Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) reported a year-over-year decline of 18.6% in fourth-quarter revenue while net income rose. The company estimated first quarter and full-year 2010 will bring revenue growth.

Heidrick posted fourth-quarter revenue of $109.9 million excluding reimbursements compared with revenue of $134.9 million in the fourth quarter of the previous year.

The number of executive search confirmations rose 7.1% in the fourth quarter compared with the fourth quarter of 2008, the company reported. However, the average revenue per executive search fell to $104,900 from $141,300 in the year-ago quarter.

Fourth-quarter revenue in Heidrick's Americas division fell 18.1% on a year-over-year basis to $55.9 million.

Fourth-quarter net income was $9.4 million, up 77.5% from $5.3 million in the fourth quarter of 2008.

Full-year 2009 revenue fell 35.8% to $395.7 million excluding reimbursements.

Heidrick posted a full-year net loss of $20.9 million compared with net income of $39.1 million in 2008.

The company estimated first-quarter revenue will rise between 23% and 31% on a year-over-year basis, and full-year 2010 revenue will rise between 11% and 21%.

Heidrick & Struggles International Inc. (NASD: HSII)
For the fourth quarter ended Dec. 31, 2009, compared with the same period in the previous year.
Net revenue: $109.9 million, -18.6%
Net income: $9.4 million, +77.5%

For the full year ended Dec. 31, 2009, compared with the previous year.
Net revenue: $395.7 million, -35.8%
Net loss: $20.9 million vs. net income of $39.1 million