Attached files
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| 8-K - 8-K - CTPARTNERS EXECUTIVE SEARCH INC. | q42013earningsrelease.htm |
Exhibit 99.1
CTPartners Executive Search Inc. Announces Record Fourth Quarter and Full Year 2013 Financial Results
- Fourth Quarter Revenue Increased 14% to $34.3 Million Driven By 14% Rise in New Search Assignments Compared to the Year-ago Fourth Quarter
- Fourth Quarter Reported Net Income Per Share of $0.02; Adjusted Net Income Per Share of $0.12
- Revenue Reaches $130.3 Million and $0.24 Adjusted Net Income Per Share in 2013
- First Quarter 2014 Guidance of Revenue of $36.0 million to $38.0 million and Adjusted EPS in the Range of $0.12 to $0.17
- Conference Call Tomorrow, Thursday, March 13, 2014 at 9:00am ET -
NEW YORK - March 12, 2014 - CTPartners Executive Search Inc. (NYSE MKT: CTP), a global retained executive search firm, today announced its financial results for the fourth quarter and full year end December 31, 2013.
“Our exceptional finish to the year, driven by strong execution by our consultants and an increase in demand, allowed CTPartners to exceed its financial expectations for the fourth quarter. During the quarter our business showed strong improvement in key practices in all of our major geographic markets leading to record quarterly revenue of $34.3 million and EPS growth to $0.12 per share on an adjusted basis. We also continued to make strategic investments in talent acquisition, business development and marketing to raising our brand awareness and build a strong platform for future growth,” commented Brian Sullivan, Chief Executive Officer. The momentum we experienced in the fourth quarter has continued into 2014 as reflected in the guidance we have provided for the first quarter of 2014. We are increasingly optimistic that the growth initiatives we have in place will lead to significantly improved performance for the full year,” added Mr. Sullivan.
Fourth Quarter 2013 Results
Net revenue for the fourth quarter was $34.3 million, a record high for the Company, and represented a 13.6% increase compared with $30.2 million in the prior year’s fourth quarter. North America revenue increased 19.7% to $20.3 million; EMEA was up 12.3% at $9.0 million and Asia Pacific revenue grew to $2.4 million, a 35.9% increase compared to $1.8 million. Latin America revenue declined to $2.6 million compared to $3.5 million in the prior year quarter. On a practice basis, year-over-year, Industrial grew 47% to $3.6; Professional Services increased 32.6% to $6.8 million; Life Sciences increased 21.3% to $5.7 million and Financial Services improved 16.6% to $10.2 million. Consumer/Retail and Technology Media & Telecom were lower compared the year-ago fourth quarter, each with revenue of $4.0 million.
Compensation expense, excluding non-operating expenses, was $25.4 million, or 73.9% of revenue, compared to $23.3 million of 77.1% in the fourth quarter of 2012. General and administrative expenses, excluding non-operating expenses, were $7.3 million, or 21.3% of revenue.
GAAP net income attributable to the Company for the fourth quarter was $0.1 million, or $0.02 per share, compared to a net loss of $1.5 million, or $0.21 per share loss for last year’s fourth quarter. Excluding after-tax non-operating items of $0.8 million and $1.3 for 2013 and 2012, respectively, adjusted net income was $0.9 million, or $0.12 per share, compared to an adjusted net loss of $0.2 million, or a loss of $0.03 per share, in the prior year’s fourth quarter. A reconciliation of non-GAAP measures is included in this news release.
Performance Metrics - Fourth Quarter 2013/ Full Year 2013
• | The Company was engaged in 342 new search assignments, a 14.4% increase compared to 299 in the year-ago quarter and 1,395 for the full year 2013 compared to 1352 in 2012 |
• | The number of placements was 275 compared with 270 in last year’s comparable quarter. The placement rate for this year’s fourth quarter was 80%, resulting in the 2013 full year placement rate at 80% compared to 2012 placement rate of 78% |
• | CTPartners had 128 consultants compared with 103 consultants in 2012, primarily reflecting the Augmentum Consulting Ltd acquisition and the additions of leading executive search consultants in the second half of 2013. Excluding the new consultant additions in the 2013 fourth quarter, the net revenue per consultant was $1.2 million. |
• | Average revenue per search was up 11.4% at $101,800 compared to $91,400 in the year-ago quarter. |
• | The Company’s voluntary turnover was one consultant in the fourth quarter of 2013, allowing CTPartners to maintain one of the lowest turnovers in the executive search industry. |
• | The number of clients representing repeat business was 79% in the fourth quarter compared with 76% in last year’s fourth quarter and 79% in the 2013 third quarter. |
2013 Full Year Financial Results
Net revenue for the full year ended was $130.3 million, a 1.5% increase compared to net revenue of $128.4 million for the year ended December 31, 2012. Compensation expense, excluding non-operating expenses, was $97.9 million, or 75.1% of revenue, compared to $98.3 million, or 76.5% in 2012. General and administrative expenses, excluding non-operating expenses, were $28.8 million, or 22.1% of revenue.
