January 8, 2016 – Caldwell Partners International posted first quarter revenues of $13.9 million (Canadian), up 12.7 percent from revenues of $12.4 million a year ago. Revenue in the U.S. for the quarter rose 22.5 percent, while Canadian revenues dipped 20.8 percent.
“Despite absolute revenue growth, we are disappointed in our first quarter results,” said CEO John Wallace. “Our revenue was flat on a constant currency basis and this, coupled with higher direct costs from our investment in Europe, led to an operating loss on the quarter.” Caldwell reported a first quarter operating loss of $148,000.
Mr. Wallace said his firm is seeing a stronger start early in the current quarter, relative to last year, and that the firm is spending “a great deal of time” assimilating new geographic teams” picked up by way of strategic partnerships put together last year. “Our new partners have now fully transitioned to our platform and are seeing traction in the marketplace.”
During the quarter, Caldwell Partners expanded into the Australia/New Zealand market by forming a strategic partnership with Simon Monks, Nick Scarlett and their teams. Under the affiliation agreement, the team in New Zealand will operate exclusively under the Caldwell Partners brand and will have access to Caldwell Partners’ proprietary search methodology, processes, training and certain other intellectual property.
Caldwell Partners also named partner Michael DeCosta to lead its newly formed professional services practice during the quarter. He focuses on recruiting senior-level executives for consulting, accounting and law firms. Prior to joining Caldwell Partners, he was a senior client partner in both the legal specialty practice and services sector at Korn Ferry.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media