Heidrick & Struggles International, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Earnings Guidance for the Second Quarter of 2016; Provides Tax Rate Guidance for the Year 2016
April 25, 2016 at 05:02 pm
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Heidrick & Struggles International Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. Consolidated net revenue (revenue before reimbursements) increased 13.1%, or $15.0 million, to $130.2 million from $115.2 million in the 2015 first quarter. Adjusted EBITDA in the 2016 first quarter decreased 12.1% or $1.5 million, to $10.8 million compared to $12.3 million in the 2015 first quarter. Operating income in the 2016 first quarter declined $2.8 million to $3.9 million compared to operating income of $6.7 million reported in the 2015 first quarter. Net income in the 2016 first quarter declined to $1.3 million and diluted earnings per share were $0.07 against net income of $3.4 million and diluted earnings per share of $0.18 reported last year. Total revenue was $134.3 million against $118.5 million reported last year. Income before income taxes was $4 million against $6.5 million reported last year. Capital expenditures were $0.7 million against $6.3 million reported last year. Net cash used by operating activities in the 2016 first quarter, which includes annual bonus payments, was $119.2 million, compared to $87.8 million in the 2015 first quarter.
The company is forecasting second quarter 2016 consolidated net revenue of between $145 million and $155 million.
For the full year 2016, effective tax rate is expected to be similar to the prior year tax rate of also 46%.
Heidrick & Struggles International, Inc. is an advisory firm providing executive search, consulting and on-demand talent services to businesses and business leaders worldwide. It provides its services to a range of clients through the expertise of over 500 consultants located in cities around the world. Its service offerings include Executive Search, On-Demand Talent and Heidrick Consulting. Executive search firms are generally separated into two categories: retained search and contingency search. Its on-demand services provide clients seamless on-demand access to top independent talent, including professionals with deep industry and functional expertise for interim leadership roles and critical, project-based initiatives. Heidrick Consulting offers its clients impactful approaches to human capital development through a myriad of solutions, ranging from leadership assessment and development, team and organization acceleration, diversity and inclusion advisory services and others.
Heidrick & Struggles International, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Earnings Guidance for the Second Quarter of 2016; Provides Tax Rate Guidance for the Year 2016