The Caldwell Partners International Issues Fiscal 2014 First Quarter Financial Results
Retained executive search firm The Caldwell Partners International Inc. has issued its financial results for the fiscal 2014 first quarter ended November 30, 2013. All references to quarters or years are for the fiscal periods unless otherwise noted and all currency amounts are in Canadian dollars.
“We are encouraged by the strengthening booking activity and trend over the last half year, and pleased with the solid start to the fiscal year,” said John N. Wallace, Chief Executive Officer. “While we still expect some volatility from quarter to quarter based on our size, we remain confident regarding the long-term prospects for executive search. We will continue to seek out and make calculated investments in the firm to grow it in terms of both revenue and sustainable profitability, focusing on improving our overall market and industry sector presence with targeted, strategic additions to the team when and where it makes financial sense.”
Mr Wallace continued: “The near unanimous participation of the Partner team in the recently announced private placement of approximately 4.0 million common shares of the corporation bodes well for the long-term commitment that our people have to the organization and its ongoing growth and success.”
The Board of Directors also declared the payment of a quarterly dividend of 1.75 cents per Common Share payable March 14, 2014 to shareholders of record on January 20, 2014.
Financial Overview (all numbers expressed in $000s)
• Fiscal 2014 first quarter operating revenue increased by 39% over the comparable period last year to $10,339 (2013: $7,417).
• US revenues increased 46% (39% excluding an 8% favorable variance from exchange rate fluctuations) to $6,543 in the comparable period of 2013, driven primarily by increased search volumes, partially offset by fewer average partners during the current year.
• Revenues from Canadian operations increased 29% to $3,795 in the current period, generated by higher average fees on consistent search volumes and number of partners.
• Higher year-over-year first quarter revenues ($2,922) partially offset by the related higher cost of sales ($2,134) and expenses ($327) resulted in the net increase of $460 to an operating profit of $408 in the first quarter of fiscal 2014 from an operating loss of $52 in the first quarter of fiscal 2013.
• The first quarter net earnings were $393 ($0.023 per share) in fiscal 2014, as compared to a net loss of $56 ($0.003 per share) in the comparable period a year earlier.
search-consult is published by Dillistone Systems, supplier of FileFinder Executive Search software. Dillistone Systems is part of Dillistone Group Plc, as are Voyager Recruitment Software and FCP Internet, supplier of the Evolve Recruitment Software SaaS system.