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CTPartners Executive Search Inc. Announces Third Quarter 2011 Financial Results

CTPartners Executive Search Inc. Announces Third Quarter 2011 Financial Results

CTPartners Executive Search Inc. a leading global retained executive search firm, today announced results for the quarter ended September 30, 2011.

Third Quarter 2011 Results

For the three-month period ended September 30, 2011 net revenue decreased 0.3% to $30.3 million compared to $30.4 million for the three-month period ended September 30, 2010.

The revenue was split between North America (67%), EMEA (26.4%) and Asia Pacific (6.6%).

There were 269 confirmed searches in the third quarter of 2011, a 1.1% increase compared to the third quarter of 2010. Productivity, defined as average annualized net revenue per executive search consultant, was $1,290,950 in the third quarter 2011 compared to $1,383,235 in the third quarter of 2010. The average revenue per executive search was $100,089 in the third quarter of 2011 compared to $96,219 in the corresponding period in 2010, up 4.0%.

Compensation and employee benefits expense decreased $135,000, or 0.6%, to $23.0 million for the three-month period ended September 30, 2011 from $23.2 million for the three-month period ended September 30, 2010.

General and administrative expenses increased to $7.1 million, or 23.5% of net revenue for the three-month period ended September 30, 2011, from $5.8 million, or 19.0% of net revenue for the three-month period ended September 30, 2010. The increase in general and administrative expenses was primarily the result of (i) $330,000 of one-time accounting and tax fees related to being a public company (ii) $230,000 of fees related principally to human resource, information technology and marketing outsourcing and (iii) a $300,000 increase in our occupancy costs due to the addition of new offices in Dallas, Dubai and Toronto and expanded offices in Singapore, Paris and Chicago.

Operating income decreased $1.4 million to $98,000 for the three-month period ended September 30, 2011, compared to operating income of $1.5 million for the three-month period ended September 30, 2010. The decrease primarily reflects a decrease in net revenues of $94,000, a decrease in compensation and benefits expense of $135,000 offset by a $1.3 million increase in general and administrative expenses as explained above.

For the three-month period ended September 30, 2011, we reported income before taxes of $99,000 and recorded income tax expense of $9,000, as compared to income before taxes of $1.4 million and an income tax benefit of $175,000 for the three-month period ended September 30, 2010. The increase in income tax expense was primarily due to a decrease in state and local income tax benefit in the three-month period ended September 30, 2011.

Net income for the quarter ended September 30, 2011 was $90,000, resulting in earnings per share of $.01.

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