CTPartners announced earnings results for the first quarter ended March 31, 2012. For the quarter, the company's net revenue increased $1.9 million, or 6.3%, to $32.4 million, compared to $30.5 million in the prior year. Operating income was $659,833 against $953,076 a year ago. Income before income taxes was $620,531 against $942,691 a year ago. Net income was $347,932 or $0.05 per basic and diluted share against $605,505 or $0.08 per basic and diluted share a year ago. Net cash used in operating activities was $9,111,201 against $1,969,923 a year ago. Purchase of leasehold improvement and equipment was $59,589 against $1,184,296 a year ago. The company expects second quarter 2012 revenue of $31 million to $33 million and EPS of $0.01 to $0.06. Because of continuing improvement performance of recent consultants, additions to consultant staff, the expected continued growth in Latin America, some planned geographic growth, offset by selective consultant and staff reductions, For the year 2012, the company expects to maintain $125 million to $140 million in revenue and 4% to 6% of operating margin.