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CTPartners Executive Search Inc. Announces Third Quarter And Nine-Month 2012 Financial Results

Stocks in this article: CTP

CTPartners Executive Search Inc. (NYSE MKT:CTP), a leading global retained executive search firm, today announced its financial results for the third quarter and nine-months, ended September 30, 2012.

Revenue for the third quarter was $32.0 million, a 5.5% increase from $30.3 million reported in last year’s third quarter. Revenues decreased sequentially from $33.8 million reported in the second quarter 2012. On a GAAP basis, the operating loss was $551,000, or fully diluted net loss per share of $0.04. Excluding the one-time reorganization charge announced on August 9, 2012, operating income was $413,289, or fully diluted earnings of $0.04 per share. The Company reported operating income of $98,000, or fully diluted earnings per share of $0.01, for the third quarter last year. Revenue and operating income per share excluding the reorganization charge were at the high end of the previously announced guidance for the third quarter 2012. A reconciliation of reported to adjusted results, excluding reorganization charges, is included in this press release.

“Our solid revenue growth of 5.5% to $32.0 million reflects our growing position in the global executive recruitment industry,” said Brian Sullivan, Chief Executive Officer. “During the quarter, we experienced strong contributions from our newer Industrial and Consumer practices which complemented the positive growth we saw in our Life Sciences industry practice. Financial Services revenue was up slightly over last year demonstrating our ability to move quickly into market segments where executive recruitment services were in demand. We reduced G&A expense in the quarter and began to realize the operational and financial benefits of our recent reorganization. We continue to operate in a challenging market and will continue to take the necessary steps to continue to deliver above market revenue growth and improved profitability when the global economy improves.”

Revenue Breakdown by Region

YEAR OVER YEAR   Q3 2012   Q3 2011        
By Region   Revenue  

%

    Revenue  

%

   

Increase /(Decrease)

  %  
North America   $ 19,114,200   59.7 %   $ 20,331,600   67.0 %   $ (1,217,400 )   -6.0 %
EMEA     7,012,500   21.9 %     8,021,700   26.4 %     (1,009,200 )   -12.6 %
Latin America     3,865,300   12.1 %     -   0.0 %     3,865,300     100.0 %
Asia Pacific     2,013,400   6.3 %     1,984,000   6.6 %     29,400     1.5 %
TOTAL   $ 32,005,400   100 %   $ 30,337,300   100 %   $ 1,668,100     5.5 %
           

Revenue Breakdown by Practice

YEAR OVER YEAR   Q3 2012   Q3 2011        
By Practice   Revenue   %     Revenue   %    

Increase /(Decrease)

  %  
Financial Services   $ 9,562,000   29.9 %   $ 9,548,700   31.5 %   $ 13,300     0.1 %
Life Sciences     6,639,100   20.7 %     5,232,300   17.3 %     1,406,800     26.9 %
TMT     4,881,400   15.3 %     5,334,300   17.6 %     (452,900 )   -8.5 %
Professional Services     4,164,700   13.0 %     5,566,100   18.3 %     (1,401,400 )   -25.2 %
Consumer/Retail     3,869,300   12.1 %     2,671,300   8.8 %     1,198,000     44.8 %
Industrial     2,888,900   9.0 %     1,984,600   6.5 %     904,300     45.6 %
TOTAL   $ 32,005,400   100 %   $ 30,337,300   100 %   $ 1,668,100     5.5 %
           

Performance Metrics

   

Three Month Period EndedSeptember 30

 

Increase /(Decrease)

 

% Increase /(Decrease)

      2012     2011        
# of new search assignments     318     269     49   18.2%
# of executive search consultants     102     94     8   8.5%
Productivity   $ 1,255,100   $ 1,291,000   $ (35,900)   -2.8%
Avg. revenue per executive search   $ 93,800   $ 100,100   $ (6,300)   -6.3%
Avg. revenue per executive search excl. Latin America   $ 113, 640   $ 100,000   $ 13,540   13.5%
       

Excluding Latin America, productivity and average revenue per executive search would have been $1,308,800 and $113,640, respectively, in the current quarter, compared to $1,291,000 and $100,100 in the third quarter of last year.

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