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Economic woes softened the third quarter results of executive search firm Heidrick & Struggles International Inc. (NASD: HSII) with executive searches down 4% compared to the same quarter in 2007.
The company reported consolidated net revenue of $158.3 million for the quarter ended Sept. 30, down 2.8% from $162.9 million in the 2007 third quarter. On a constant currency basis, net revenue declined about 5%.
The company generated net income of $14.0 million, down 13% from $16.1 million posted in the third quarter of 2007.
Heidrick & Struggles International Inc. (NYSE: RHI)
For the third quarter ended Sept. 30, 2008, compared with the same period in 2007.
Revenue: $158.3 million, -2.8%
Net income: $16 million, -13.0%