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CTPartners executive search net revenue up 40%; rises across geographies, segments

November 06, 2014

CTPartners Executive Search Inc. (NYSE MKT: CTP) reported net revenue rose 39.6 percent year over year in its third quarter to $45.4 million. Revenue rose across regions and segments.

Net income at the New York-based firm rose to $1.4 million from $502,000 in the year-ago quarter.

Quote

“We continue to invest in expanding our geographic footprint enhancing our ability to service our clients across the globe,” said CEO Brian Sullivan. “The recently announced binding letter of intent to acquire Neumann will allow us to further scale our European operations while establishing a presence in the pivotal German executive search market.”

Revenue

  Q3 2014 ($000s) Q3 2013 ($000s) % growth
Net revenue $45,439 $32,553 39.6%

Revenue by geography

  Q3 2014 ($000s) Q3 2013 ($000s) % growth
North America $25,896 $18,686 38.6%
Europe, the Middle East and Africa $11,457 $8,596 33.3%
Asia Pacific $3,732 $1,628 129.2%
Latin America $4,354 $3,643 19.5%

Revenue by practice area

  Q3 2014 ($000s) Q3 2013 ($000s) % growth
Financial services $11,561 $8,835 30.9%
Technology/media/telecom $6,157 $2,746 124.2%
Life sciences $9,103 $6,261 45.4%
Professional services $7,765 $6,521 19.1%
Consumer/retail $5,589 $4,459 25.3%
Industrial $5,264 $3,731 41.1%

Supplemental information

  Q3 2014  Q3 2013  % growth
Number of new search assignments 445 341 30.5%
Number of executive search consultants 142 120 18.3%

Net income

  Q3 2014 ($000s) Q3 2013 ($000s) % growth
Net income attributable to CTPartners $1,301 $658 97.7%

Guidance

CTPartners expects fourth-quarter net revenue to be in the range of $41.0 million to $43.0 million.

Share price and market cap

Shares in CTPartners fell 0.10 percent in early afternoon trading today to $19.63; the company had a market cap of approximately $142.26 million, according to Yahoo!