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View All NewsCTPartners Executive Search net revenue up 23% in Q4
CTPartners Executive Search Inc. (NYSE MKT: CTP) reported net revenue rose 22.7% year over year in the fourth quarter to $42.1 million. Revenue rose across regions and segments.
Net loss attributable to the company for the fourth quarter was $1.3 million, up from net income of $100,000, for last year’s fourth quarter.
| Q4 2014 (000s) | Q4 2013 (000s) | % growth | |
| Net revenue | $42,111 | $34,320 | 22.7% |
| Net income/loss attributable to the company | $1,300 | $100 | nm |
CTPartners’ appointed COO David Nocifora as CEO, effective today. He replaces Brian Sullivan.
The company also this week announced it closed on the sale of $6.25 million of second-lien notes due April 2020, the first of two tranches of notes issuable pursuant to its note purchase agreement with a publicly traded insurance company and an affiliate thereof. The second tranche of $6.25 million of second-lien notes is scheduled to close 90 days after the first funding, subject to certain conditions. The proceeds of the sale of the notes will be used to reduce the amounts outstanding under the CTPartner’s senior revolving credit facility.
A special committee of the board of directors continues to review CTPartners strategic alternatives, including a proposal from DHR International Inc.
Revenue by geography
| Q4 2014 (000s) | Q4 2013 (000s) | % growth | |
| North America | $23,123 | $20,294 | 13.9% |
| Europe, the Middle East and Africa | $10,768 | $8,985 | 19.8% |
| Asia Pacific | $4,524 | $2,448 | 84.8% |
| Latin America | $3,696 | $2,593 | 42.5% |
Revenue by practice area
| Q4 2014 (000s) | Q4 2013 (000s) | ||
| Financial services | $14,407 | $10,180 | 41.5% |
| TMT | $4,680 | $4,038 | 15.9% |
| Life sciences | $8,036 | $5,653 | 42.2% |
| Professional services | $5,211 | $6,852 | -23.9% |
| Consumer/retail | $5,028 | $4,010 | 25.4% |
| Industrial | $4,749 | $3,587 | 32.4% |
Supplemental information
| Q4 2014 (000s) | Q4 2013 (000s) | ||
| Number of new search assignments | 391 | 342 | 14.3% |
| Number of executive search consultants | 157 | 128 | 22.7% |
Full-year revenue
| FY 2014 (000s) | FY 2013 (000s) | % growth | |
| Net revenue | $172,533 | $130,278 | 32.4% |
| Net income/loss attributable to the company | $3,307 | -$1,632 | nm |
Share price and market cap
Shares in CTPartners rose 5.0% in early afternoon trading to $3.99. The company had a market cap of $28.97 million.