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USA - Heidrick & Struggles Q4 Revenue Flat

28 February 2012

Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) reported net revenue was essentially flat at $127.2 million in the fourth quarter of 2011 compared to the fourth quarter of the previous year.

Fourth-quarter Americas net revenue rose 4.3 percent to $69.4 million. However, Europe net revenue fell 5.8 percent to $32.9 million, and Asia Pacific net revenue fell 3.6 percent to $24.9 million.

Heidrick posted a fourth-quarter net loss of $4.1 million, compared with net income of $5.2 million in the fourth quarter of last year. The fourth quarter of 2011 included restructuring charges of $16.3 million, which consist of employee-related costs including severance associated with a global workforce reduction of approximately 10 percent. In addition, the charges include expenses associated with consolidating and closing 11 offices in the Americas and Europe regions.

Full-year net revenue rose by 7.0 percent to $527.8 million.

The company posted a net loss for the year of $33.7 million, compared with net income of $7.5 million in 2010. Full-year 2011 included restructuring charges of $16.3 million and impairment charges of $26.4 million.

Heidrick forecasts 2012 first quarter net revenue will fall between 0.5 percent and 9.2 percent on a year-over-year basis. It forecasts full-year 2012 net revenue will be between $510 million and $540 million, which ranges from a year-over-year decrease of 3.4 percent to an increase of 2.3 percent.

Heidrick & Struggles International Inc. (NASD: HSII)
For the fourth quarter ended Dec. 31, 2011, compared with the same period in the previous year.
Net revenue: $127.2 million, -0.1 percent
Net loss: $4.1 million vs. net income of $5.2 million

For the fiscal year ended Dec. 31, 2011, compared with the previous year.
Net revenue: $527.8 million, +7.0 percent
Net loss: $33.7 million vs. net income of $7.5 million

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