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Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) reported fourth-quarter net revenue fell 3.3 percent to $103.0 million from $106.5 million in the first quarter of last year.
“Despite continuing challenges in Europe, where first quarter results were negatively impacted by a long, slow economic recovery and higher than expected consultant turnover, we have seen encouraging results from a number of offices and industry practices in our Americas and Asia Pacific regions,” said CEO L. Kevin Kelly.
Kelly also said he was pleased with the early integration of Senn-Delaney Leadership Consulting Group, which the company acquired in January.
“Expanding our service offerings to include culture shaping has strengthened our integrated leadership services platform and is a key differentiating feature for Heidrick & Struggles that has already been instrumental in several significant business wins,” Kelly said.
First-quarter Americas net revenue rose 9.0 percent year over year to $64.2 million. Senn-Delaney contributed $5.0 million, and increases in the financial services, global technology and services, and life sciences practices were partially offset by declines in the consumer practice and in leadership consulting.
Europe net revenue fell 29.8 percent year over year to $19.0 million, and Asia Pacific net revenue fell 3.9 percent to $19.8 million.
Heidrick posted a net loss in the first quarter of $1.2 million compared with a net income of $679,000 in the year-ago period.
Heidrick & Struggles International Inc. (NASD: HSII)
For the first quarter ended March 31, 2013, compared with the same period in the previous year.
Net revenue: $103.0 million, -3.3 percent
Net loss: $1.2 million vs. a net income of $679,000