PR Newswire
TORONTO, July 7, 2016
TORONTO, July 7, 2016 /PRNewswire/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2016 third quarter ended May 31, 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 May 31 | Nine Months Ended | |||
| 2016 | 2015 | 2016 | 2015 | |
Professional fees | $13,680 | $14,814 | $41,906 | $39,123 | |
Investment income | $90 | - | $877 | - | |
License fee revenue | $57 | - | $189 | - | |
| Operating revenue | $13,827 | $14,814 | $42,972 | $39,123 |
Cost of sales | $10,596 | $10,802 | $33,157 | $28,824 | |
Expenses | $2,551 | $3,106 | $8,573 | $8,576 | |
| Operating profit | $680 | $906 | $1,242 | $1,723 |
Investment income from marketable securities | - | $33 | $404 | $58 | |
| Earnings before tax | $680 | $939 | $1,646 | $1,781 |
| Net earnings after tax | $339 | $768 | $939 | $1,326 |
| Net earnings per share | $0.017 | $0.036 | $0.046 | $0.062 |
"This was a challenging quarter," said John N. Wallace, chief executive officer. "Ongoing weakness in Western Canada, spurred on by continued low oil prices; an unforeseen softening of search volumes in the United States and Canada, where we were staffed to handle last fiscal year's all-time high search demand; and fixed costs exceeding disappointing revenue in the United Kingdom pressured our quarterly results. We have taken measures to reduce our fixed search delivery costs over the last quarter, and will continue to make adjustments in the fourth quarter, including the relocation of our New York office, which will both lower our cost basis and provide us with a more efficient and attractive client/employee working environment. We anticipate continued revenue pressure in the fourth quarter and our alignment initiatives may have an attendant financial cost to implement, but they will put us in a position to achieve the type of growing profitability that we have obtained over the prior three years."
Wallace continued: "We remain committed to our investment in the United Kingdom as important to our business strategy, and understand that this may result in additional modest operating losses in the region during fiscal 2017, but – as a result of recent actions – not of the magnitude we saw this year. Additional revenue and earnings growth remains the priority, but at a measured pace, that will not otherwise impede long term profitability and the continuation of regular dividend payments. We expect future growth to be driven by targeted partner hires as we seek to continue building our practice and functional offerings across geographies in United States, Canada and Europe."
The Board of Directors continues to believe that the payment of regular dividends is in the best interests of the Company and its shareholders. After careful review and consideration of many factors including current earnings results, future earnings projections, cash needs for operational growth and balances of Unencumbered Cash (as defined in the Management Discussion and Analysis) which can act as a buffer against short-term earnings volatility, the Board of Directors today also declared the payment of a quarterly cash dividend of 2.0 cents per Common Share payable on September 12, 2016 to shareholders of record on July 18, 2016.
Financial Overview (all numbers expressed in $000s)
Operating revenue:
Third quarter:
Year to date:
Operating profit:
Third quarter:
Year to date:
Net profit:
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.
| | | | | | | | | | |
THE CALDWELL PARTNERS INTERNATIONAL INC. | | | | |||||||
| | | | | | | | | | |
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION | | | | |||||||
(unaudited - in $000s Canadian) | | | | | | | ||||
| | | | | | | | | As at | As at |
| | | | | | | | | May 31 | August 31 |
| | | | | | | | | 2016 | 2015 |
Assets | | | | | | | | | | |
Current assets | | | | | | | ||||
| Cash and cash-equivalents | | | | | | 6,038 | 9,956 | ||
| Marketable securities | | | | | | 6,033 | 7,765 Werbung Mehr Nachrichten zur CALDWELL PART INTL Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |