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The Caldwell Partners International Issues Fiscal 2015 Third Quarter Financial Results


News provided by

The Caldwell Partners International Inc.

09 Jul, 2015, 21:50 GMT

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TORONTO, July 9, 2015 /PRNewswire/ --

 

  • Year-over-year third quarter revenue increased 20% to $14,813,000.  
  • Year-over-year third quarter operating profit increased 42% to $905,000.  
  • Board declares fourteenth consecutive quarterly dividend of 2.0 cents. 

Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2015 third quarter ended May 31, 2015. 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            Nine Months Ended

                                      May 31                        May 31
                                2015           2014           2015          2014
    Revenue                    $14,813        $12,359        $39,123       $31,855
    Operating expenses         $13,908        $11,726        $37,400       $30,764
    Operating profit              $905           $633         $1,723        $1,091
    Investment income              $34             $6            $58           $11
    Earnings before tax           $939           $639         $1,781        $1,102
    Net earnings                  $768           $639         $1,326        $1,075
    Earnings per share          $0.036         $0.030         $0.062        $0.057

"We are very pleased with our team's performance this past quarter," said John N. Wallace, chief executive officer. "These results represent the ninth consecutive quarter of year-over-year growth for Caldwell Partners, and we believe it is a result of our single-minded focus on improving both the level of service we provide our clients, and the long-term value we deliver to our shareholders."

Wallace continued: "We have built an incredible team of partners and support staff - each renowned in their space for the depth of their knowledge, the breadth of their experience and the level of care with which they treat our clients. We will continue to expand our partner teams and our physical footprint where it allows us to strengthen the services we are able to provide to our clients on a global basis. The recent additions of Christopher Coe, Andrew Duncan, and their supporting teams in London are clear evidence of this ongoing strategy, as they add significant depth to our life sciences and financial services practices, respectively."

The Board of Directors today also declared the payment of a quarterly dividend of 2.0 cents per Common Share payable September 14, 2015 to shareholders of record on July 20, 2015.

Financial Overview (all numbers expressed in $000s) 

  • Operating revenue:
    • Fiscal 2015 third quarter operating revenue increased by 20% (11% excluding a 9% variance from exchange rate fluctuations) over the comparable period last year to $14,813 (2014: $12,359).
      • US revenues increased 15% (2% excluding a 13% favourable variance from exchange rate fluctuations) to $10,398, driven primarily by an increase in the average number of search partners and higher average fees partially offset by slightly lower search volumes during the current year.
      • Canadian revenues increased 29% to $4,218 with higher fees more than offsetting the lower average number of search partners and slight decrease in search volumes.
      • Revenues from the Europe operations were $197.
    • Year to date revenue increased 23% (15% excluding an 8% variance from exchange rate fluctuations) over the prior year to $39,123 (2014: $31,855)
  • Operating profit:
    • For the third quarter, higher year-over-year revenues ($2,455) partially offset by the related higher cost of sales ($1,532) and expenses ($650) resulted in operating profit of $905 in the third quarter of fiscal 2015, an increase of $272 from $633 in the third quarter of fiscal 2015.
    • Year to date, higher year-over-year revenues ($7,268) partially offset by the related higher cost of sales ($4,942) and expenses ($1,694) resulted in the net increase of $632 to operating profit of $1,723 in the first three-quarters of fiscal 2015, up from $1,091 in the first three-quarters of fiscal 2014.
  • Net profit:
    • The third quarter net earnings were $768 ($0.036 per share) in fiscal 2015, as compared to $639 ($0.030 per share) in the comparable period a year earlier.
    • Year to date net earnings were $1,326 ($0.062 per share) in fiscal 2015, as compared to $1,075 ($0.057 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 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. 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 INTERIM STATEMENTS OF FINANCIAL POSITION
    (unaudited - in $Canadian)
                                                                    As at        As at
                                                                    May 31     August 31
                                                                     2015        2014
    Assets
    Current assets
                               Cash and cash-equivalents           7,128,195   12,742,873
                               Marketable securities               7,865,353    7,809,403
                               Accounts receivable                 8,892,518    8,141,145
                               Prepaid expenses and other
                               assets                              1,594,412    1,364,383
                                                                  25,480,478   30,057,804

