CTPartners Executive Search Revises Preliminary Earnings Results For Fourth Quarter 2014
The revision is a result of a $1.7 million increase in the Company’s estimate of operating expenses for the fourth quarter primarily due to compensation expense associated with consultant performance bonuses. Estimated net revenue for the fourth quarter of 2014 remains at approximately $42 million and approximately $172 million for the full year.
For the fourth quarter, GAAP net loss attributable to the Company is now expected to be in the range of $1.3 million to $1.6 million, or $0.19 to $0.23 per share. Adjusted net loss for the fourth quarter of 2014 is expected to be in the range of $0.4 million to $0.6 million, or $0.07 to $0.09 per share.
For the full year 2014, GAAP net income is expected to be in the range of $3.0 million to $3.3 million, or $0.38 to $0.43 per share, compared to a net loss of $1.6 million, or $0.23 loss per share, in 2013. The Company expects adjusted net income, excluding after-tax non-operating items of $1.9 to $2.3 million, for the full year to be in the range of $5.2 million to $5.4 million, or $0.67 to $0.71 per share, compared to adjusted net income of $1.8 million, or $0.24 per share, reported in 2013.
For 2015, CTPartners still expects to report approximately $200 million in net revenue, consistent with the guidance provided on January 21, 2015. However, the Company is withdrawing its previously announced earnings guidance for the first quarter and full year 2015. The Company expects to provide earnings guidance on the first quarter and full year 2015 when it announces actual financial results on or about March 12, 2015.
The Company also announced that it has suspended the proposed common stock offering announced onJanuary 26, 2015.
This unaudited preliminary financial information for the quarter and fiscal year ended December 31, 2014 is based upon our estimates and subject to completion of our financial closing procedures. Moreover, these data have been prepared solely on the basis of currently available information by, and are the responsibility of, management. This preliminary financial information is not a comprehensive statement of our financial results for this period, and our actual results may differ materially from these estimates due to the completion of our financial closing procedures, final adjustments, completion of the audit of our financial statements and other developments that may arise between now and the time the audit of our financial statements is completed. There can be no assurance that these estimates will be realized, and estimates are subject to risks and uncertainties, many of which are not within our control.