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The Caldwell Partners International Issues Fiscal 2014 Fourth Quarter and Full Year Financial Results


News provided by

The Caldwell Partners International Inc.

13 Nov, 2014, 23:35 GMT

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TORONTO, November 13, 2014 /PRNewswire/ --

  • Fourth quarter revenue up 28% over prior year to $13.2 million.
  • Company posts annual revenue of $45.1 million, up 33% over prior year.
  • Board declares 11th consecutive quarterly dividend - 2.0 cents per share, up 14% over prior quarter.

Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2014 fourth quarter and year ended August 31, 2014. 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     Year Ended
                                              August 31         August 31
                                                2014      2013    2014     2013
    Operating revenue                      $13,231   $10,338 $45,086  $33,803
    Expenses                               $13,059    $9,392 $43,823  $33,935
    Operating profit (loss)[1]                $172      $946  $1,263    ($132)
    Investment income                          $13        $2     $24      $13
    Earnings (loss) before tax[1]             $185      $948  $1,287    ($119)
    Net earnings (loss) after tax[1],[2]      $892      $793  $1,967    ($282)
    Net earnings (loss) per share[1],[2]   $ 0.044   $ 0.045 $ 0.101  ($0.017)
  1. Included in the 2013 results are $0.4 million in severance costs incurred in the third quarter. As the company did not recognize tax assets on operating losses during 2013, these items equally impacted net earnings before tax and net earnings after tax. 
  2. During the fourth quarter of 2014, the Company determined it was probable that it would be able to utilize deferred tax assets within its US subsidiary. Accordingly, the Company recognized a net tax benefit of $707 (2013: expense of $155) for the quarter and $680 (2013: expense of $163) for the year.  

"Our expansion over the last five years has been nothing less than outstanding," said John Wallace, chief executive officer. "In 2009 our revenue was $16 million from 27 partners billing an average $0.6 million per partner. Five years later we have collectively attained $45 million in revenue from an average of 32 partners billing $1.4 million per partner. These results represent a 22.8% compound annual growth rate since 2009. The economic tailwinds and favourable market conditions have played a part in this year's growth, but we also believe this is a concrete testament to the increasing quality of our partner and support teams. We now have the depth and breadth to serve our clients' needs across every major sector and geography, and we are seeing the resulting gains in our practices and corporate brand."

Wallace continued: "We are also elated by the prospects of our acquisition on October 1, 2014 of Hawksmoor Search Limited, based in London. This not only brought a known and talented team into our firm, but also created what we believe to be the premier global insurance practice in executive search. And with our footprint now established in the UK we are truly excited about our growth prospects and ability to deliver superior client service in Europe. We will also continue to seek out strategic new partner hires to complement and enhance our practices and geographic reach to deliver a superior level of service to our clients."

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 November 25, 2014 and to be paid on December 12, 2014.

Financial Highlights (all numbers expressed in $000s) 

  • Operating revenue:
    • 2014 fourth quarter revenue increased by 28% over the comparable period last year to $13,231 (2013: $10,338).
    • 2014 annual revenue increased 33% over 2013 to $45,086 (2013: $33,803).
    • Revenue in the US for the quarter was up 36%, from higher search volumes offset by fewer partners.
    • Fourth quarter revenue in Canada was up 13%, primarily on increased average fees and to a lesser extent larger search volumes, delivered by a consistent number of partners.
    • For the year, US revenue was up 43%, on higher average fees and higher search volumes, partially offset by fewer partners.
    • Full year revenue in Canada was up 16% on higher average fees with stable volumes and number of partners.
    • US revenues represent 70% of consolidated revenues in 2014 versus 66% a year ago, driven by the faster growth in US revenue relative to Canada.
  • Operating profit:
    • For the 2014 fourth quarter, higher revenue ($2,893) offset by higher cost of sales ($2,563) from the increased revenue and higher expenses ($1,104) resulted in a decrease in operating profit of $774 over the comparable period in the prior year.
      The increase in expenses related to higher compensation on improved company performance on both short-term incentive plan achievement and the impact of share price increases on share-based compensation plans.
    • For the 2014 full year, higher revenue ($11,283) less related increased cost of sales ($8,047) and expenses ($1,841) resulted in operating profit of $1,263. The $1,395 increase over the prior year's operating loss of $132 was driven by factors similar to the fourth quarter as well as $446 of severance expense in 2013.
  • Net earnings after tax:
    • For the fourth quarter of 2014, the revenue increase, less higher cost of sales and expenses offset by a net tax benefit from the recognition of deferred tax assets resulted in a net earnings after income taxes of $892 compared to net earnings after income taxes of $793 a year ago.
    • The full year 2014 net earnings after tax was $1,967 including the recognition of deferred tax assets compared to the $282 of net loss after tax in 2013.

