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Korn/Ferry International Inc. (NYSE: KFY) reported today fee revenue rose 17.8 percent to $206.3 million in its fiscal first quarter ended July 31. On a constant currency basis, fee revenue rose by 10 percent.
The Los Angeles-based executive search firm reported revenue rose across all geographic regions. North American first-quarter fee revenue rose 9.4 percent to $98.4 million in the first quarter.
First-quarter fee revenue from Europe, the Middle East and Africa rose 19.2 percent to $43.2 million; fee revenue from Asia Pacific rose 21.4 percent to $25.7 million; and fee revenue from South America rose 17.4 percent to $8.8 million.
At Korn/Ferry’s Futurestep division, which provides mid-level recruitment and recruitment process outsourcing, first-quarter fee revenue rose 49.2 percent to $30.2 million.
Net income jumped in the first quarter by 41.3 percent to $15.4 million from $10.9 million a year ago.
Assuming economic conditions, financial markets and foreign exchange rates remain steady, the company expects second-quarter fee revenue of between $192 million and $210 million, a year-over-year increase of between 3.6 percent and 13.3 percent.
Korn/Ferry International Inc. (NYSE: KFY)
For the fiscal first quarter ended July 31, 2011, compared with the year-ago quarter.
Fee revenue: $206.3 million, +17.8 percent
Net income: $15.4 million, +41.3 percent