GAAP net loss attributable to the Company for the year ended December 31, 2013 was $1.6 million, or $0.23 per share, compared to a net loss of $3.6 million, or $0.51 per share loss for 2012. Excluding after-tax non-operating items of $3.4 million and $4.7 million for 2013 and 2012 respectively, adjusted net income was $1.8 million, or $0.24 per share compared to adjusted net income of $1.1 million, or $0.16 per share in the prior year. A reconciliation of non-GAAP measures is included in this news release.
Guidance
For the first quarter ending March 31, 2014, the Company expects to report net revenue in the range of $36.0 million to $38.0 million and adjusted EPS between $0.12 to $0.17, excluding non-operating items.
Conference Call
The Company will host a conference call and webcast for the investment community on Thursday, March 13, 2014 at 9:00 AM ET. Investors within the United States interested in participating are invited to call 866-318-8616 and reference the Participant Passcode: 99008912. All other international participants can use the dial-in number 617-399-5135, using the same Participant Passcode. A replay of the event will be available for one week following the conclusion of the call. To access the replay, callers in the United States can call 888-286-8010 and reference the Replay Access Code: 57974737. International callers can dial 617-801-6888, using the same Replay Access Code. To access the webcast, please visit http://investor.ctnet.com.
About CTPartners
CTPartners is a leading performance-driven executive search firm serving clients across the globe. Committed to a philosophy of partnering with its clients, CTPartners offers a proven record in C-Suite, senior executive, and board searches, as well as expertise serving private equity and venture capital firms. With origins dating back to 1980, CTPartners serves clients with a global organization of more than 400 professionals and employees, offering expertise in board advisory services and executive recruiting services in the financial services, life sciences, industrial, professional services, retail and consumer, and technology, media and telecom industries. Headquartered in New York, CTPartners has 27 offices in 17 countries.
www.ctnet.com
Safe Harbor Statement
The following is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements. As a general matter, forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified by the use of forward looking terminology such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of those words or other comparable words, but the absence of these words does not necessarily mean that a statement is not forward-looking. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for the disclosure of forward-looking statements.
The forward-looking statements contained in this press release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will be achieved since these forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these statements. Some of the key uncertainties and factors that could affect our future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements are: our expectations regarding our revenues, expenses and operations and our ability to sustain profitability; our ability to recruit and retain qualified executive search consultants to staff our operations appropriately; our ability to expand our customer base and relationships, especially given the off-limit arrangements we are required to enter into with certain of our clients; further declines in the global economy and our ability to execute successfully through business cycles; our anticipated cash needs; projected cost savings as a result of reorganization; our ability to amend certain provisions of previously executed purchase agreements; our anticipated growth strategies and sources of new revenues; unanticipated trends and challenges in our business and the markets in which we operate; social or political instability in markets where we operate; the impact of foreign currency exchange rate fluctuations; price competition; the ability to forecast, on a quarterly basis, variable compensation accruals that ultimately are determined based on the achievement of annual results; and the mix of profit and loss by country in which we operate.
The above list should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our annual report on Form 10-K filed on March 12, 2014 . The forward looking statements included in this press release are made only as of the date hereof. We do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. You should, however, review the factors and risks we describe in the reports we will file from time to time with the Securities and Exchange Commission.
Adjusted Performance Measure, Excluding Non-Operational Charges
We utilize Adjusted Net Income/(Loss) and Adjusted Income/(Loss) per common share, non-GAAP financial measures, as a measures of our results of operations. We calculated Adjusted Net Income/(Loss) as Net Income/(Loss) excluding the following charges which we do not believe are reflective of our operational results:
• | Post-combination compensation expense |
• | Reorganization charges |
• | Gain or loss on foreign currency related to funding of foreign subsidiaries |
• | Fees and expenses incurred by us in connection with the restatement of our 2012 interim financial statements |
• | Fees and expenses incurred in connection with acquisitions |
• | Tax effect of the above adjustments |
We calculate Adjusted earnings/(loss) per common share using the weighted average shares outstanding amounts used in the calculation of diluted earnings per share in accordance with GAAP.
