Korn Ferry Posts 50 Percent Revenue Gain

September 13, 2010 – Korn/Ferry International/(NYSE:KFY)posted revenues of $175.1 million for the first quarter fiscal 2011, an increase of 50 percent from revenues of $116.8 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 43 percent increase in the number of executive recruitment engagements. By region, North America revenues climbed 62.7 percent, EMEA rose 24.1 percent, Asia Pacific increased 70.9 percent and South America improved 68.4 percent. Futurestep, the firm’s online recruiting business, also saw revenues increase by 30.8 percent. The Los Angeles-based recruiter reported earnings of $10.9 million, or 24 cents per share, compared to a loss of $14.3 million, or 33 cents per share, in the same quarter last year, which included $18.2 million in restructuring charges. Analysts polled by Thomson Reuters anticipated earnings of 20 cents per share. "With our fifth consecutive sequential fee revenue increase and a year-over-year improvement of 50 percent, I am enormously proud of our organization and pleased with the results of the quarter," said Gary D. Burnison, CEO. "We have outperformed a seemingly directionless economy.” Korn/Ferry’s outsourcing and leadership businesses now make up over 25 percent of the firm’s overall business.