Heidrick & Struggles Posts 13 Percent Gain

October 26, 2011 – Chicago-based executive search firm Heidrick & Struggles International/(NASDAQ:HSII) has posted net revenue of $142.2 million for the third quarter ended September 30, 2011, an increase of 12.8 percent from $126.1 million a year ago. Year over year, net revenue increased 15.4 percent in the Americas and 35 percent in Europe (approximately 25 percent on a constant currency basis), and declined 13 percent in Asia Pacific (a decline of approximately 20 percent on a constant currency basis). The consumer, industrial, and life sciences practices achieved the largest revenue gains, although their growth was partially offset by the firm’s financial services practice, which was down compared to last year. Heidrick recorded a net loss of $32.4 million, or $1.82 per share, compared with income of $1.2 million, or seven cents per share, a year earlier. The firm’s cost savings restructuring continues.