Management utilizes this information to measure performance, and believes it more appropriately reflects the results of ongoing operations.
Contact:
CTPartners
William J. Keneally
216-682-3103
wkeneally@ctnet.com
EVC Group
Michael Polyviou/Robert Jones - Investor Relations
212-850-6020
mpolyviou@evcgroup.com
CTPARTNERS EXECUTIVE SEARCH INC. AND SUBSIDIARIES
CONDENCED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands except share and per share amounts)
Three Months Ended December 31, 2013 | Three Months Ended December 31, 2012 | ||||||
Revenue | |||||||
Net revenue | $ | 34,319 | $ | 30,220 | |||
Reimbursable expenses | 972 | 1,191 | |||||
Total revenue | 35,291 | 31,411 | |||||
Operating expenses | |||||||
Compensation and benefits | 25,579 | 25,080 | |||||
General and administrative | 8,483 | 7,073 | |||||
Reimbursable expenses | 1,116 | 1,176 | |||||
Total Operating Expenses | 35,178 | 33,329 | |||||
Operating income/ (loss) | 113 | (1,918 | ) | ||||
Interest expense, net | (23 | ) | (36 | ) | |||
Income/(loss) before income taxes | 90 | (1,954 | ) | ||||
Income tax (expense)/benefit | (5 | ) | 461 | ||||
Net income/(loss) | $ | 85 | $ | (1,493 | ) | ||
Net loss attributable to redeemable noncontrolling interest | $ | 40 | $ | — | |||
Net income/(loss) attributable to the Company | $ | 125 | $ | (1,493 | ) | ||
Basic income/(loss) per common share | $ | 0.02 | $ | (0.21 | ) | ||
Diluted income/(loss) per common share | $ | 0.02 | $ | (0.21 | ) | ||
Basic weighted average common shares | 7,097,584 | 6,983,561 | |||||
Diluted weighted average common shares | 7,644,971 | 6,983,561 | |||||
Reconciliation of Non-GAAP Measures
(in thousands, except per share amounts) | ||||||||
Three months ended December 31 | ||||||||
2013 | 2012 | |||||||
CALCULATION OF "AS ADJUSTED" PERFORMANCE MEASURE | ||||||||
Net income/(loss) | $ | 85 | $ | (1,493 | ) | |||
Adjustments: | ||||||||
Post-combination compensation and reorganization expense | 143 | 1,772 | ||||||
Foreign exchange loss/(gain) on funding of foreign subsidiaries | 47 | (112 | ) | |||||
Costs incurred for restatement, acquisition and integration | 610 | 35 | ||||||
Impairment charges | 594 | — | ||||||
Tax effect of the adjustments | (533 | ) | (418 | ) | ||||
Adjusted net income | $ | 946 | $ | (216 | ) | |||
Earnings per common share, as adjusted | $ | 0.12 | $ | (0.03 | ) | |||
Use of non-GAAP measures: The table above contains selected financial information calculated other than in accordance with U.S. Generally Acceptable Accounting Principles (“GAAP”).
