Korn/Ferry Reports 4Q Loss On Sales Drop, Charges

LOS ANGELES (AP) — Korn/Ferry International reported a fiscal fourth-quarter loss Tuesday as revenue fell along with demand for the staffing-company's services and charges cut into profit.

For the period ended April 30, the company lost $19.5 million, or 45 cents per share, compared with net income of $15.7 million, or 36 cents per share, a year earlier. Revenue fell 48.1 percent to $114.4 million from $220.5 million.

Excluding a $25.1 million restructuring charge, the company said it lost 11 cents per share.

Analysts polled by Thomson Reuters predicted a loss of 5 cents per share on revenue of $113.7 million.

"Although our industry, the global capital markets and most businesses have been under siege since the Fall of 2008, Korn/Ferry is successfully navigating this historic global recession," said Chief Executive Gary D. Burnison, in a statement. "We have used this tumultuous time to make strides in enhancing our value proposition to clients and to further diversify Korn/Ferry as a true talent management provider."

For the full year, Korn/Ferry lost $12.4 million, or 28 cents per share, compared with a profit of $66.2 million, or $1.46 per share, in fiscal 2008. Total revenue dropped 19 percent to $676.1 million, from $835.6 million in the prior year.