Executive search firm
said Tuesday its fourth-quarter earnings rose 73.2% from the year-ago period, helped by one time gain and strong revenue growth.
The company earned $20.3 million, or 45 cents a share, in the quarter, compared with $11.7 million, or 27 cents a share, a year ago. Adjusted for one time gain, earnings were 31 cents a share in the most recent quarter. Analysts polled by Thomson First Call were expecting earnings of 29 cents a share in the most recent quarter.
Fourth-quarter revenue rose 16.8% from a year ago to $153 million as against analysts' expectation of $141.3 million.
The Los Angeles-based company expects to earn 26 cents to 31 cents a share in the first quarter of fiscal 2007 including stock options expense and 28 cents to 33 cents a share excluding stock options expense, on fee revenue of $138 million to $145 million. Analysts forecast earnings of 29 cents a share on revenue of $143.5 million.
Fee revenue increased 17.2% to $145.3 million due to a 20% increase in the number of search engagements opened compared to previous year.
"As the demand for talent continues to escalate worldwide we have experienced steady and significant growth," the company said. "Having just completed another record quarter and record year, it is evident that our strategy is working. We are encouraged by the further opportunity which lies ahead."
The company repurchased $18.6 million of stock during fourth quarter.
The company's stock was trading at $20.58, up 58 cents, or 2.9% Tuesday.
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