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Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) reported third-quarter net revenue fell 17.5 percent to $117.3 million from $142.2 million in the year-ago quarter.
“We believe we are winning a strong share of the C-suite and Board level searches, but clients are still safeguarding their resources related to expansion and growth until the environment becomes more stable, affecting the pace of new hiring decisions,” said CEO L. Kevin Kelly.
Third-quarter Americas net revenue fell 5.8 percent to $72.4 million on a year-over-year basis. European third-quarter net revenue fell 43.0 percent to $21.5 million, but the decline was approximately 38 percent on a constant currency basis. In Asia Pacific, third-quarter net revenue fell 15.2 percent to $23.4 million; the decline was approximately 12 percent on a constant currency basis.
Heidrick posted third-quarter net income of $4.1 million compared to a net loss of $32.4 million in the year-ago quarter. The third quarter of 2011 included an impairment charge of $26.4 million.
Heidrick & Struggles International Inc. (NASD: HSII)
For the third quarter ended Sept. 30, 2012, compared with the same period last year.
Net revenue: $117.3 million, -17.5 percent
Net income: $4.1 million vs. net loss of $32.4 million