CTPARTNERS EXECUTIVE SEARCH INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except share and per share amounts)
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||
Revenue | |||||||
Net revenue | $ | 130,278 | $ | 128,382 | |||
Reimbursable expenses | 4,002 | 4,534 | |||||
Total revenue | 134,280 | 132,916 | |||||
Operating expenses | |||||||
Compensation and benefits | 100,553 | 105,732 | |||||
General and administrative | 31,985 | 27,503 | |||||
Reimbursable expenses | 4,448 | 4,785 | |||||
Total Operating Expenses | 136,986 | 138,020 | |||||
Operating loss | (2,706 | ) | (5,104 | ) | |||
Interest expense, net | (179 | ) | (160 | ) | |||
Loss before income taxes | (2,885 | ) | (5,264 | ) | |||
Income tax benefit | 1,115 | 1,680 | |||||
Net loss | (1,770 | ) | (3,584 | ) | |||
Net loss attributable to redeemable noncontrolling interest | 138 | — | |||||
Net loss attributable to the Company | $ | (1,632 | ) | $ | (3,584 | ) | |
Basic and diluted loss per common share | $ | (0.23 | ) | $ | (0.51 | ) | |
Basic and diluted weighted average common shares | 7,055,734 | 7,087,769 | |||||
(in thousands, except per share amounts) | ||||||||
Year ended December 31 | ||||||||
2013 | 2012 | |||||||
CALCULATION OF "AS ADJUSTED" PERFORMANCE MEASURE | ||||||||
Net income/(loss) | $ | (1,770 | ) | $ | (3,584 | ) | ||
Adjustments: | ||||||||
Post-combination compensation and reorganization expense | 2,659 | 7,311 | ||||||
Foreign exchange loss/(gain) on funding of foreign subsidiaries | 867 | (468 | ) | |||||
Costs incurred for restatement, acquisition and integration | 1,748 | 462 | ||||||
Impairment charges | 594 | — | ||||||
Tax effect of the adjustments | (2,280 | ) | (2,593 | ) | ||||
Adjusted net income | $ | 1,818 | $ | 1,128 | ||||
Earnings per common share, as adjusted | $ | 0.24 | $ | 0.16 | ||||
Use of non-GAAP measures: The table above contains selected financial information calculated other than in accordance with U.S. Generally Acceptable Accounting Principles (“GAAP”).
CTPARTNERS EXECUTIVE SEARCH INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
December 31, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash | $ | 5,654 | $ | 15,947 | |||
Accounts receivable, net | 26,381 | 23,100 | |||||
Other receivables | 433 | 91 | |||||
Prepaid expenses | 3,974 | 2,949 | |||||
Deferred income taxes | 3,184 | 1,932 | |||||
Other | 4,411 | 3,684 | |||||
Total current assets | 44,037 | 47,703 | |||||
Non-current assets | |||||||
Leasehold Improvements and Equipment, net | 4,149 | 3,473 | |||||
Goodwill | 5,811 | 215 | |||||
Intangibles, net | 3,746 | 3,195 | |||||
Other Assets | 5,517 | 1,868 | |||||
Deferred Income Taxes | 5,482 | 4,021 | |||||
$ | 68,742 | $ | 60,475 | ||||
Liabilities and Stockholders’ Equity | |||||||
Current Liabilities | |||||||
Current portion of long-term debt | $ | 4,762 | $ | 3,186 | |||
Accounts payable | 3,813 | 1,762 | |||||
Accrued compensation | 25,201 | 24,401 | |||||
Accrued business taxes | 2,079 | 1,465 | |||||
Income taxes payable | 710 | 233 | |||||
Accrued expenses | 5,571 | 3,762 | |||||
Total current liabilities | 42,136 | 34,809 | |||||
Long-Term Liabilities | |||||||
Long-term debt, less current maturities | 1,295 | 3,488 | |||||
Deferred rent, less current maturities | 1,050 | 1,367 | |||||
Total long-term liabilities | 2,345 | 4,855 | |||||
Noncontrolling redeemable interest | 4,088 | — | |||||
Stockholders’ Equity | |||||||
Preferred stock | — | — | |||||
Common stock | 8 | 7 | |||||
