The Caldwell Partners International Inc. (TSX: CWL), a Toronto-based executive search firm, reported revenue fell 5.5 percent to C$6.8 million (US$6.7 million) in its fiscal second quarter ended Feb. 28 compared with the second quarter of the previous year.

“Lower search volumes per partner in the United States were the main contributor to the reduced revenue, and while the overall business climate remains challenging — particularly in the United States — we are encouraged by increasing business development activity in many of our key sectors, including financial services,” said CEO John Wallace.

U.S. revenue represented 66 percent, or C$4.5 million (US$4.4 million), of second-quarter revenue. U.S. revenue was down 7 percent from the year-ago quarter.

The company posted a second-quarter net loss of C$652,651 (US$636,165) compared to a net loss of C$241,287 in the second quarter of the previous year.