    Non-current assets
                               Restricted cash                       483,384      452,138
                               Advances                              389,599      195,033
                               Property and equipment              1,790,492    1,609,811
                               Intangible assets                     375,160      384,470
                               Goodwill                            3,026,543    1,072,315
                               Deferred income taxes               2,807,803    2,443,435
    Total assets                                                  34,353,459   36,215,006

    Liabilities
    Current liabilities
                               Accounts payable                    1,397,415    1,399,983
                               Compensation payable               14,242,009   15,752,702
                               Dividends payable                     425,503      367,513
                               Income taxes payable                   32,427    1,790,091
                               Contingent consideration              269,454            -
                               Deferred revenue                    1,314,537    1,974,144
                                                                  17,681,345   21,284,433
    Non-current liabilities
                               Compensation payable                  776,032      552,799
                               Contingent consideration              257,896            -
                                                                  18,715,273   21,837,232
    Equity attributable to owners of the Company
                               Share capital                       7,710,063    7,330,563
                               Contributed surplus                16,254,123   16,253,631
                               Accumulated other comprehensive
                               income                              1,742,142      911,417
                               Deficit                           (10,068,142) (10,117,837)
    Total equity                                                  15,638,186   14,377,774
    Total liabilities and equity                                  34,353,459   36,215,006
   

    THE CALDWELL PARTNERS INTERNATIONAL INC.

    CONSOLIDATED INTERIM STATEMENTS OF EARNINGS
    (unaudited - in $Canadian)
                                          Three months ended           Nine months ended
                                                May 31                      May 31
                                          2015          2014          2015          2014

                                        
    Revenues                          14,813,614    12,358,955    39,123,375    31,855,289

                                                             
    Cost of sales                     10,801,626     9,269,216    28,824,444    23,882,823
                                                             
    Gross profit                       4,011,988     3,089,739    10,298,931     7,972,466

    Expenses
                   General and         2,879,483     2,243,929     7,868,201     6,390,132
                   administrative                                                
                   Sales &
                   marketing             223,079       180,208       666,928       563,222
                   Foreign
                   exchange loss                                                  
                   (gain)                  4,286        32,493        41,232       (71,490)
                                       3,106,848     2,456,630     8,576,361     6,881,864
                                                                                 
                                                                           
    Operating profit                     905,140       633,109     1,722,570     1,090,602

    Investment income                     33,942         5,897        57,945        11,216
                                                                           
    Earnings before income tax           939,082       639,006     1,780,515     1,101,818

    Income tax                           171,436           284       454,311        26,967

    Net earnings for the period
    attributable to owners of the                                          
    Company                              767,646       638,722     1,326,204     1,074,851

    Earnings per share
                   Basic and
                   diluted                $0.036        $0.030        $0.062        $0.057

    CONSOLIDATED INTERIM STATEMENTS OF
    COMPREHENSIVE EARNINGS
    (unaudited - in $Canadian)
                                          Three months ended           Nine months ended
                                                May 31                      May 31
                                          2015          2014          2015          2014

                                                                           
    Net earnings for the period          767,646       638,722     1,326,204     1,074,851

    Other comprehensive income:
    Items that may be
    reclassified subsequently to
    net income
                   Unrealized gain
                   on marketable
                   securities              9,024        51,372        28,497       197,801
                   Cumulative
                   translation          
                   adjustment            (47,340)      (78,571)      802,228       103,034
    Comprehensive earnings for
    the period attributable to                                             
    owners of the Company                729,330       611,523     2,156,929     1,375,686
   

    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
                           Capital
                  Deficit   Stock     Surplus      Adjustment        Securities    Equity

    Balance -
    September 1,                                                 
    2013       (10,683,347) 4,080,020 16,247,987   (99,623)         680,582     10,225,619

    Net earnings
    for the nine
    month period
    ended
                                                                                  
    May 31, 2014 1,074,851        -           -          -                -      1,074,851

    Dividend
    payments                                                             
    declared    (1,033,763)       -           -          -                -    (1,033,763)

