The Caldwell Partners International Inc. (TSX: CWL), a Toronto-based executive search firm, reported revenue was roughly flat, falling 1.4 percent to C$9.2 million (US$8.9 million) in its fiscal third quarter ended May 31 compared with the third quarter of the previous year. The company attributed the year-over-year revenue decline to its U.S. business, which was down 7 percent in the third quarter on lower average search fees.

“We continue to see difficult market conditions and the pressures that come from operating in slower-growing economies,” said CEO John Wallace. “However, we have seen these conditions stabilize during the current quarter, with notable strengthening in the number of new searches. We remain focused on growth opportunities through enhanced business development and marketing initiatives and select hires of high caliber search professionals.”

The company posted a third-quarter net loss of C$366,073 (US$354,037) compared to a net income of C$710,712 in the third quarter of the 2012.