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Heidrick reports Americas, Asia-Pacific revenue up

July 30 2013

Heidrick & Struggles Inc. (NASD: HSII), the Chicago-based executive search provider, reported second-quarter revenue rose in its Americas and Asia-Pacific divisions but fell at its European operations.

Second-quarter net revenue rose 11.4 percent year over year in the Americas to $72.8 million. Revenue rose 6.5 percent in the Asia-Pacific to $25.1 million. However, revenue fell 11.1 percent to $24.1 million in Europe.

Total global net revenue at Heidrick rose 5.1 percent to $122.0 million.

“Improving conditions for executive search in the Americas and in Asia Pacific had a positive impact on our second-quarter results while Europe remains in a challenging economic environment,” said interim CEO Jory Marino. “Our year-over-year revenue comparisons also reflect the value that Senn-Delaney brings to Heidrick & Struggles and reinforce the need to continue to broaden our leadership talent capabilities.”

Heidrick acquired Senn-Delany Consulting Group LLC in January. It had revenue of $5.4 million in the second quarter.

Also, Heidrick announced earlier this month that CEO L. Kevin Kelly was stepping down with Marino stepping in as interim CEO.

Heidrick reported second-quarter net income rose 4.6 percent to $1.9 million. The second quarter of last year included restructuring charges of $507,000.

Heidrick & Struggles International Inc. (NASD: HSII)
For the second quarter ended June 30, 2013, compared with the same period in the previous year.
Net revenue: $122.0 million, +5.1 percent
Net income: $1.9 million, +4.6 percent

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