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First-quarter net revenue at CTPartners Executive Search Inc. (NYSE MKT: CTP) fell 9.9 percent to $29.2 million from $32.4 million in the first quarter last year. CEO Brian Sullivan said the firm continues to pertain a challenging economic environment for executive search.
- North America first-quarter revenue fell 13.4 percent to $17.4 million. North America is the firm’s largest geographic sector, contributing 59.7 percent of the company’s first-quarter net revenue.
- Europe, the Middle East and Africa first-quarter revenue fell 0.6 percent to $6.7 million.
- Asia Pacific first-quarter revenue fell 33.9 percent to $1.7 million.
- Latin America first-quarter revenue rose 13.4 percent to $3.3 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.
And the company announced the acquisition of Augmentum, a London-based executive recruitment firm, earlier this month.
“Augmentum will increase our UK presence and significantly improve our global competitive position while making a positive contribution to our financial results immediately,” Sullivan said.
CTPartners conducted 348 new search assignments in the first quarter, down 9.6 percent from 385 in the year-ago period.
The company reported a first-quarter net loss of $2.0 million compared to a net loss of $566,604 in the same quarter last year.
CTPartners Executive Search Inc. (NYSE MKT: CTP)
For the first quarter ended March 31, 2013, compared to the year-ago quarter.
Net revenue: $29.2 million, -9.9 percent
Net loss: $2.0 million vs. net loss of $566,604