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The Corporate Executive Board Company (“CEB” or the “Company”) (NYSE: EXBD) today announces financial results for the second quarter and six months ended June 30, 2012. Revenues increased 15.5% to $135.7 million for the second quarter of 2012 from $117.5 million for the second quarter of 2011. Income from continuing operations for the second quarter of 2012 was $14.8 million, or $0.44 per diluted share, compared to $11.0 million, or $0.31 per diluted share, for the same period of 2011. Adjusted net income was $16.1 million and non-GAAP diluted earnings per share was $0.48 in the second quarter of 2012 compared to $11.0 million and $0.31 for the same period of 2011, respectively.
For the first six months of 2012, revenues were $264.2 million, a 14.3% increase from $231.1 million for the first six months of 2011. Income from continuing operations for the first six months of 2012 was $30.3 million, or $0.90 per diluted share, compared to $23.0 million, or $0.66 per diluted share, for the same period of 2011. Adjusted net income was $31.9 million and non-GAAP diluted earnings per share was $0.95 in the second quarter of 2012 compared to $23.0 million and $0.66 for the same period of 2011, respectively.
Contract Value at June 30, 2012 increased 12.2% to $512.7 million compared to $456.8 million at June 30, 2011. Wallet retention rate at June 30, 2012 was 100% compared to 103% at June 30, 2011. Contract Value per member institution increased 2.1% at June 30, 2012 to $86,756 from $84,942 at June 30, 2011.
“Our solid second quarter results reflect our focus on delivering value to members and put us on pace to exceed our prior earnings outlook for 2012,” said Thomas Monahan, Chairman and Chief Executive Officer. “This favorable momentum provides a helpful backdrop as we move towards closing and integrating the SHL acquisition. Looking forward, we continue to see tremendous opportunities as organizations around the world seek to manage human capital with the same rigor and analytic depth that they use to manage other vital corporate assets. By linking CEB’s insight into the drivers of corporate, functional, and individual performance with SHL’s deep resources on people and talent, we will be able to help the combined organization’s more than 10,000 customers unlock the full potential of their organizations.”