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Heidrick profit slips as Americas revenue falls

April 29 2008

First-quarter net income fell 29.9% at Heidrick & Struggles International Inc. (NASD: HSII). The Chicago-based executive search firm said profit fell amid a decrease in operating income in its Americas region, driven by a decline in revenue from the financial services industry. Investment in its Asia Pacific region also weighed on profit, the company said.

Heidrick's first-quarter net income was $7.1 million compared with $10.1 million in the first quarter of 2007.

First-quarter revenue, however, rose 6.9% to $159.9 million from $149.6 million in the same period last year.

Revenue from the Americas fell 7.3% to $77.3 million, but revenue rose 24.2% in Europe and 33.6% in its Asia Pacific region.

Heidrick & Struggles International Inc. (NASD: HSII)
For the first quarter ended March 31, 2008, compared with the same period in 2007.
Revenue: $159.9 million, +6.9%
Net income: $7.1 million, -29.9%

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