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Heidrick & Struggles Reports First Quarter 2013 Financial Results

Stocks in this article: HSII

CHICAGO, May 9, 2013 (GLOBE NEWSWIRE) -- Heidrick & Struggles International, Inc. (Nasdaq:HSII), the premier professional services firm focused on serving the leadership needs of top organizations globally, today announced financial results for its first quarter ended March 31, 2013.

Consolidated net revenue was $103.0 million in the first quarter, down 3.3 percent from $106.5 million in the 2012 first quarter. The revenue decline was primarily driven by an $8.1 million decline in Europe, partially offset by $5.6 million of revenue from Senn Delaney, the global leader in corporate culture shaping. The company acquired Senn Delaney on December 31, 2012. Year over year, net revenue increased 9.0 percent in the Americas, declined 29.8 percent in Europe and declined 3.9 percent in Asia Pacific. In addition to Senn Delaney, which included $5.0 million in the Americas and $0.6 million in Europe, consolidated net revenue reflected $92.8 million from Executive Search and $4.6 million from Leadership Consulting. Growth in the Financial Services, Life Sciences, and Education and Social Enterprise practices, was offset by declines in the Consumer Markets, Industrial, and Global Technology & Services Search practices, and in Leadership Consulting.

L. Kevin Kelly, Chief Executive Officer, said, "Despite continuing challenges in Europe, where first quarter results were negatively impacted by a long, slow economic recovery and higher than expected consultant turnover, we have seen encouraging results from a number of offices and industry practices in our Americas and Asia Pacific regions. In addition, we are also pleased with the early integration of Senn Delaney into Heidrick & Struggles. Expanding our service offerings to include culture shaping has strengthened our integrated leadership services platform and is a key differentiating feature for Heidrick & Struggles that has already been instrumental in several significant business wins."

Excluding Senn Delaney, the company ended the first quarter with 322 Executive Search and Leadership Consulting consultants compared to 343 at March 31, 2012. The number of executive search confirmations in the quarter declined 6.4 percent compared to the 2012 first quarter and the average revenue per executive search increased to $103,100 compared to $100,300 in the 2012 first quarter. Excluding Senn Delaney, productivity, as measured by annualized net revenue per consultant, was $1.2 million, the same as in the 2012 first quarter.

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