The Caldwell Partners continues to expand its respected brand. The firm now has 34 partners worldwide in 3 Canadian offices, 7 US offices, and the newly-established office in the United Kingdom.

For a complete discussion of the quarterly financial results, please see the company's Management Discussion and Analysis posted on SEDAR at http://www.sedar.com

About Caldwell Partners 

Caldwell Partners is a leading international provider of executive search and has been for more than 40 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 and in London, 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 http://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 STATEMENTS OF FINANCIAL POSITION
    (in $Canadian)
                                                                  As at            As at
                                                              August 31        August 31
                                                                   2014             2013
    Assets
    Current assets
               Cash and cash equivalents                     12,742,873        7,612,957
               Marketable securities                          7,809,403        3,576,811
               Accounts receivable                            8,141,145        7,088,555
               Prepaid expenses and other assets              1,364,383        1,060,998
                                                             30,057,804       19,339,321

    Non-current assets
               Restricted cash                                  452,138          255,012
               Advances                                         195,033          292,035
               Property and equipment                         1,609,811        1,360,646
               Intangible assets                                384,470          447,434
               Goodwill                                       1,072,315        1,039,922
               Deferred income taxes                          2,443,435                -
    Total assets                                             36,215,006       22,734,370

    Liabilities
    Current liabilities
               Accounts payable                               1,399,983        1,345,146
               Compensation payable                          15,752,702        9,156,182
               Dividends payable                                367,513          255,983
               Income taxes payable                           1,790,091           13,741
               Deferred revenue                               1,974,144        1,357,718
                                                             21,284,433       12,128,770

    Compensation payable                                        552,799          379,981
                                                             21,837,232       12,508,751

    Equity attributable to owners of the Company
               Share capital                                  7,330,563        4,080,020
               Contributed surplus                           16,253,631       16,247,987
               Accumulated other comprehensive income           911,417          580,959
               Deficit                                      (10,117,837)     (10,683,347)
         Total equity                                        14,377,774       10,225,619
      Total liabilities and equity                           36,215,006       22,734,370

    The accompanying notes are an integral part of these financial statements.
   

    THE CALDWELL PARTNERS INTERNATIONAL INC.

             CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
              (in $Canadian)
                                                                            Years ended
                                                                              August 31
                                                                        2014       2013

    Revenues                                                      45,086,251 33,802,994

    Cost of sales                                                 34,052,702 26,005,284
    Gross profit                                                  11,033,549  7,797,710

    Expenses
                General and administrative                         9,097,474  7,275,173
                Sales and marketing                                  751,408    689,686
                Foreign exchange gain                                (78,128)   (35,035)
                                                                   9,770,754  7,929,824
    Operating profit (loss)                                        1,262,795   (132,114)

    Investment income                                                 23,944     12,713
    Earnings (loss) before income tax                              1,286,739   (119,401)

    Income tax (recovery) expense                                   (680,047)   162,503
    Net earnings (loss) for the year attributable to owners
    of the Company                                                 1,966,786   (281,904)

    Earnings (loss) per share
                Basic                                                  0.101     (0.017)
                Diluted                                                0.100     (0.017)

    CONSOLIDATED STATEMENTS OF
    COMPREHENSIVE EARNINGS
    (in $Canadian)
                                                                            Years ended
                                                                              August 31
                                                                        2014       2013

    Net earnings (loss) for the year                               1,966,786   (281,904)

    Other comprehensive income:
    Items that may be reclassified subsequently to net
    earnings (loss)
                Unrealized gain on marketable securities             231,632    273,767
                Cumulative translation adjustment                     98,826    184,900
    Comprehensive earnings for the year attributable to
    owners of the Company                                          2,297,244    176,763

    The accompanying notes are an integral part of these
    financial statements.
   

    THE CALDWELL PARTNERS INTERNATIONAL INC.

    CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
    (in
    $Canadian)
                                                        Accumulated Other
                                                          Comprehensive
                                                         Earnings (Loss)
                                                                   Unrealized
                                                     Cumulative     Gains on
                                        Contributed  Translation   Marketable     Total
                                Share
                   Deficit     Capital    Surplus    Adjustment    Securities    Equity

    Balance -
    August 31,
    2012          (9,377,513) 4,016,020  16,245,848     (284,523)      406,815  11,006,647

    Net loss for
    the year        (281,904)         -           -             -            -   (281,904)

    Dividend
    payments
    declared      (1,023,930)         -           -             -            - (1,023,930)

    Employee
    stock option
    plan share
    issue                   -    64,000    (14,776)             -            -      49,224

    Share-based
    payment
    expense                 -         -      16,915             -            -      16,915

    Change in
    unrealized
    gains on
    marketable
    securities              -         -           -             -      273,767     273,767

    Change in
    cumulative
    translation
    adjustment              -         -           -       184,900            -     184,900

    Balance -
    August 31,
    2013         (10,683,347) 4,080,020  16,247,987      (99,623)      680,582  10,225,619

    Net earnings
    for the year    1,966,786         -           -             -            -   1,966,786

    Dividend
    payments
    declared      (1,401,276)         -           -             -            - (1,401,276)

    Share-based
    payment
    expense                 -         -       5,644             -            -       5,644

    Common share
    issuance                - 3,250,543           -             -            -   3,250,543

    Change in
    unrealized
    gain on
    marketable
    securities              -         -           -             -      231,632     231,632

    Change in
    cumulative
    translation
    adjustment              -         -           -        98,826            -      98,826

    Balance -
    August 31,
    2014         (10,117,837) 7,330,563  16,253,631         (797)      912,214  14,377,774

      The accompanying notes are an integral part
            of these financial statements.

   

    THE CALDWELL PARTNERS INTERNATIONAL INC.

              CONSOLIDATED STATEMENTS OF CASH FLOWS
          (in $Canadian)
                                                                             Years ended
                                                                               August 31
                                                                     2014           2013

    Cash provided by (used in)

    Operating activities
            Net earnings (loss) for the year                    1,966,786      (281,904)
            Adjustments for:
                    Depreciation                                  354,256        400,283
                    Amortization                                   76,326         71,563
                    Share-based payment expense                     5,644         21,339
                    Unrealized foreign exchange on
                    subsidiary loans                             (60,689)      (164,300)
                    (Decrease) increase in non-current
                    severance accrual                           (148,750)         44,964
                    (Increase) decrease in
                    deferred taxes                            (2,458,962)         77,403
                    Increase in non-current share-based
                    compensation accrual                          321,568        148,750
                    Disposal of property and
                    equipment                                      20,079              -
    Net changes in working capital
                    Increase in accounts
                    receivable                                (1,024,956)      (722,625)
                    Decrease in income taxes
                    recoverable                                         -         49,501
                    Increase in prepaid expenses and
                    other assets                                (291,772)      (248,119)
                    Increase in accounts payable                   35,971        303,171
                    Increase in compensation
                    payable                                     6,798,423      1,250,695
                    Increase in income taxes
                    payable                                     1,787,888         12,465
                    Increase in dividends
                    payable                                             -          1,201
                    Payment of share-based compensation         (330,313)              -
                    Increase in deferred revenue                  599,825      1,348,890
    Net cash provided by operating
    activities                                                  7,651,324      2,313,277

    Investing activities
            Purchase of marketable securities                 (4,000,960)              -
            Decrease (increase) in advances                       105,466      (177,627)
            Increase in restricted cash                         (198,364)        (2,046)
            Additions to property and equipment                 (608,558)      (221,360)
    Net cash used in investing activities                     (4,702,416)      (401,033)

    Financing activities
            Dividend payments                                 (1,289,746)    (1,023,930)
            Common share issuance                               3,250,543         44,800
    Net cash provided by (used in) financing
    activities                                                  1,960,797      (979,130)

    Effect of exchange rate changes on cash and cash
    equivalents                                                   220,211        185,597
    Net increase in cash and cash equivalents during
    the year                                                    5,129,916      1,118,711
    Cash and cash equivalents, beginning of
    year                                                        7,612,957      6,494,246
    Cash and cash equivalents, end of year                     12,742,873      7,612,957

    The accompanying notes are an integral part of
    these financial statements.

For further information:
Investors & Analysts:
Chris Beck, CPA, Chief Financial Officer
The Caldwell Partners International
cbeck@caldwellpartners.com
+1-617-934-1843
Media:
Caroline Lomot, Director of Marketing
The Caldwell Partners International
clomot@caldwellpartners.com
+1-516-830-3535

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