Click here to close now.




















Welcome!

News Feed Item

The Caldwell Partners International Issues Fiscal 2014 First Quarter Financial Results

  • Year-over-year first quarter revenue increase of 39%.
  • First quarter operating income is $408K.
  • Board declares 1.75 cent quarterly dividend.

TORONTO, Jan. 8, 2014 /PRNewswire/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2014 first quarter ended November 30, 2013. 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 
November 30
  2014 2013
Operating revenue 10,339 7,417
Expenses 9,931 7,469
Operating profit/loss 408 (52)
Investment income 1 3
Net profit/loss before tax  409 (50)
Net profit/loss after tax 393 (56)
Net profit/loss per share $0.023 ($0.03)

"We are encouraged by the strengthening booking activity and trend over the last half year, and pleased with the solid start to the fiscal year," said John N. Wallace, chief executive officer. "While we still expect some volatility from quarter to quarter based on our size, we remain confident regarding the long-term prospects for executive search. We will continue to seek out and make calculated investments in the firm to grow it in terms of both revenue and sustainable profitability, focusing on improving our overall market and industry sector presence with targeted, strategic additions to the team when and where it makes financial sense."

Wallace continued: "The near unanimous participation of the Partner team in the recently announced private placement of approximately 4.0 million common shares of the Corporation bodes well for the long-term commitment that our people have to the organization and its ongoing growth and success."

The Board of Directors today also declared the payment of a quarterly dividend of 1.75 cents per Common Share payable March 14, 2014 to shareholders of record on January 20, 2014.

Financial Overview (all numbers expressed in $000s)

  • Operating revenue:
    • Fiscal 2014 first quarter operating revenue increased by 39% over the comparable period last year to $10,339 (2013: $7,417).

    • US revenues increased 46% (39% excluding an 8% favourable variance from exchange rate fluctuations) to $6,543 in the comparable period of 2013, driven primarily by increased search volumes, partially offset by fewer average partners during the current year.

    • Revenues from Canadian operations increased 29% to $3,795 in the current period, generated by higher average fees on consistent search volumes and number of partners.
  • Operating profit:
    • Higher year-over-year first quarter revenues ($2,922) partially offset by the related higher cost of sales ($2,134) and expenses ($327) resulted in the net increase of $460 to an operating profit of $408 in the first quarter of fiscal 2014 from an operating loss of $52 in the first quarter of fiscal 2013.
  • Net profit:
    • The first quarter net earnings were $393 ($0.023 per share) in fiscal 2014, as compared to a net loss of $56 ($0.003 per share) in the comparable period a year earlier.

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 one of North America's premier providers of executive search and has been for 40 years. As one of the region'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 in Vancouver, San Francisco, Los Angeles, Dallas, Calgary, Atlanta, Toronto, Stamford, New York City, and a strategic presence in London and Hong Kong, the firm takes pride in delivering an unmatched level of service and expertise to its clients.

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 significant risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the executive search industry, the ability of the company to execute its growth strategies, the performance of the Canadian domestic and international economies, and the company's ability to retain key personnel. The Caldwell Partners assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

                 
THE CALDWELL PARTNERS INTERNATIONAL INC.                  
                     
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION                
(unaudited - in $Canadian)                    
        As at
        November 30       August 31
        2013       2013
Assets                        
Current assets                      
  Cash and cash equivalents           9,573,745       7,612,957
  Marketable securities           3,631,313       3,576,811
  Accounts receivable           5,154,535       7,088,555
  Prepaid expenses and other current assets       895,840       1,060,998
        19,255,433       19,339,321
Non-current assets                      
  Restricted cash       255,381       255,012
  Advances       240,238       292,035
  Property and equipment        1,335,448       1,360,646
  Intangible assets        432,453       447,434
  Goodwill        1,048,811       1,039,922
Total assets         22,567,764       22,734,370
                         
Liabilities                        
Current liabilities                        
  Accounts payable        1,132,879       1,345,146
  Compensation payable       9,237,091       9,156,182
  Dividends payable       298,736       255,983
  Taxes payable       29,474       13,741
  Deferrred revenue       1,080,485       1,357,718
        11,778,665       12,128,770
                         
Non-current liabilities                      
  Non-current severance accrual        96,250       148,750
  Long-term incentive accrual       282,036       231,231
        12,156,951       12,508,751
                         
Equity attributable to owners of the Company                  
  Share capital       4,080,020       4,080,020
  Contributed surplus       16,249,397       16,247,987
  Accumulated other comprehensive income       670,348       580,959
  Deficit       (10,588,952)       (10,683,347)
Total equity         10,410,813       10,225,619
Total liabilities and equity         22,567,764       22,734,370

 

               
THE CALDWELL PARTNERS INTERNATIONAL INC.              
               
