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Heidrick Revenue Falls 19%

July 31 2012

Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) reported second-quarter net revenue fell 18.7 percent to $116.1 million from $142.8 million in the year-ago quarter.

“Although revenue improved compared to the first quarter, confirmation trends fell short of our expectations and second quarter results were disappointing,” said CEO L. Kevin Kelly. “Search confirmations were adversely impacted by increasing uncertainty about the pace of global economic recovery, including the euro-zone financial crisis, as well as continued weakness in hiring trends and investment spending generally.”

Second-quarter Americas net revenue fell 14.9 percent to $65.3 million on a year-over-year basis. Europe net revenue fell 21.3 percent to $27.1 million, and Asia Pacific net revenue fell 25.2 percent to $23.6 million.

Heidrick posted second-quarter net income of $1.9 million, a decrease of 75.1 percent compared to $7.4 million in the year-ago quarter.

Heidrick forecasts 2012 third-quarter net revenue of $115 million to $125 million, which represents a year-over-year decrease of 12.1 percent to a decrease of 19.1 percent.

Heidrick & Struggles International Inc. (NASD: HSII)
For the second quarter ended June 30, 2012, compared with the same period last year.
Net revenue: $116.1 million, -18.7 percent
Net income: $1.9 million, -75.1 percent

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