CTPartners Executive Search Inc. (NYSE MKT: CTP) released preliminary results Wednesday and reported adjusted earnings per share will be less than expected, but fourth-quarter revenue will be within guidance.

The New York-based executive search firm said Wednesday it expects a net loss of between four cents and eight cents per share; it had reported net income of two cents per share in the fourth quarter of 2013.

Excluding after-tax, non-operating items, fourth quarter 2014 adjusted net income is expected to be in the range of six cents to eight cents per share. Earlier guidance had called for adjusted earnings per share of between 19 cents and 21 cents.

The company cited higher than anticipated operating expenses related to business development activity, increased marketing and upgrading the search process and corporate infrastructure.

CTPartners expects net revenue of approximately $42 million in the fourth quarter, within previous guidance of between $41.0 million and $43.0 million.

“While 2014 was a very successful year for CTPartners, fourth-quarter adjusted earnings will be less than expected,” said CEO Brian Sullivan. “We continued to experience high demand for our services and will report strong revenue growth for the fourth quarter and full year. We made necessary investments in our business that will continue to allow CTPartners to be a disruptor in the executive search industry while maintaining our high level of client service as we build our brand globally.”

Sullivan added, “Looking forward, we expect net revenue and adjusted earnings per share for the full year 2015 to increase over 2014. Our business fundamentals remain strong, search assignments continue to grow and the investments we made in late 2014 will support our future growth as we enter 2015.”

The company plans to release full fourth-quarter results on March 12.

Shares in CTPartners fell 31.52% in early afternoon trading today to $8.56; the company had a market cap of approximately $62.15 million, according to Yahoo!

Last month, CTPartners withdrew a planned public offering of stock and defended itself against a US Equal Employment Opportunity Complaint by a former employee.