Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) reported net fourth-quarter revenue fell 12.1% year-over-year (6% on a constant currency basis) to $134.9 million as the economic slowdown took hold. The number of executive searches decreased 16.9% year-over-year in the fourth quarter, the company said.

"Our fourth quarter results reflect further deterioration in economies around the world, which resulted in slower hiring decisions in every region and in almost every industry practice," said CEO L. Kevin Kelly. "We continued to benefit from expense reductions as a result of cost-cutting initiatives adopted earlier in the year, but they could not fully offset the decline in net revenue."

Heidrick said fourth-quarter Americas net revenue (which doesn't include reimbursements) fell 14.7% to $68.2 million.

European fourth-quarter net revenue fell 16.1% to $45.3 million. Asia Pacific fourth quarter net revenue, however, rose 9.2% to $21.4 million. On a constant currency basis, European net revenue fell just 3% and Asia Pacific rose 18%.

Fourth-quarter net income fell 42.8% year-over-year to $5.3 million.

Full-year 2008 net revenue slipped 0.6% to $615.9 million compared with the previous year. Net income fell 30.8% to $39.1 million.

Heidrick estimated full-year 2009 net revenue at between $450 million to $500 million, a decrease of 18.8% to 26.9% compared with 2008.

The company said it plans to cut real estate expenses and support costs in 2009 by 30%. It earlier announced in January plans to cuts its global workforce by 12%.

Heidrick & Struggles International Inc. (NASD: HSII)
For the fourth quarter ended Dec. 31, 2008, compared with the same period in the previous year.
Net revenue: $134.9 million, -12.1%
Net income: $5.3 million, -42.8%

For the full year ended Dec. 31, 2008, compared with the previous year.
Net revenue: $615.9 million, -0.6%
Net income: $39.1 million, -30.8%