Boston financial and management consultancy CRA International has reported net income of $1.7 million for its fiscal second quarter, ended May 15, compared to a net loss of $512,000 in the same period last year.

Revenue for the second quarter was $72 million, compared with $93.8 million for the second quarter of fiscal 2008, the company said.

In the quarter, the company said it eliminated 34 consultant positions and 22 support personnel. The company said its headcount reductions and other restructuring initiatives undertaken in the first two quarters will translate into annualized fiscal 2009 savings of $8.5 million.

"While we are encouraged by the signs of sequential improvement in our second-quarter results, we remain cautious with respect to both our expectations and our approach to managing CRA’s business as we begin the second half of fiscal 2009," said James C. Burrows, CRA’s president and CEO. "Our three-pronged focus is to drive top-line growth, improve margins through cost control and increase operating cash flow."