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Heidrick 3Q08 revenue down 2.8%

October 28 2008

Economic woes softened the third quarter results of executive search firm Heidrick & Struggles International Inc. (NASD: HSII) with executive searches down 4% compared to the same quarter in 2007.

The company reported consolidated net revenue of $158.3 million for the quarter ended Sept. 30, down 2.8% from $162.9 million in the 2007 third quarter. On a constant currency basis, net revenue declined about 5%.

In the Americas, net revenue decreased 0.2%, while in Europe it went down 14.6% (or about 17% on a constant currency basis). Revenue was up 18.2% in the Asia Pacific region (up about 15% on a constant currency basis).

The company generated net income of $14.0 million, down 13% from $16.1 million posted in the third quarter of 2007.

Heidrick & Struggles International Inc. (NYSE: RHI)
For the third quarter ended Sept. 30, 2008, compared with the same period in 2007.
Revenue: $158.3 million, -2.8%
Net income: $16 million, -13.0%

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