CRA International Inc. (NASDAQ: CRAI) reported Thursday its fiscal first-quarter profit dropped by 50 percent due to lower revenue, according to Associated Press.

The company is also cutting 47 jobs and closing its Houston office.

CEO Paul Maleh, who is also CRA president, said the company is taking steps to restructure its business, including closing the Houston office, trimming jobs and shifting some office leases.

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Net income fell to $266,000, or 2 cents per share, for the quarter ended Feb. 19, compared to $534,000, or 5 cents per share, in the prior-year quarter. Excluding items, it earned 4 cents a share.

Revenue fell to $58.8 million, compared to $65.8 million last year.

Analysts polled by Thomson Reuters, on average, expected earnings of 3 cents per share on $66.9 million in revenue. The earnings estimates typically exclude one-time items.

The restructuring will result in a charge between $4.9 million and $5.5 million in the second quarter of fiscal 2010. The move could result in about $8.9 million in annual cost savings.

Its shares tumbled $5.23, or 18.7 percent, to $22.79 in early afternoon trading.

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