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Second-quarter net revenue at CTPartners Executive Search Inc. (NYSE MKT: CTP) rose 1.4 percent to $34.2 million from $33.8 million in the second quarter last year. CEO Brian Sullivan said revenue growth was higher than originally expected, with all six practices showing improvement over the first quarter of 2013.
- North America second-quarter revenue rose 1.7 percent to $21.7 million. North America is the firm’s largest geographic sector, contributing 63.5 percent of the company’s second-quarter net revenue.
- Europe, the Middle East and Africa second-quarter revenue rose 24.5 percent to $8.3 million.
- Asia Pacific second-quarter revenue fell 53.8 percent to $1.2 million.
- Latin America second-quarter revenue fell 4.9 percent to $3.0 million.
In March, CTPartners announced plans to amend results for the first three quarters of 2012 in an accounting change related to the acquisition of its independently owned licensee in Latin America during the first quarter of 2012.
The company in May acquired Augmentum, a London-based executive recruitment firm, and Sullivan said it performed as expected in the quarter and has already made a significant contribution to CTPartners’ business development activities.
CTPartners conducted 364 new search assignments in the second quarter, up 4.0 percent from 350 in the year-ago period.
The net loss was $324,000 in the second quarter. It was also $324,000 in the second quarter of last year.
CTPartners Executive Search Inc. (NYSE MKT: CTP)
For the second quarter ended June 30, 2013, compared to the year-ago quarter.
Net revenue: $34.2 million, +1.4 percent
Net loss: $324,000 vs. net loss of $324,000