Additional paid-in capital | 37,778 | 36,846 | |||||
Accumulated deficit | (14,242 | ) | (12,610 | ) | |||
Accumulated other comprehensive (loss), net of tax | (1,275 | ) | (1,357 | ) | |||
Treasury stock | (2,096 | ) | (2,075 | ) | |||
20,173 | 20,811 | ||||||
$ | 68,742 | $ | 60,475 | ||||
CTPARTNERS EXECUTIVE SEARCH INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31, | |||||||
2013 | 2012 | ||||||
Cash Flows From Operating Activities | |||||||
Net loss | $ | (1,770 | ) | $ | (3,584 | ) | |
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities | |||||||
Depreciation and amortization | 1,982 | 1,313 | |||||
Reorganization charges | 48 | 882 | |||||
Share-based compensation | 796 | 734 | |||||
Amortization of discount on seller notes | 116 | 183 | |||||
Amortization of post-combination compensation | 1,878 | 6,347 | |||||
Impairment charges | 594 | — | |||||
Deferred income taxes | (2,736 | ) | (3,504 | ) | |||
Changes in operating assets and liabilities, net of effect of acquired businesses: | |||||||
Accounts receivable, net | (1,104 | ) | (3,264 | ) | |||
Prepaid expenses | 423 | (596 | ) | ||||
Income taxes receivable | — | 1,593 | |||||
Other assets and receivables | (1,027 | ) | (3,307 | ) | |||
Accounts payable | 1,792 | 745 | |||||
Accrued compensation | 908 | 907 | |||||
Accrued business taxes | (22 | ) | 692 | ||||
Income taxes payable | 323 | 233 | |||||
Accrued expenses | 983 | 281 | |||||
Deferred rent | (266 | ) | (169 | ) | |||
Net cash provided by (used in) operating activities | 2,918 | (514 | ) | ||||
Cash Flows From Investing Activities | |||||||
Acquisition of businesses | (1,033 | ) | (3,564 | ) | |||
Purchase of leasehold improvements and equipment | (1,665 | ) | (270 | ) | |||
Notes receivable issued | (7,210 | ) | — | ||||
Repayment of notes receivable | 173 | — | |||||
Net cash used in investing activities | (9,735 | ) | (3,834 | ) | |||
Cash Flows From Financing Activities | |||||||
Principal payments on long-term debt | (3,745 | ) | (155 | ) | |||
Repurchase of common stock | — | (1,024 | ) | ||||
Net cash used in financing activities | (3,745 | ) | (1,179 | ) | |||
Net decrease in cash | (10,562 | ) | (5,527 | ) | |||
Effect of foreign currency on cash | 269 | (356 | ) | ||||
Cash: | |||||||
Beginning | 15,947 | 21,830 | |||||
Ending | $ | 5,654 | $ | 15,947 | |||
CTPARTNERS EXECUTIVE SEARCH INC. AND SUBSIDIARIES
SUPPLEMENTAL PERFORMANCE METRICS
REVENUE BY REGION
YEAR OVER YEAR | Q4 2013 | Q4 2012 | |||||
By Region | Revenue | % | Revenue | % | Increase / (Decrease) | % | |
North America | $ 20,296,200 | 59.1% | $ 16,956,100 | 56.1% | $ 3,340,100 | 19.7% | |
EMEA | 8,983,700 | 26.2% | 7,996,700 | 26.4% | 987,000 | 12.3% | |
Asia Pacific | 2,447,500 | 7.1% | 1,801,000 | 6.0% | 646,500 | 35.9% | |
Latin America | 2,592,600 | 7.6% | 3,465,400 | 11.5% | (872,800) | -25.2% | |
TOTAL | $ 34,320,000 | 100% | $ 30,219,200 | 100% | $ 4,100,800 | 13.6% | |
REVENUE BY PRACTICE
YEAR OVER YEAR | Q4 2013 | Q4 2012 | |||||
By Practice | Revenue | % | Revenue | % | Increase / (Decrease) | % | |
Financial Services | $ 10,179,700 | 29.7% | $ 8,733,600 | 28.9% | $ 1,446,100 | 16.6% | |
TMT | 4,038,300 | 11.8% | 4,604,400 | 15.2% | (566,100) | -12.3% | |
Life Sciences | 5,653,000 | 16.4% | 4,660,900 | 15.4% | 992,100 | 21.3% | |
Professional Services | 6,851,900 | 20.0% | 5,165,800 | 17.1% | 1,686,100 | 32.6% | |
Consumer/Retail | 4,009,900 | 11.7% | 4,613,400 | 15.3% | (603,500) | -13.1% | |
