Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) reported second-quarter net revenue fell 45.1% year-over-year to $93.1 million. "Although we remain optimistic about an improvement in our business in the later half of the year, it will be weaker than we had previously expected," CEO L. Kevin Kelly said in a statement. "Market conditions remain volatile and uncertain and this is impacting our ability to accurately forecast."

Heidrick's second-quarter Americas revenue fell 44.4% year-over-year to $48.3 million.

The number of consultants at the end of the second quarter was 380, compared to 408 at the end of the second quarter of last year. And the number of executive search confirmations fell 37.1% year-over-year in the second quarter but was essentially the same as in the first quarter, according to the company.

Heidrick posted restructuring and impairment charges of $12.1 million in the quarter. The charges included $8.3 million in severance expenses and a noncash charge of $3.8 million involving the impairment of an intangible asset from a prior acquisition.

The company posted a second-quarter net loss of $15.8 million compared with net income of $12.7 million in the year-ago quarter.

Heidrick & Struggles International Inc. (NASD: HSII)
For the second quarter ended June 30, 2009, compared with the same period in 2008.
Net revenue: $93.1 million, -45.1%
Net loss: $15.8 million vs. net income of $12.7 million