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CTPartners Executive Search Inc. (NYSE MKT:CTP), a leading global
executive search firm, today commented on its expected financial results
for the second quarter ended June 30, 2012 and its outlook for the full
year 2012.
On a preliminary basis, CTPartners expects to report diluted earnings
per share of $0.07 on approximately $33.5 million to $34 million in
revenue for the second quarter 2012 compared with the previously issued
guidance of $0.01 to $0.06 in diluted earnings per share and $31 million
to $33 million in revenue, respectively. The better than expected
earnings per share results are due to slightly higher revenue and the
operating leverage in the Company’s business model.
"Despite the ongoing challenges facing the executive recruitment
industry, we are pleased that our expected financial results for the
second quarter will exceed our prior expectations," said Brian Sullivan,
CEO. "We believe this demonstrates the scale of our global operations
and reflects our ability to develop new client relationships while
preserving our existing client base."
In looking at expected financial results for the full year 2012, the
Company narrowed its full year revenue guidance to $128 million to $132
million and introduced diluted earnings per share guidance of $0.15 to
$0.30. The ongoing softness in Europe has negatively impacted our
overall tax rate, which has been accounted for in the earnings per share
guidance. Operating margin for the year is expected to be in the range
of 2% to 3.5% compared with previous guidance of 4% to 6% due to ongoing
investments designed to maximize profitability longer term.
Mr. Sullivan added, "We are confident that the initiatives we have taken
to attract and retain top quality consultants extend to new geographic
markets in Latin America, France and Germany, and expand into high
growth practices that will enhance our operating margin and improve
profitability in 2013 and beyond."
CTPartners will announce 2012 financial results for the second quarter
ended June 30, 2012 on August 9, 2012, after the market close, and will
hold a conference call for the investment community on Friday, August 10
at 9 AM Eastern Time.
About CTPartners
CTPartners is a leading performance-driven executive search firm serving
clients across the globe. Committed to a philosophy of partnering with
its clients, CTPartners offers a proven track record in C-Suite, top
executive, and board searches, as well as expertise serving private
equity and venture capital firms.
With origins dating back to 1980, CTPartners serves clients with a
global organization of more than 400 professionals and employees,
offering expertise in board advisory services and executive recruiting
services in the financial services, life sciences, industrial,
professional services, retail and consumer, and technology, media and
telecom industries.
CTPartners’ focus is straightforward: Place the right executive in the
chair. Evidence of CTPartners’ ability to get the job done is its 81%
placement success rate and average days to placement of 140 days in
2011. CTPartners has a stick rate of 88% for the eighteen month period
ending on June 30, 2011.
Methodologies used include our proprietary technology, ClientNet(R), a
technology tool that permits clients to access password-protected
information over the internet from any place, at any time, to check the
status of their search engagements, and the 40-day Audit process, a
comprehensive assessment tool that provides formal feedback and insures
search milestones are met according to plan.
Headquartered in New York, CTPartners has offices in Bogota, Boston,
Caracas, Chicago, Cleveland, Columbia MD, Dallas, Dubai, Geneva, Hong
Kong, Lima, London, Mexico City, Moscow , Panama City, Paris, Santiago,
Sao Paulo, Shanghai, Silicon Valley, Singapore, Toronto, and Washington,
D.C.
Safe Harbor Statement
The following is a Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995:
This press release includes forward-looking statements. As a general
matter, forward-looking statements reflect our current expectations and
projections relating to our financial condition, results of operations,
plans, objectives, future performance and business. These statements may
be identified by the use of forward looking terminology such as
"outlook," "believes," "expects," "potential," "continues," "may,"
"will," "should," "seeks," "approximately," "predicts," "intends,"
"plans," "estimates," "anticipates," or the negative version of those
words or other comparable words, but the absence of these words does not
necessarily mean that a statement is not forward-looking. The Private
Securities Litigation Reform Act of 1995 provides a safe harbor for the
disclosure of forward-looking statements.
The forward-looking statements contained in this press release are based
upon our historical performance, current plans, estimates, expectations
and other factors we believe are appropriate under the circumstances.
The inclusion of this forward-looking information should not be regarded
as a representation by us that the future plans, estimates or
expectations contemplated by us will be achieved since these
forward-looking statements are subject to various risks and
uncertainties and assumptions relating to our operations, financial
results, financial condition, business prospects, growth strategy and
liquidity. If one or more of these or other risks or uncertainties
materialize, or if our underlying assumptions prove to be incorrect, our
actual results may vary materially from those indicated in these
statements. Some of the key uncertainties and factors that could affect
our future performance and cause actual results to differ materially
from those expressed or implied by forward-looking statements are: our
expectations regarding our revenues, expenses and operations and our
ability to sustain profitability; our ability to recruit and retain
qualified executive search consultants to staff our operations
appropriately; our ability to expand our customer base and
relationships, especially given the off-limit arrangements we are
required to enter into with certain of our clients; further declines in
the global economy and our ability to execute successfully through
business cycles; our anticipated cash needs; our anticipated growth
strategies and sources of new revenues; unanticipated trends and
challenges in our business and the markets in which we operate; social
or political instability in markets where we operate; the impact of
foreign currency exchange rate fluctuations; price competition; the
ability to forecast, on a quarterly basis, variable compensation
accruals that ultimately are determined based on the achievement of
annual results; and the mix of profit and loss by country in which we
operate.
The above list should not be construed as exhaustive and should be read
in conjunction with the other cautionary statements that are included in
our annual report on Form 10-K filed on March 22, 2012. The forward
looking statements included in this press release are made only as of
the date hereof. We do not undertake any obligation to update or review
any forward-looking statement, whether as a result of new information,
future developments or otherwise. You should, however, review the
factors and risks we describe in the reports we will file from time to
time with the Securities and Exchange Commission.
SOURCE: CTPartners Executive Search Inc.
CTPartners Executive Search Inc.
Jennifer Silver, 617-316-5527
jsilver@ctnet.com
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