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Korn/Ferry International Inc. (NYSE: KFY) fee revenue rose 22 percent in its fiscal first quarter ended July 31 on a year-over-year basis to $228.4 million, above the top end of guidance. However, fee revenue rose 7 percent, or 8 percent on a constant currency basis, when excluding acquisitions of PDI Ninth House and Global Novations.
Looking at executive search fee revenue alone, it rose 7 percent to $136.7 million on a year-over-year basis. And first-quarter executive search fee revenue rose in all geographies except South America:
- North America: $74.1 million, +3 percent
- Europe, the Middle East and Africa: $34.4 million, +15 percent
- Asia Pacific: $21.1 million, +22 percent
- South America: $7.0 million, -14 percent
Fee revenue in Korn/Ferry’s leadership and talent consulting operations rose 112 percent to $60.1 million in the first quarter. Excluding PDI Ninth House and Global Novations, first-quarter revenue in leadership and talent consulting operations increased 11 percent (12 percent on a constant currency basis) compared to the fiscal first quarter of 2013.
Revenue rose 3 percent year over year to $31.7 million in the Futurestep division, which provides recruitment process outsourcing, project recruitment and talent consulting.
Net income rose 10 percent to $11.4 million. Results included a restructuring charge of $3.7 million.
Korn/Ferry International Inc. (NYSE: KFY)
For the fiscal first quarter ended July 31, 2013, compared with the same period a year ago.
Fee revenue: $228.4 million, +22 percent
Net income: $11.4 million, +10 percent