• Quarterly revenue up 2% over comparable period last year
• Board declares 1.5 cent quarterly dividend
Toronto, Ontario– January 11, 2013 – Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2013 first quarter ended November 30, 2012.
All references to quarters or years are for the fiscal periods unless otherwise noted and all currency amounts are in Canadian dollars.
*Months Ended November 30
| Three Months Ended Nov 30 | ||
| 2012 | 2011 | |
| Operating revenue | $7,417 | $7,270 |
|---|---|---|
| Expenses | 7,469 | 7,671 |
| Operating loss | (52) | (401) |
| Investment income | 2 | 2 |
| Net loss before tax | (50) | (399) |
| Net loss after tax | (56) | (444) |
| Net loss per share | (0.003) | (0.026) |
*Months Ended November 30
“In a challenging business climate, we are gratified to have increased revenues by 2% year over year,” said John N. Wallace, chief executive officer. “Given the on-going economic uncertainty – particularly in the United States – clients continue to be cautious relative to human capital investments.”
Wallace continued: “We remain confident regarding the long-term prospects for executive search in North America. To that end, we are focused on improving our overall market presence and competiveness, and will continue to invest in the growth of our firm. We will make targeted, strategic additions to our partner team to add to the depth and breadth of our sector and functional experience.”
The Board of Directors today also declared the payment of a quarterly dividend of 1.5 cents per Common Share payable on March 15, 2013 to shareholders of record on January 22, 2013.
Financial Overview (all numbers expressed in $000s)
Operating revenue:
- Fiscal 2013 first quarter operating revenue increased by 2% over the comparable period last year to 7,417.
- US revenues represent 60% or $4,467 of the first quarter total, decreasing 13% from $5,126 in the comparable period of 2012.
- Revenues from Canadian operations increased 38% to $2,950 in the current period from $2,144 in the comparable period of 2012.
- Although up slightly over the comparable period last year, 2013 first quarter revenues declined 16% or $1,439 sequentially over 2012 fourth quarter revenues. Historically, first quarter revenues are soft particularly in comparison to third and fourth quarter levels.
Operating loss:
- Higher first quarter revenues and improved direct operating margins as compared to the comparable period of fiscal 2012, resulted in a reduced operating loss of $52 (2012: loss of $401) for the quarter.
Net loss:
- The first quarter net loss after tax was $56 in fiscal 2013 as compared to a loss of $444 in the comparable period a year earlier.
Over the past three years, The Caldwell Partners has transformed from a respected, strictly Canadian brand to a firm with a strong North American presence. At the end of the first quarter of fiscal 2013, the firm now has 23 of its total 34 partners located in six American offices, and has established strategic alliances with executive search firms based in London and Hong Kong.
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 to read full financial statement
About Caldwell Partners
Caldwell Partners is one of North America’s premier providers of executive search and has been for 40 years. As one of the region’s most trusted advisors in executive search, the firm has a sterling reputation built on successful searches for boards, chief and senior executives, and selected functional experts.
With offices and partners in Vancouver, San Francisco, Los Angeles, Dallas, Calgary, Atlanta, Toronto, Stamford, New York City, and a strategic presence in London and Hong Kong, the firm takes pride in delivering an unmatched level of service and expertise to its clients. Caldwell Partners’ Common shares are listed on The Toronto Stock Exchange (TSX: CWL). Please visit our website at www.caldwell.com for further information.
Forward-Looking Statements
Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the executive search industry, the ability of the company to execute its growth strategies, the performance of the Canadian domestic and international economies, and the company’s ability to retain key personnel. The Caldwell Partners assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
For further information, please contact:
Investors & Analysts:
Karen Richards, CPA, CA, Chief Financial Officer
The Caldwell Partners International
krichards@caldwellpartners.com
+1 416 934 2228
Media:
Caroline Lomot, Director of Marketing
The Caldwell Partners International
clomot@caldwellpartners.com
+1 416 934 2239
