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Heidrick & Struggles Reports Fourth Quarter And 2012 Financial Results

CHICAGO, Feb. 26, 2013 (GLOBE NEWSWIRE) -- Heidrick & Struggles International, Inc. (Nasdaq:HSII), the premier provider of Executive Search and Leadership Consulting services worldwide, today announced financial results for its fourth quarter and year ended December 31, 2012.
$ in millions Fourth Quarter Full Year
  2012 2011 2012 2011
Net Revenue  $ 103.9  $ 127.2  $ 443.8  $ 527.8
Operating Expenses        
Salaries and employee benefits  73.3  85.1  309.5  372.4
General and administrative expenses  31.0  30.2  113.8  123.6
GAAP Operating Income (Loss)  (0.5)  (4.5)  19.6  (10.9)
Restructuring charges  --   16.3  0.8  16.3
Impairment charges  --   --   --   26.4
Senn Delaney acquisition costs  1.7  --   1.7  -- 
Non-GAAP operating income (1)  $ 1.3  $ 11.8  $ 22.2  $ 31.8
Operating Margin (Loss)        
GAAP operating income (loss) as % of net revenue -0.5% -3.5% 4.4% -2.1%
Non-GAAP operating income as % of net revenue (1) 1.2% 9.3% 5.0% 6.0%
Totals and subtotals may not equal the sum of individual line items due to rounding.
(1) These represent non-GAAP financial measures because the costs related to the acquisition of Senn Delaney in the 2012 fourth quarter and 2012 full year; the restructuring charges in the 2011 fourth quarter, the 2012 full year, and the 2011 full year; as well as the impairment charges in 2011 have been excluded.

"Challenging economic conditions and lower confirmations resulted in 2012 financial results that fell short of our expectations, particularly with respect to net revenue," said L. Kevin Kelly, Chief Executive Officer. "However, we are pleased with the improvements we made to our cost structure, which helped offset the impact of the revenue decline on operating margin. We ended 2012 with the acquisition of Senn Delaney, the leading culture-shaping consulting firm. This a significant milestone in our long-term growth strategy to build the premier professional services firm focused on serving the leadership needs of the world's top organizations." 

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