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Search firm says second half much improved

November 11 2013

The Caldwell Partners (TSX: CWL), a Toronto-based executive search firm with operations in Canada and the U.S., reported today the second-half of its fiscal year ended Aug. 31 was much improved over the first half. And fourth-quarter revenue rose 17 percent to C$10.3 million (US$9.8 million).

Revenue for the full year rose 3 percent to C$33.8 million (US$32.1 million).

“Fiscal 2013 turned out to be a year of polarized results,” said CEO John Wallace.

“What began as a slow first half of the year in a challenging business climate swung dramatically positive over the course of the second half,” Wallace said. “We had a very strong back half, which we attribute to a lift from the economy in Canada and the United States, as well as the fact that as a collective group we have been performing better — our average metrics per partner are up in terms of volume and we are winning more search work.”

Fourth-quarter net earnings, however, fell 17 percent to C$793,000 (US$752,771). And Caldwell Partners reported a net loss of C$281,904 (US$267,603) for the full fiscal year compared with net earnings of C$981,008 for the previous year.

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