Korn Ferry Posts 17 Percent Revenue Gain

September 11, 2011 – Korn/Ferry International/(NYSE:KFY) posted revenues of $206.3 million for the first quarter fiscal 2012, an increase of 17 percent from revenues of $175.1 million a year ago. Fee revenue improved globally due to an increase in revenue from all segments of the firm’s business driven primarily by a 12 percent increase in the overall number of engagements billed as well as a five percent increase in the weighted-average fee billed per engagement compared to the year-ago fiscal quarter. The Los Angeles-based recruiter posted net income of $15.4 million, or 33 cents per share, compared with $10.9 million, or 24 cents per share, a year ago. "Korn/Ferry performed well, as evidenced by the firm's ninth consecutive quarter of fee revenue growth and 18 percent growth year over year," said firm CEO Gary Burnison. "I am encouraged by our results, particularly in this tumultuous economic environment as the global economy struggles to rationalize the new normal. Korn/Ferry will continue to seek out opportunity from the volatility which has enveloped the world."