Executive search firm Heidrick & Struggles International Inc.'s (NASD: HSII) third-quarter revenue fell 34.6% from the year-ago quarter to $103.5 million. But CEO L. Kevin Kelly said he's seeing more indications the slowdown has hit bottom.

"Although year-over-year comparisons still reflect the impact of a worldwide economic downturn, there are increasing signs that we've seen the bottom of this historic recession," Kelly said in a statement. "Net revenue increased for the second quarter in a row [up 11.2%], confirmations increased 17% compared to the second quarter and backlog increased for the first time in the past six quarters."

The number of executive search confirmations in the third quarter was still down 17% compared with the same period in 2008, according to the company.

Heidrick's third-quarter Americas net revenue fell 37.7% from the same period last year to $50.9 million.

Third-quarter net income fell 68.5% from the year-ago quarter to $4.4 million.

The company estimates fourth-quarter net revenue of between $103.0 million and $108.0 million representing a year-over-year decline of approximately 20% to 24%.

Heidrick's net revenue excludes reimbursements.

Heidrick & Struggles International Inc. (NASD: HSII)
For the third quarter ended Sept. 30, 2009, compared with the same period in 2008.
Net revenue: $103.5 million, -34.6%
Net income: $4.4 million, -68.5%