CTPartners Looks Positive
CTPartners Executive Search Inc. Comments on Expected Financial Results for Fourth Quarter and Full Year 2012
CTPartners Executive Search Inc. a leading global executive search firm, has commented on its expected financial results for the fourth quarter and full year ended December 31, 2012.
On a preliminary basis, CTPartners expects to report revenue of approximately $30 million to $31 million, an increase over the $27.2 million reported in the fourth quarter of 2011. Loss per share is expected to be approximately $0.03 to $0.04, compared to a loss of $0.64 in the year-ago quarter. The fourth quarter 2012 included the negative impact of timing of revenue due to Hurricane Sandy and consultant acquisition expenses that were pulled forward from the first quarter of 2013, which contributed $0.02 to the expected loss of $0.03 to $0.04. For a reconciliation of non-GAAP measure to net income, refer to the Company's Form 10-Q filed on November 13, 2012.
For the full year 2012, the Company expects to report revenue of approximately $128 million to $129 million and diluted earnings per share of $0.05 to $0.06 on a GAAP-basis, or $0.13 to $0.14 excluding the one-time reorganization charge taken in the third quarter 2012, compared to $121.1 million in revenue and diluted loss per share of $0.45 in 2011.
The improved financial results for 2012 were driven by the acquisition of the Company’s Latin American licensee, increased productivity among consultants who joined CTPartners in 2010 and 2011, lower costs related to partner acquisitions, and non-recurring, one-time Sarbanes-Oxley regulation compliance costs.
“In 2012 we successfully expanded our geographic presence and added more clients and consultants to CTPartners,” stated Brian Sullivan, CEO. “Most notably, we returned the Company to profitability as we executed on the growth drivers we had identified at the start of the year. While our fourth quarter results were partially offset by the negative timing of revenue recognition due to Hurricane Sandy and the advancement of certain consultant expenses which were expected in the first quarter of 2013, our outlook for continued growth in 2013 remains positive as we begin the year.”