CTPartners Executive Search Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter Ending December 31, 2014
For the nine months, the company reported net revenue totaled $130.4 million compared to net revenue $96.0 million reported for the nine months ended September, 30, 2013. GAAP net income attributable to the company for the nine months ended September 30, 2014 was $4.6 million, or $0.59 per share compared to net loss of $1.8 million, or $0.25 per share, for the nine months ended September 30, 2013. Excluding after-tax non-operating items of $1.2 million and $2.7 million for 2014 and 2013, respectively, adjusted net income was $5.8 million, or $0.76 per share, compared to adjusted net income of $0.9 million, or $0.11 per share, in the prior year's nine month period. Adjusted EBITDA was $11.3 million for the nine months ended September 30, 2014 compared to $3.1 million in the year-ago nine month period. Net revenue was $133.880 million against $98.989 million a year ago. Operating income was $7.705 million against operating loss of $2.819 million a year ago. Income before income taxes was $7.565 million against $2.975 million a year ago. Net income was $4.652 million compared to $1.855 million a year ago. Net cash from operating activities was $1.739 million against $3.564 million a year ago period. Purchase of leasehold improvements and equipment was $1.740 million against $0.942 million a year ago period.
For the third quarter, the company reported productivity of $1,271,000 compared to $1,085,100 a year ago period.
For the fourth quarter ending December 31, 2014, the company expects to report net revenue in the range of $41.0 million to $43.0 million and adjusted EPS between $0.19 to $0.21, excluding non-operating items.