice President   and General Counsel of CRA</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;William R. Kolb,&nbsp;Esq., of Foley Hoag   LLP</font></p>    </td>   </tr>  </table>
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