CONSOLIDATED INTERIM STATEMENTS OF LOSS              
(unaudited - in $Canadian)                      
        Three months ended
        November 30
          2013     2012
                             
Revenues         10,338,549     7,417,211
                             
Cost of sales         7,754,163     5,620,120
Gross profit         2,584,386     1,797,091
                             
Expenses                          
  General and administrative       2,023,965     1,709,714
  Sales and marketing       160,653     126,957
  Foreign exchange (gain) loss       (7,872)     12,859
          2,176,746     1,849,530
Operating profit (loss)         407,640     (52,439)
                             
Investment income         1,425     2,523
Earnings (loss) before income taxes         409,065     (49,916)
                             
Income tax         15,933     6,105
                             
Net earnings (loss) for the period attribtuable to owners of the Company         393,132     (56,021)
                               
Earnings (loss) per share:                      
  Basic and diluted       0.023     (0.003)
                             
                             
CONSOLIDATED INTERIM STATEMENTS OF               
COMPREHENSIVE LOSS              
(unaudited - in $Canadian)                      
        Three months ended
        November 30
          2013     2012
                           
Net earnings (loss) for the period         393,132     (56,021)
                             
Other comprehensive income:                      
  Unrealized gain on marketable securities (net of tax - $0)       54,502     97,529
  Cumulative translation adjustment (net of tax - $0)       34,887     20,437
Comprehensive earnings for the period attributable to owners of the Company         482,521     61,945

 

                     
THE CALDWELL PARTNERS INTERNATIONAL INC.                    
                     
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOW                    
(unaudited - in $Canadian)                              
            Three months ended
            November 30
                2013       2012
                     
Cash flow provided by (used in)                    
                     
Operating activities                                
  Net earnings (loss) for the period             393,132       (56,021)
  Adjustments for:                              
    Depreciation           78,291       91,327
    Amortization           18,414       17,486
    Share-based payment expense           1,410       8,604
    Unrealized foreign exchange on subsidiary loans           (16,286)       (14,928)
    Non-cash incentive compensation           50,805       42,906
    Deferred revenue           (279,814)       -
    Decrease in long-term incentive accrual           (52,500)       -
  Changes in items of working capital                            
    Decrease in accounts receivable           1,935,004       375,569
    Decrease in income taxes receivable           -       750
    Decrease in prepaid expenses and other assets           168,024       7,097
    Decrease in accounts payable            (216,809)       (555,827)
    Increase (decrease) in compensation payable           43,891       (802,086)
    Increase in dividends payable           42,753       -
    Increase in taxes payable           15,760       -
Net cash provided by (used in) operating activities               2,182,075       (885,123)
                     
Investing activities                                
  Decrease in advances             53,625       53,912
  Increase in restricted cash             (369)       (601)
  Additions to property and equipment             (49,070)       (28,926)
Net cash provided by investing activities               4,186       24,385
                                     
Financing activities                                
  Dividend payments             (298,737)       (254,782)
  Share issuance from employee stock option plan             -       44,800
Net cash used in financing activities               (298,737)       (209,982)
                                     
Effect of exchange rate changes on cash and cash equivalents             73,264       32,563
Net increase (decrease) in cash and cash equivalents               1,960,788       (1,038,157)
Cash and cash equivalents, beginning of period               7,612,957       6,494,246
Cash and cash equivalents, end of period               9,573,745       5,456,089

 

                               
THE CALDWELL PARTNERS INTERNATIONAL INC.
                               
CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(unaudited - in $Canadian)                              
                      Accumulated Other Comprehensive        
                      Income (Loss)      
                        Unrealized      
                      Cumulative  Gains on      
                    Contributed Translation Marketable     Total
        Deficit     Capital Stock     Surplus Adjustment Securities     Equity
                               
Balance - September 1, 2012       (9,377,513)     4,016,020     16,245,848 (284,523) 406,815     11,006,647
                               
Net loss for the three month period ended                               
  November 30, 2012       (56,021)     -     - - -     (56,021)
                               
Dividend payments declared       (255,983)     -     - - -     (255,983)
                               
Employee stock option plan share issue       -     64,000     (14,776) - -     49,224
                               
Share-based payment expense       -     -     4,180 - -     4,180
                               
Change in unrealized gains on marketable                              
  securities available for sale        -     -     - - 97,529     97,529
                               
Change in cumulative translation adjustment       -     -     - 20,437 -     20,437
                               
Balance - November 30, 2012       (9,689,517)     4,080,020     16,235,252 (264,086) 504,344     10,866,013
                               
Balance - September 1, 2013       (10,683,347)     4,080,020     16,247,987 (99,623) 680,582     10,225,619
                               
Net earnings for the three month period ended                               
  November 30, 2013       393,132     -     - - -     393,132
                               
Dividend payments declared       (298,737)     -     - - -     (298,737)
                               
Share-based payment expense       -     -     1,410 - -     1,410
                               
Change in unrealized gain on                              
  marketable securities available for sale        -     -     - - 54,502     54,502
                               
Change in cumulative translation adjustment       -     -     - 34,887 -     34,887
                               
Balance - November 30, 2013       (10,588,952)     4,080,020     16,249,397 (64,736) 735,084     10,410,813

 

 

SOURCE The Caldwell Partners International Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the ...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
To assist customers with legacy Windows Server 2003 that is no longer supported by Microsoft, Racemi has introduced fixed price packages for upgrading and migrating Windows Server 2003 servers to either Windows 2008 R2 or Windows 2012 R2 and the choice of Amazon Web Services (AWS) or SoftLayer cloud. "We're extending a lifeline by upgrading the legacy servers to more modern Windows Server platforms while taking advantage of cloud computing," said James Strayer, vice president of product managem...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and e...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?