PR Newswire
TORONTO, April 12, 2016
TORONTO, April 12, 2016 /PRNewswire/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2016 second quarter ended February 29, 2016. All references to quarters or years are for the fiscal periods unless otherwise noted and all currency amounts are in Canadian dollars.
Financial Highlights (in $000s except per share amounts)
| Three Months Ended: | Six Months Ended: | ||
| 2.29.2016 | 2.28.2015 | 2.29.2016 | 2.28.2015 |
Professional fees | $14,281 | $11,874 | $28,226 | $24,310 |
Investment income | $787 | - | $787 | - |
License fee revenue | $67 | - | $132 | - |
Operating revenue | $15,135 | $11,874 | $29,145 | $24,310 |
Expenses | $14,426 | $11,363 | 28,583 | $23,493 |
Operating profit | $709 | $511 | $562 | $817 |
Investment income from marketable securities | $403 | $11 | $404 | $24 |
Earnings before tax | $1,112 | $522 | $966 | $841 |
Net earnings after tax | $764 | $282 | $600 | $558 |
Net earnings per share | $0.038 | $0.013 | $0.030 | $0.026 |
"We saw absolute revenue growth of 27.5% in the past quarter, with 6.5% of that gain coming from an equity monetization from search services. Including the equity monetization, on a constant currency basis our professional fees were up 14.0%," said John N. Wallace, chief executive officer. "Our metrics per partner - while on solid footing - are off of last year's record pace. We attribute this, in part, to the effects of our investment in the United Kingdom and softness in the Western Canadian market."
Wallace continued: "While still in its early stages of growth and development, the UK is a key component to our strategy of delivering seamless and global services to our client base. The London office is the launching pad for growing a long-term profitable business not only in the UK, but also in Pan-Europe. We were very pleased to recognize the $787 monetization of equity rights from a change in control of one of our clients. In certain limited instances - almost exclusively in the venture capital and private equity space - we obtain equity rights as a portion of our search fee. We do not anticipate frequent events of this magnitude."
After careful review and consideration, the Board of Directors today also declared the payment of a quarterly cash dividend of 2.0 cents per Common Share payable on June 16, 2016 to shareholders of record on April 21, 2016 and terminated its dividend reinvestment plan, with all dividends now payable exclusively in cash.
Financial Overview (all numbers expressed in $000s)
Professional Revenue, Average Number of Partners, Professional Fees per Partner, Number of Assignments, Number of Assignments per Partner and Average Fee per Assignment do not have any standardized meaning under IFRS and may not be comparable to measures presented by other companies. These operating measures are used by the Company to analyze its results. Please refer to section "Non‐GAAP Financial Measures and Other Operating Measures" in the Company's MD&A for a definition of these terms.
For a complete discussion of the quarterly financial results, please see the company's Management Discussion and Analysis posted on SEDAR at www.sedar.com
About Caldwell Partners
Caldwell Partners is a leading international provider of executive search and has been for more than 45 years. As one of the world's most trusted advisors in executive search, the firm has a sterling reputation built on successful searches for boards, chief and senior executives, and selected functional experts. With offices and partners across North America, Europe, Latin America and Asia Pacific, the firm takes pride in delivering an unmatched level of service and expertise to its clients. The Caldwell Partners' Common shares are listed on The Toronto Stock Exchange (TSX: CWL). Please visit our website at www.caldwellpartners.com for further information.
Forward-Looking Statements
Forward-looking statements in this document are based on current expectations that are subject to the significant risks and uncertainties cited. These forward-looking statements generally can be identified by use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "may," "will," "likely," "estimates," "potential," "continue" or other similar words or phrases. Similarly, statements that describe our objectives, plans or goals also are forward-looking statements. The Company is subject to many factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statement including, but not limited to, the Company's ability to attract and retain key personnel; the performance of the Canadian, US domestic and international economies; competition from other companies directly or indirectly engaged in executive search; the possibility of a significant shareholder impacting shareholder votes; foreign currency exchange rate risks; the Company's ability to invest retained earnings in marketable securities and in short-term money market instruments to generate consistent investment income returns; and volatility of the market price and volume of common shares. For more information on the factors that could affect the outcome of forward-looking statements, refer to the "Risk Factors" section of our Annual Information Form and other public filings (copies of which may be obtained at www.sedar.com) . These factors should be considered carefully and the reader should not place undue reliance on the forward-looking statements. Although any forward-looking statements are based on what management currently believes to be reasonable assumptions, we cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Except as required by Canadian securities laws, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made. The forward-looking statements included herein are expressly qualified in their entirety by this cautionary language.
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THE CALDWELL PARTNERS INTERNATIONAL INC. | | | | |||||||
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CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION | | | | |||||||
(unaudited - in $000s Canadian) | | | | | | | ||||
| | | | | | | | | As at | As at |
| | | | | | | | | February 29 | August 31 |
| | | | | | | | | 2016 | 2015 |
Assets | | | | | | | | | | |
Current assets | | | | | | | | | ||
| Cash and cash-equivalents | | | | | | 3,807 | 9,956 | ||
| Marketable securities | | | | | | 4,567 | 7,765 | ||
| Accounts receivable | | | | | | 9,585 | 8,329 | ||
| Prepaid expenses and other assets | | | | | 1,929 | 1,948 | |||
| | | | | | | | | 19,888 | 27,998 |
Non-current assets | | | | | | | | | ||
| Restricted cash | | | | | | | 193 | 498 | |
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