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Asia Pacific helps Heidrick revenue

August 06 2008

With a boost from its Asia Pacific division, Heidrick & Struggles International Inc. (NASD: HSII) reported a 6.2% increase in second-quarter revenue to $177.8 million. The Chicago-based executive search firm reported revenue $167.4 million in the same period last year.

Heidrick's Asia Pacific revenue soared 50.6% to $29.2 million. That's up 41% on a constant currency basis.

Heidrick's Americas revenue, however, fell 1.4% to $87.0 million. Its European revenue rose 1.7% to $53.3 million, but fell 7% on a constant currency basis.

Second-quarter net income fell 39.4% to $12.7 million. Heidrick said the company had an effective tax rate of 38% in the second quarter, compared with 2.3% in the year-ago quarter because of foreign tax credits.

Heidrick said it's on track for (full-year) 2008 revenue of between $650 million and $660 million.

Heidrick & Struggles International Inc. (NASD: HSII)
For the second quarter ended June 30, 2008, compared with the same period in 2007.
Revenue: $177.8 million, +6.2%
Net income: $12.7 million, -39.4%

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