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Korn/Ferry International Inc. (NYSE: KFY) said fee revenue rose 10.9% to $205.7 million in its fiscal first quarter ended July 31. However, fee revenue would have risen only 5.9% excluding the favorable impact of foreign exchange rates, it said.
Fee revenue doesn't include reimbursed out-of-pocket expenses. The Los Angeles-based executive search firm reported total revenue rose 10.8% to $217.5 million.
North American fee revenue rose 7.6% in the first quarter to $94.0 million from $87.3 million in the first quarter of the previous year.
In other parts of the world, fee revenue rose 15.4% to $51.6 million in Europe, the Middle East and Africa; fell 5.6% to $21.4 million in the company's Asia Pacific region; and rose 49.6% to $7.6 million in South America.
Korn/Ferry's Futurestep division posted a 21.9% increase in first-quarter revenue to $31.2 million.
Korn/Ferry International Inc. (NYSE: KFY)
For the fiscal first quarter ended July 31, 2008, compared with the same period in the previous year.
Revenue: $217.5 million, +10.8%
Net income: $15.9 million, -7.0%