    Share-based
    payment
    expense              -        -       4,233          -                -         4,233

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

    Change in
    unrealized
    gains on
    marketable
    securities
    available
    for sale             -        -           -           -         197,801       197,801

    Change in
    cumulative
    translation
    adjustment           -        -           -     103,034               -       103,034

    Balance -                                                    
    May 31, 2014 (10,642,259) 7,330,563  16,252,220   3,411         878,383    13,822,318

    Balance -
    September 1,                                                 
    2014         (10,117,837) 7,330,563  16,253,631    (797)        912,214    14,377,774

    Net earnings
    for the nine
    month period
    ended
                                                                                  
    May 31, 2015   1,326,204          -           -        -              -     1,326,204

    Dividend
    payments                                                             
    declared      (1,276,509)         -           -        -              -    (1,276,509)

    Share-based
    payment
    expense                -          -         492        -              -           492

    Common share
    issuance               -    379,500           -        -              -       379,500

    Change in
    unrealized
    gain on
    marketable
    securities
    available
    for sale               -          -           -        -         28,497        28,497

    Change in
    cumulative
    translation
    adjustment             -          -           -   802,228             -       802,228

    Balance -                                                   
    May 31, 2015 (10,068,142) 7,710,063  16,254,123   801,431       940,711    15,638,186
   

    THE CALDWELL PARTNERS INTERNATIONAL INC.

    CONSOLIDATED INTERIM STATEMENTS OF CASH FLOW
    (unaudited - in $Canadian)
                                                                     Nine months ended
                                                                          May 31
                                                                   2015             2014

    Cash flow provided by (used in)

    Operating activities
               Net earnings for the                             1,326,204        1,074,851
               period                                                                  
               Adjustments for:
                           Depreciation                           302,353          254,008
                           Amortization                            63,053           57,146
                           Share-based
                           payment
                           expense                                    492            4,233
                           Unrealized
                           foreign
                           exchange on
                           subsidiary
                           loans                                   18,823         (59,254)
                           Decrease in
                           non-current
                           severance                                             
                           accrual                                      -        (148,750)
                           Increase in
                           long term
                           incentive
                           accrual                                223,233           79,182
                           Disposal of
                           property and
                           equipment                                4,932           14,444
                           Decrease
                           (increase)
                           in accounts                                           
                           receivable                              79,475      (1,439,459)
                           Increase in
                           prepaid
                           expenses and                                          
                           other assets                          (39,530)        (273,218)
                           Decrease in
                           accounts                             
                           payable                              (182,701)         (42,539)
                           (Decrease)
                           increase in
                           income taxes                         
                           payable                            (1,759,775)           33,257
                           (Decrease)
                           increase in
                           compensation                                  
                           payable                            (2,112,954)        1,937,878
                           Payment of
                           share-based                          (597,589)         (330,313)
                           compensation                                              
                           (Decrease)
                           increase in
                           deferred                             
                           revenue                               (761,122)         183,422
    Net cash (used in) provided by                               (3,435,1         1,344,88
    operating activities                                              05)                9

    Investment activities
               Acquisition of
               business, net of cash                            
               acquired                                        (1,002,794)               -
               Increase in marketable                                            
               securities                                        (27,453)      (4,000,960)
               (Increase) decrease in                           
               advances                                         (111,351)           86,464
               Increase in restricted
               cash                                              (31,246)          (1,638)
               Additions to property                            (377,938)         (445,268)
               and equipment                                           
    Net cash used in investing                                           
    activities                                                 (1,550,782)      (4,361,402)

    Financing activities
                                                                         
               Dividend payments                               (1,218,519)        (922,232)
                                                                                 
               Common share issuance                                    -        3,250,543
    Net cash (used in) provided by                             (1,218,519)       2,328,311
    investing activities                                           

    Effect of exchange rate changes
    on cash and cash equivalents                                  589,728          196,379
    Net decrease in cash and cash                              (5,614,678)        (491,823)
    equivalents                                                                     
    Cash and cash equivalents,                                 12,742,873        7,612,957
    beginning of period                                                             
    Cash and cash equivalents, end of                           7,128,195        7,121,134
    period                                                             

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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