CTPartners Executive Search Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter Ending December 31, 2014
November 05, 2014 at 04:05 pm EST
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CTPartners Executive Search Inc. announced unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2014. Net revenue for the third quarter was $45.4 million, representing a 39.6% increase compared to $32.6 million in the prior year's third quarter. GAAP net income attributable to the company for the third quarter was $1.3 million, or $0.17 per share, compared to a net income of $0.7 million, or $0.09 per share, for last year's third quarter Excluding after-tax non-operating items of $0.6 million and $0.1 million for 2014 and 2013, respectively, adjusted net income was $1.9 million, or $0.25 per share, compared to an adjusted net income of $0.6 million, or $0.08 per share, in the prior year's third quarter. Total revenue was $46,553 million against $33.641 million a year ago period. Operating income was $2,299 million against $0.862 million a year ago. Income before income taxes was $2.287 million against $0.825 million a year ago. Net income was $1.406 million compared to $0.502 million a year ago.
For the nine months, the company reported net revenue totaled $130.4 million compared to net revenue $96.0 million reported for the nine months ended September, 30, 2013. GAAP net income attributable to the company for the nine months ended September 30, 2014 was $4.6 million, or $0.59 per share compared to net loss of $1.8 million, or $0.25 per share, for the nine months ended September 30, 2013. Excluding after-tax non-operating items of $1.2 million and $2.7 million for 2014 and 2013, respectively, adjusted net income was $5.8 million, or $0.76 per share, compared to adjusted net income of $0.9 million, or $0.11 per share, in the prior year's nine month period. Adjusted EBITDA was $11.3 million for the nine months ended September 30, 2014 compared to $3.1 million in the year-ago nine month period. Net revenue was $133.880 million against $98.989 million a year ago. Operating income was $7.705 million against operating loss of $2.819 million a year ago. Income before income taxes was $7.565 million against $2.975 million a year ago. Net income was $4.652 million compared to $1.855 million a year ago. Net cash from operating activities was $1.739 million against $3.564 million a year ago period. Purchase of leasehold improvements and equipment was $1.740 million against $0.942 million a year ago period.
For the third quarter, the company reported productivity of $1,271,000 compared to $1,085,100 a year ago period.
For the fourth quarter ending December 31, 2014, the company expects to report net revenue in the range of $41.0 million to $43.0 million and adjusted EPS between $0.19 to $0.21, excluding non-operating items.
CTPartners Executive Search Inc. (CTPartners) is a provider of retained executive search services to clients on a global basis. SearchSigma is the Company's retained executive search process. SearchSigma also enables its executive search consultants and the clients to actively monitor the status of each search and make adjustments to the search process as necessary. The Company also offers ClientNet, a system for client communication. The Company's primary six industry practice groups are financial services, professional services, life sciences, technology/media/telecom, consumer/retail, and industrial. The Company helps its clients build leadership teams by facilitating the recruitment and hiring of C-level executives, other senior executives and board members. The Company's retained executive search services focuses on making placements for its clients in a timely manner. During the year ended December 31, 2014, the Company was engaged to perform 1,742 searches.
CTPartners Executive Search Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter Ending December 31, 2014