Heidrick & Struggles International Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Revenue Guidance for the Fourth Quarter and Tax Rate Guidance for the Full Year 2016
October 24, 2016 at 04:01 pm EDT
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Heidrick & Struggles International Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total revenue of $148,239,000 compared to $142,850,000 a year ago. Operating income was $12,006,000 compared to $12,933,000 a year ago. Income before income taxes was $12,388,000 compared to $11,137,000 a year ago. Net income was $6,940,000 or $0.37 per diluted share compared to $7,490,000 or $0.40 per diluted share a year ago. Net cash provided by operating activities was $35,947,000 compared to $43,098,000 a year ago. Capital expenditures were $1,087,000 compared to $3,649,000 a year ago. Adjusted EBITDA was $17,459,000 compared to $18,168,000 a year ago.
For the nine months, the company reported total revenue of $436,342,000 compared to $399,015,000 a year ago. Operating income was $27,568,000 compared to $28,777,000 a year ago. Income before income taxes was $28,158,000 compared to $26,781,000 a year ago. Net income was $14,920,000 or $0.79 per diluted share compared to $15,872,000 or $0.85 per diluted share a year ago. Net cash provided by operating activities was $49,014,000 compared to $20,040,000 a year ago. Capital expenditures were $2,179,000 compared to $13,897,000 a year ago. Adjusted EBITDA was $46,364,000 compared to $44,480,000 a year ago.
The company provided revenue guidance for the fourth quarter of 2016. The company is forecasting fourth quarter 2016 consolidated net revenue of between $142 million and $152 million.
For the full year 2016, the company's projected tax rate of approximately 48%.
Heidrick & Struggles International, Inc. is an advisory firm providing executive search, consulting and on-demand talent services to businesses and business leaders worldwide. It provides its services to a range of clients through the expertise of over 500 consultants located in cities around the world. Its service offerings include Executive Search, On-Demand Talent and Heidrick Consulting. Executive search firms are generally separated into two categories: retained search and contingency search. Its on-demand services provide clients seamless on-demand access to top independent talent, including professionals with deep industry and functional expertise for interim leadership roles and critical, project-based initiatives. Heidrick Consulting offers its clients impactful approaches to human capital development through a myriad of solutions, ranging from leadership assessment and development, team and organization acceleration, diversity and inclusion advisory services and others.
Heidrick & Struggles International Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Revenue Guidance for the Fourth Quarter and Tax Rate Guidance for the Full Year 2016