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US – Korn/Ferry Fee Revenue Rises 0.4%

June 14 2012

Korn/Ferry International Inc. (NYSE: KFY) reported fee revenue rose 0.4 percent to $198.1 million in its fiscal fourth quarter ended April 30 from $197.3 million in the year-ago quarter.

The Los Angeles-based executive search firm reported fourth-quarter North America executive search fee revenue fell 1.4 percent to $95.6 million. However, search revenue rose 17.2 percent in South America to $9.8 million; fell 5.4 percent in Asia Pacific to $23.3 million; and fell 4.5 percent to $40.1 million in the firm’s Europe, Middle East and Africa segment.

At Korn/Ferry’s Futurestep division, which provides mid-level recruitment and recruitment process outsourcing, fourth-quarter fee revenue rose 15.6 percent to $29.3 million.

Fourth-quarter net income fell 40.9 percent to $12.0 million from $20.3 million in the year-ago quarter.

Full-year fee revenue rose 6.2 percent to $790.5 million from $744.2 million in 2011.

Net income for the year was $54.3 million, down 7.8 percent from $58.9 million the prior fiscal year.

Korn/Ferry forecast first-quarter revenue would decrease by 8.9 percent to 16.6 percent on year-over-year basis assuming economic conditions, financial markets and foreign exchange rates remain steady.

Korn/Ferry International Inc. (NYSE: KFY)
For the fiscal fourth quarter ended April 30, 2012, compared with the same period a year ago.
Fee revenue: $198.1 million, +0.4 percent
Net income: $12.0 million, -40.9 percent

For the fiscal year ended April 30, 2012, compared with 2011.
Fee revenue: $790.5 million, +6.2 percent
Net income: $54.3 million, -7.8 percent

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