Korn Ferry Posts 10 Percent Revenue Dip

September 11, 2012 – Korn/Ferry International/(NYSE:KFY) posted revenues of $186.7 million for the first quarter fiscal 2013, a drop of 10 percent from revenues of $206.3 million a year ago. The decrease in fee revenue was driven by a seven percent decrease in the weighted-average fee billed per engagement and a three percent decrease in the overall number of engagements billed compared to the year-ago fiscal quarter. The Los Angeles-based recruiter posted net income of $10.4 million, or 22 cents per share, compared with $15.4 million, or 33 cents per share, a year ago. “The global business environment remains challenging; however I am pleased with Korn/Ferry's overall strategic progress. The importance of our strategy and business model was further evidenced by the year over year growth of our broader talent management offerings," said Gary D. Burnison, CEO of Korn/Ferry International.