PR Newswire
TORONTO, April 13, 2017
TORONTO, April 13, 2017 /PRNewswire/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2017 second quarter ended February 28, 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)
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| Three Months Ended: | Six Months Ended: | |||
| 2.28.2017 | 2.29.2016 | 2.28.2017 | 2.29.2016 | |
Professional fees | $13,665 | $14,281 | $27,294 | $28,226 | |
Investment income | - | $787 | - | $787 | |
License fees | $62 | $67 | $137 | $132 | |
| Revenues | $13,727 | $15,135 | $27,431 | $29,145 |
Cost of sales | 9,725 | 11,693 | 19,946 | 22,561 | |
Expenses (1) | 3,396 | 2,733 | 5,780 | 6,022 | |
| Operating profit | $606 | $709 | $1,705 | $562 |
Investment income from marketable securities | - | $403 | - | $404 | |
| Earnings before tax | $606 | $1,112 | $1,705 | $966 |
| Net earnings after tax | $267 | $764 | $1,029 | $600 |
| Net earnings per share | $0.013 | $0.038 | $0.051 | $0.030 |
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1. | Included in Expenses are costs for the firm's annual partner conference held during the second quarter in the current year and the first quarter of the prior year. Expenses of $318 were recorded during the quarter ended February, 28, 2017 compared to the prior year when expenses of $339 were recorded in the quarter ended November 30, 2016. Year-to-date expenses for both periods reflect the costs of the conferences. |
"While lower average fees and a slightly lower number of partners during the current quarter put pressure on revenue, this was somewhat mitigated by a growth in search volumes, demonstrating continued strength in the recruitment sector," said John Wallace, chief executive officer. "Additionally, the cost-alignment initiatives enacted over the course of the prior fiscal year enabled us to deliver significantly higher profit year-over-year through the first half. We feel positive about the productivity metrics of our partner and supporting teams, and how that has translated into operating profit, and remain bullish about the direction of our firm."
Wallace continued: "We continue to pursue high-calibre, content-driven professionals to join our firm, partners and teams who will expand the scope of our capabilities and market presence to the betterment of our clients. The additions in March of Matt Comyns (Stamford/New York), Shawn Banerji (Stamford/New York) and Manny Corsino (Miami) to our partner team adds significant depth to our cybersecurity and CIO/CTO functional capabilities; and incorporates regional expertise to further strengthen our already exceptional Latin American presence. The new partners will also contribute positively to our second half revenues."
The Board of Directors today also declared the payment of a quarterly dividend of 2.0 cents per Common Share payable to holders of Common Shares of record on April 25, 2017 and to be paid on June 20, 2017.
Financial Highlights (all numbers expressed in $000s)
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; volatility of the market price and volume of common shares; and legal matters. 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 | |
Assets | | | | ||
Current assets | | | |||
| Cash and cash-equivalents | 4,467 | 8,422 | ||
| Marketable securities | 5,076 | 5,056 | ||
| Accounts receivable | 8,801 | 10,031 | ||
| Prepaid expenses and other assets | 1,633 | 2,416 | ||
| | | 19,977 | 25,925 | |
Non-current assets | | | |||
| Restricted cash | 140 Werbung Mehr Nachrichten zur CALDWELL PART INTL Aktie kostenlos abonnieren
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