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CEB Reports Fourth Quarter Results And Provides 2013 Guidance

Stocks in this article: CEB

The Corporate Executive Board Company (“CEB” or the “Company”) (NYSE: CEB) today announces financial results for the fourth quarter and year ended December 31, 2012. The financial results include the results of operations of SHL Group Holdings 1 Limited and its subsidiaries (“SHL”) for the entire fourth quarter of 2012 and from August 2, 2012 (the date of acquisition) for the full year of 2012. Revenue increased 46.8% to $193.7 million in the fourth quarter of 2012 from $132.0 million in the fourth quarter of 2011. Income from continuing operations in the fourth quarter of 2012 was $7.2 million, or $0.21 per diluted share, compared to $19.9 million, or $0.59 per diluted share, in the same period of 2011. Adjusted net income was $23.6 million and Non-GAAP diluted earnings per share were $0.69 in the fourth quarter of 2012 compared to $21.7 million and $0.65 in the same period of 2011, respectively.

In 2012, revenue was $622.7 million, a 28.5% increase from $484.7 million for 2011. Income from continuing operations in 2012 was $37.1 million, or $1.10 per diluted share, compared to $57.4 million, or $1.67 per diluted share, in 2011. Income from continuing operations in 2012 includes $24.5 million of costs primarily associated with the acquisition and integration of SHL. Adjusted net income was $86.2 million and Non-GAAP diluted earnings per share were $2.55 in 2012 compared to $64.3 million and $1.87 in 2011, respectively.

“CEB’s 2012 results reflect our success at helping our customers navigate a complex environment,” said Tom Monahan, Chairman and CEO. “Continued momentum across most of our businesses provides us with the resources to invest in growth and to return capital to shareholders. We are planning for a year of continued solid top-line growth, attractive margins, and increased investment to realize both short and long term growth opportunities.”

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