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Caldwell Partners revenue up 28%

November 14, 2014

The Caldwell Partners (TSX: CWL.TO), a Toronto-based executive search firm with operations in Canada and the U.S., reported revenue rose 28.0 percent year over year to C$13.2 million (US$12.2 million) in its fiscal fourth quarter ended Aug. 31.

US revenue rose 36 percent from the fourth quarter of 2013 (30 percent excluding exchange rate fluctuations). Higher search volumes offset by fewer partners drove the increase, according to the company. For the year, US revenue rose 43 percent.

Revenue from Canadian operations increased 13 percent in the fourth quarter and 16 percent for the full year.

Caldwell in August agreed to acquire Hawksmoor Search, a London-based executive search firm targeting the insurance industry. The firm now has 34 partners worldwide in three Canadian offices, seven US offices, and the newly-established office in the United Kingdom.

Quote

“The economic tailwinds and favorable market conditions have played a part in this year’s growth, but we also believe this is a concrete testament to the increasing quality of our partner and support teams,” CEO John Wallace said. “We now have the depth and breadth to serve our clients’ needs across every major sector and geography, and we are seeing the resulting gains in our practices and corporate brand.”

Revenue

  Q4 2014 (C$ 000s) Q4 2013 (C$ 000s) % growth   Q3 2014 (USD $000s)
Revenue $13,231 $10,338 28.0% $12,157

Net earnings

  Q4 2014 (C$ 000s) Q4 2013 (C$ 000s) % growth   Q4 2014 (USD $000s)
Net earnings for the period $892 $793 12.5% $820

Full year revenue and net earnings

  FY 2014 (C$ 000s) FY 2013 (C$ 000s)     Q4 2014 (USD $000s)
Revenue $45,086 $33,803 33.4%   $41,425
Net earnings $1,967 -$282 nm   $1,807

Share price and market cap

Shares in Caldwell Partners fell 4.49 percent in early afternoon trading to C$1.49; it has a market cap of $31.29 million, according to Yahoo!