Heidrick & Struggles Posts Mixed Results

May 13, 2013 – Chicago-based executive search firm Heidrick & Struggles International/(NASDAQ:HSII) has posted consolidated net revenue of $103 million in the first quarter, down 3.3 percent from $106.5 million a year ago. The revenue decline was primarily driven by an $8.1 million decline in Europe, partially offset by $5.6 million of revenue from Senn Delaney, which the company acquired in December 2012. Year over year, net revenue increased nine percent in the Americas, declined 29.8 percent in Europe and declined 3.9 percent in Asia Pacific. Heidrick reported a net loss in the quarter of $1.2 million and a net loss per share of $0.07, this compares to net income of $679,000, or four cents per share, during the same period last year. "Despite continuing challenges in Europe, where first quarter results were negatively impacted by a long, slow economic recovery and higher than expected consultant turnover, we have seen encouraging results from a number of offices and industry practices in our Americas and Asia Pacific regions,” said L. Kevin Kelly, CEO.

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