Industrial | 3,587,200 | 10.4% | 2,441,100 | 8.1% | 1,146,100 | 47.0% | |
TOTAL | $ 34,320,000 | 100% | $ 30,219,200 | 100% | $ 4,100,800 | 13.6% | |
REVENUE BY REGION, SEQUENTIAL
SEQUENTIALLY | Q4 2013 | Q3 2013 | |||||
By Region | Revenue | % | Revenue | % | Increase / (Decrease) | % | |
North America | $ 20,296,200 | 59.1% | $ 18,686,400 | 57.4% | $ 1,609,800 | 8.6% | |
EMEA | 8,983,700 | 26.2% | 8,595,700 | 26.4% | 388,000 | 4.5% | |
Asia Pacific | 2,447,500 | 7.1% | 1,627,500 | 5.0% | 820,000 | 50.4% | |
Latin America | 2,592,600 | 7.6% | 3,642,900 | 11.2% | (1,050,300) | -28.8% | |
TOTAL | $ 34,320,000 | 100% | $ 32,552,500 | 100% | $ 1,767,500 | 5.4% | |
CTPARTNERS EXECUTIVE SEARCH INC. AND SUBSIDIARIES
SUPPLEMENTAL PERFORMANCE METRICS
REVENUE BY PRACTICE, SEQUENTIAL
SEQUENTIALLY | Q4 2013 | Q3 2013 | |||||
By Practice | Revenue | % | Revenue | % | Increase / (Decrease) | % | |
Financial Services | $ 10,179,700 | 29.7% | $ 8,834,800 | 27.1% | $ 1,344,900 | 15.2% | |
TMT | 4,038,300 | 11.8% | 2,746,300 | 8.5% | 1,292,000 | 47.0% | |
Life Sciences | 5,653,000 | 16.4% | 6,261,100 | 19.2% | (608,100) | -9.7% | |
Professional Services | 6,851,900 | 20.0% | 6,521,000 | 20.0% | 330,900 | 5.1% | |
Consumer/Retail | 4,009,900 | 11.7% | 4,458,700 | 13.7% | (448,800) | -10.1% | |
Industrial | 3,587,200 | 10.4% | 3,730,600 | 11.5% | (143,400) | -3.8% | |
TOTAL | $ 34,320,000 | 100% | $ 32,552,500 | 100% | $ 1,767,500 | 5.4% | |
REVENUE BY REGION, FULL YEAR
YEAR OVER YEAR | FY 2013 | FY 2012 | |||||
By Region | Revenue | % | Revenue | % | Increase / (Decrease) | % | |
North America | $ 78,139,400 | 60.0% | $ 77,559,100 | 60.4% | $ 580,300 | 0.7% | |
EMEA | 32,610,300 | 25.0% | 28,438,600 | 22.2% | 4,171,700 | 14.7% | |
Asia Pacific | 6,982,200 | 5.4% | 8,986,300 | 7.0% | (2,004,100) | -22.3% | |
Latin America | 12,545,700 | 9.6% | 13,397,600 | 10.4% | (851,900) | -6.4% | |
TOTAL | $ 130,277,600 | 100% | $ 128,381,600 | 100% | $ 1,896,000 | 1.5% | |
REVENUE BY PRACTICE, FULL YEAR
YEAR OVER YEAR | FY 2013 | FY 2012 | |||||
By Practice | Revenue | % | Revenue | % | Increase / (Decrease) | % | |
Financial Services | $ 33,988,600 | 26.1% | $ 39,272,800 | 30.6% | $ (5,284,200) | -13.5% | |
TMT | 14,753,900 | 11.3% | 16,949,100 | 13.2% | (2,195,200) | -13.0% | |
Life Sciences | 24,397,200 | 18.7% | 21,979,000 | 17.1% | 2,418,200 | 11.0% | |
Professional Services | 24,035,600 | 18.5% | 18,538,500 | 14.4% | 5,497,100 | 29.7% | |
Consumer/Retail | 18,494,900 | 14.2% | 20,631,800 | 16.1% | (2,136,900) | -10.4% | |
Industrial | 14,607,400 | 11.2% | 11,010,400 | 8.6% | 3,597,000 | 32.7% | |
TOTAL | $ 130,277,600 | 100% | $ 128,381,600 | 100% | $ 1,896,000 | 1.5% | |
CTPARTNERS EXECUTIVE SEARCH INC. AND SUBSIDIARIES
SUPPLEMENTAL PERFORMANCE METRICS
SUPPLEMENTAL INFORMATION
Three Month Period Ended December 31 | Increase / (Decrease) | % Increase / (Decrease) | ||
2013 | 2012 | |||
# of new search assignments | 342 | 299 | 43 | 14.4% |
# of executive search consultants | 128 | 103 | 25 | 24.3% |
Productivity | $ 1,071,900 | $ 1,173,600 | $ (101,700) | -8.7% |
Avg. revenue per executive search | $ 101,800 | $ 91,400 | $ 10,400 | 11.4% |
Twelve Month Period Ended December 31 | Increase / (Decrease) | % Increase / (Decrease) | ||
2013 | 2012 | |||
# of new search assignments | 1395 | 1352 | 43 | 3.2% |
# of executive search consultants | 128 | 103 | 25 | 24.3% |
Productivity | $ 1,018,000 | $ 1,246,400 | $ (228,400) | -18.3% |
Avg. revenue per executive search | $ 97,300 | $ 91,900 | $ 5,400 | 5.9% |