Heidrick & Struggles Posts Flat Revenues

October 29, 2013 – The nation's No. 3 executive search firm Heidrick & Struggles International/(NASDAQ:HSII) has posted net revenue of $119 million for the third quarter ending September 30, 2013, up 1.4 percent from $117.3 million a year ago. Year over year, net revenue decreased 1.9 percent in the Americas, but increased 13.2 percent in Europe (approximately 12 percent on a constant currency basis) and 0.8 percent in Asia Pacific (approximately seven percent on a constant currency basis). Growth in the firm's consumer markets and life sciences recruiting practices was offset by declines in its industrial, education & social enterprise, and global technology & services practices. Heidrick reported net income $4.1 million, or diluted earnings per share of $0.23, compared to earnings of $4.1 million, or $0.23 per share. "Our third quarter results showed progress in certain areas, but we are capable of more," said Jory Marino, interim chief executive officer. The firm continues its own recruitment for a new leader after three months of searching.

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