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Heidrick revenue rises 35%

July 27 2010

Heidrick & Struggles International Inc. (NASD: HSII), the Chicago-based executive search firm, reported net revenue rose 35.4% on a year-over-year basis to $126.1 million in the second quarter.

CEO L. Kevin Kelly said the revenue increase "was driven by very strong performance from the financial services and global technology & services practices, the Asia Pacific region and noteworthy improvements in consultant productivity and average revenue per executive search."

Revenue in the financial services practice rose 85% year-over-year, the company reported in a conference call with analysts. Financial services represented 33% of net revenue, or $41.6 million.

Second-quarter Asia Pacific revenue rose 69.4% to $29.3 million, and Americas revenue rose 34.6% to $65.1 million.

European revenue also rose 15.4% to $31.7 million.

Executive search confirmations in the second quarter rose 28.2% compared to the same period last year.

The number of consultants at Heidrick fell to 343 in the second quarter from 380 in the year-ago quarter. However, annualized net revenue per consultant rose to $1.4 million in the second quarter from $900,000 in the second quarter of last year. Average revenue per executive search rose to $108,600 from $102,700.

Heidrick posted second-quarter net income of $2.7 million compared with a net loss of $15.8 million in the same period last year. The year-ago quarter included a restructuring charge of $12.1 million.

The company forecast third-quarter revenue will be up 10% to 18% on a year-over-year basis.

Heidrick & Struggles International Inc. (NASD: HSII)
For the second quarter ended June 30, 2010, compared with the same period in 2009.
Net revenue: $126.1 million, +35.4%
Net income: $2.7 million vs. net loss of $15.8 million

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