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Korn/Ferry revenue jumps 16.2%

June 11 2008

Revenue rose 16.2% at executive search firm Korn/Ferry International Inc. (NYSE: KFY) to $220.5 million in its fiscal fourth quarter ended April 30.

The Los Angeles-based company said revenue rose in all segments amid an increase in the number of searches and a 7% increase in the average fee billed per search. The company also received an $11.3 million boost from favorable foreign currency exchange rates.

North America revenue increased 7.1% to $97.9 million. Its Europe, Middle East and Africa division posted a 21.1% increase in revenue to $50.0 million; its Asia Pacific business rose 17.4% to $23.3 million; and its South America unit's revenue increased 37.1% to $6.4 million.

The company also said fourth-quarter revenue in its Futurestep division jumped 36.0% to $30.7 million.

Fourth-quarter net income rose 16.3% to $15.7 million from $13.5 million in the fourth quarter of 2007.

Full-year revenue jumped 21.2% to $835.6 million. Net income for the year increased 19.3% to $66.2 million.

"Fiscal 2008 produced the most revenue and earnings in Korn/Ferry's 38-year history," said CEO Gary Burnison.

The company estimates revenue of between $190 million to $200 million for its fiscal first quarter which ends in July.

Korn/Ferry International Inc. (NYSE: KFY)
For the fourth quarter ended April 30, 2008, compared with the quarter ended April 30, 2007.
Revenue: $220.5 million, +16.2%
Net income: $835.6 million, +21.2%

For the fiscal year ended April 30, 2008, compared with the quarter ended April 30, 2007.
Revenue: $835.6 million, +21.2%
Net income: $66.2 million, +19.3%

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