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%.