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Korn/Ferry Q4 Revenue Up 17%

June 15 2011

Korn/Ferry International Inc. (NYSE: KFY) reported today fee revenue rose 17.0 percent to $197.3 million in its fiscal fourth quarter ended April 30, 2011. On a constant currency basis, fee revenue rose by 13 percent.

The Los Angeles-based executive search firm reported revenue rose across all geographic regions. North American fourth-quarter fee revenue rose 14.0 percent to $96.9 million in the fourth quarter.

Fourth-quarter fee revenue from Europe, the Middle East and Africa rose 15.9 percent to $42.0 million; fee revenue from Asia Pacific rose 13.7 percent to $24.7 million; and fee revenue from South America rose 9.5 percent to $8.4 million.

At Korn/Ferry’s Futurestep division, which provides mid-level recruitment and recruitment process outsourcing, fourth-quarter fee revenue rose 40.1 percent to $25.3 million.

Net income more than doubled in the fourth quarter, rising 128.1 percent to $20.3 million from $8.9 million a year ago.

Full-year fee revenue rose 30.0 percent to $744.3 million.

Full-year fee revenue rose in all divisions:

Futurestep: $90.2 million, + 32.7 percent
North America: $376.0 million, +34.9 percent
Europe, the Middle East and Africa: $155.8 million, +13.3 percent
Asia Pacific: $90.3 million, +40.9 million
South America: $32.0 million, + 33.0 percent

Net income for the year was $58.9 million, up from $5.3 million the prior fiscal year. The company recorded a restructuring charge of $20.7 million in the previous fiscal year.

Korn/Ferry estimates first-quarter revenue will be up between 8.5 percent and 17.1 percent on a year-over-year basis.

Korn/Ferry International Inc. (NYSE: KFY)
For the fiscal fourth quarter ended April 30, 2011, compared with the year-ago quarter.
Fee revenue: $197.3 million, +17.0 percent
Net income: $20.3 million, +128.1 percent

For the fiscal year ended April 30, 2011, compared with the prior fiscal year
Fee revenue: $744.3 million, +30.0 percent
Net income: $58.9 million vs. $5.3 million


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