The Caldwell Partners International Issues Fiscal 2015 Second Quarter Financial Results
Retained executive search firm The Caldwell Partners International Inc. issued its financial results for the fiscal 2015 second quarter ended February 28, 2015. All references to quarters or years are for the fiscal periods unless otherwise noted and all currency amounts are in Canadian dollars.
“Our partner and support team continued the strong momentum from previous quarters, delivering a sizeable increase in revenue and a positive contribution to operating profit,” said John N. Wallace, chief executive officer. “We are very pleased with the way our entire team is operating, and are feeling confident about continuing our performance for the remainder of the fiscal year.”
Mr Wallace added: “We continue to focus on making targeted, strategic additions of high calibre partners in key sectors and practices to enhance our value proposition to our clients, as well as our overall market presence and industry competitiveness. The recent additions of Rodes Cole (Atlanta) and Glenn Buggy (Stamford/New York) to our partner team add significant depth to both our professional services and financial services practices and will contribute positively to our second half revenues.”
The Board of Directors today also declared the payment of a quarterly dividend of 2.0 cents per Common Share payable on June 15, 2015 to shareholders of record on April 20, 2015.
Financial Overview (in $000s except per share amounts)
- Fiscal 2015 second quarter operating revenue increased by 30% (20% excluding a 10% variance from exchange rate fluctuations) over the comparable period last year to $11,874 (2014: $9,158).
- US revenues increased 19% (6% excluding a 13% favourable variance from exchange rate fluctuations) to $7,800 (2014: $6,568), driven by an increase in the average number of search partners and search volumes during the current year, partially offset by lower average fees.
- Revenues from Canadian operations increased 45% to $3,758 (2104: $2,590) in the current period, generated by higher search volumes offset partially by lower average fees.
- Revenues from the Europe operations were $316
- Year to date revenue increased 25% over the prior year to $24,310 (2014: $19,496).
- For the second quarter, higher year-over-year revenues ($2,716) offset by the related higher compensation and cost of sales ($1,992) and expenses ($264) resulted in operating profit of $511 in the second quarter of fiscal 2015, an increase of $461 from $50 in the second quarter of fiscal 2015.
- On a segment basis, $351 of operating profit was from the US, $118 was from Canada and $42 was from Europe.
- Year to date, higher year-over-year revenues ($4,814) partially offset by the related higher compensation and cost of sales ($3,410) and expenses ($1,044) resulted in the net increase of $360 to operating profit of $818 in the first half of fiscal 2015, up from $458 in the first half of fiscal 2014.
- The second quarter net earnings were $282 ($0.013 per share) in fiscal 2015, as compared to $43 ($0.002 per share) in the comparable period a year earlier.
- Year to date net earnings were $559 ($0.026 per share) in fiscal 2015, as compared to $436 ($0.024 per share) in the comparable period a year earlier.
For a complete discussion of the quarterly financial results, please see the company’s Management Discussion and Analysis posted on SEDAR at www.sedar.com
Click HERE to read full financial statement
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, FCP Internet, supplier of the Evolve Recruitment Software SaaS system and ISV Software, provider of online pre-employment skills testing and training tools.
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