Click here to close now.

Welcome!

.NET Authors: Aria Blog, Pat Romanski, Elizabeth White, Hovhannes Avoyan, Sanjeev Sharma

News Feed Item

The Caldwell Partners International Issues Fiscal 2012 Fourth Quarter and Full Year Financial Results

  • Company posts annual operating profit of $1.0 million
  • Board declares quarterly dividend at 1.5 cents per share

TORONTO, Nov. 15, 2012 /PRNewswire/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2012 fourth quarter and year ended August 31, 2012. 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)

  Three Months Ended
August 31
Year Ended
August 31  
  2012 2011 2012 2011
Operating revenue $8,856 $9,377 $32,704 $34,238
Expenses 7,909 8,904 31,693 34,127
Operating profit 948 473 $1,011 111
Investment income 5 195 15 246
Net earnings before tax 953 667 $1,026 357
Net earnings after tax 956 $ 498 981 187
Net earnings per share $ 0.056 $ 0.029 $0.058 $ 0.011

"While the overall business climate remains challenging, our ongoing commitment to the management of our cost structure has resulted in a substantial year over year increase in profit," said John Wallace, chief executive officer. "Clients have been cautious in making human capital investments, given the economic uncertainty, yet we remain confident regarding the long term prospects for executive search in North America and will continue to invest in the growth of our firm." 

Wallace continued: "Our primary objectives are - and always have been - to keep improving our service to our clients and creating value for our shareholders. To that end, we remain focused on improving our overall market presence and competitiveness. Our current partner team is a cohesive group of experienced professionals with a remarkable esprit de corps, representing a solid platform from which we can grow. We will make targeted, strategic additions to this team to continue to add to the depth and breadth of our sector and functional experience." 

The Board of Directors today also declared the payment of a quarterly dividend of 1.5 cents per Common Share payable December 14, 2012 to shareholders of record on November 26, 2012.

Financial Highlights (all numbers expressed in $000s)

  • Operating revenue:
    • Fourth quarter revenue decreased by 6% over the comparable period last year to $8,856.
    • Revenues from US operations represent 66% or $5,841 of the fourth quarter total, decreasing 5% from $6,147 in the comparable period of 2011.
    • Revenues from Canadian operations decreased 7% to $3,015 in the current period from $3,230 in the comparable period of 2011.
    • Sequentially, 2012 fourth quarter revenues were 5% lower than those of the third quarter.
    • Annual 2012 operating revenues decreased 4% over 2011 levels to $32,704. The decrease is attributable to weakness in Canadian search revenues (down 20%) more than offsetting the growth in US search revenue (up 5%)
    • For the full year US revenues represent 69% of consolidated revenues.
  • Operating profit:
    • The 2012 annual operating profit of $1,011 represents a $900 improvement over the $111 earned last year.
    • Lower direct costs and a higher gross profit margin, as compared to the fourth quarter of 2011 resulted in an operating profit of $948 for the quarter, double the $473 earned in the previous year.
  • Net earnings:
    • Fourth quarter net earnings after tax was $956 in 2012 representing a 93% improvement over net earnings of $498 in the comparable period a year earlier.
    • The 2012 annual net earnings after tax was $981, a $794 improvement over the $187 earned last year.

Over the past three years, Caldwell Partners has evolved from a respected Canadian brand to a firm with a strong North American presence. In that time, revenues have increased more than two and a half times, the company has returned to profitability, and a regular quarterly dividend to shareholders has been reinstated. At the end of the 2012, the firm now has three offices in Canada, six offices in the United States, and has established strategic alliances with executive search firms based in London and Hong Kong.

For a complete discussion of the quarterly and annual financial results, please see the company's Audited Financial Statements and Management Discussion and Analysis which will be 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 more than 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 STATEMENT OF EARNINGS
(in $Canadian)
                 
  Three months ended
August 31
  Twelve months ended
August 31
  2012     2011   2012     2011
Revenues         8,856,361     9,376,749   32,703,717     34,237,803
                             
Cost of sales       6,235,823     6,911,543   24,582,103     26,696,894
Gross profit       2,620,538     2,465,206   8,121,614     7,540,909
                           
Expenses                        
  General and administrative     1,560,099     1,877,582   6,534,699     6,686,344
  Sales & marketing     103,665     98,785   616,726     577,872
  Foreign exchange loss (gain)   9,161     16,220   (40,696)     166,036
            1,672,925     1,992,587   7,110,729     7,430,252
Operating profit       947,613     472,619   1,010,885     110,657
                         
Investment income       5,034     194,800   14,941     246,261
Earnings before income tax     952,647     667,419   1,025,826     356,918
                           
                           
Income tax       (3,257)     169,465   44,818     169,465
Net earnings for the period     955,904     497,954   981,008     187,453
                           
Earnings per share                        
  Basic and diluted     $0.056     $0.029   $0.058     $0.011
                       
                         
CONSOLIDATED STATEMENTS OF 
COMPREHENSIVE EARNINGS (LOSS)
(in $Canadian)
                 
      Three months ended
August 31
  Twelve months ended
August 31
            2012     2011   2012     2011
                         
Net earnings for the period     955,904     497,954   981,008     187,453
                           
Other comprehensive income:                      
  Unrealized gain (loss) on marketable securities (net of tax - $0) 79,021     (282,811)   176,217     (54,459)
  Cumulative translation adjustment (net of tax - $0) (154,927)     62,559   31,002     (315,525)
Comprehensive earnings (loss) for the period   879,998     277,702   1,188,227     (182,531)

  

             
THE CALDWELL PARTNERS INTERNATIONAL INC.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(in $Canadian)
           
    As at
August 31
2012
  As at
August 31
2011
  As at
September 1
2010
Assets                    
Current assets                    
  Cash and cash-equivalents       6,494,246   6,944,084   $6,456,274
  Marketable securities        3,303,044   3,126,827   4,124,785
  Accounts receivable       6,122,577   6,537,347   5,875,065
  Income taxes receivable       49,501   80,053   87,377
  Prepaid expenses and other assets     775,572   1,178,793   1,693,133
              16,744,940   17,867,104   18,236,634
                     
Non-current assets                    
  Restricted cash         252,966   250,000   0
  Advances         92,023   162,543   471,020
  Property and equipment       1,504,015   1,700,721   1,609,306
  Intangible assets        488,647   597,322   995,769
  Goodwill          973,458   967,236   1,053,255
  Deferred income taxes       73,302   72,834   0
Total assets           20,129,351   21,617,760   22,365,984
                     
Liabilities                    
Current liabilities                    
  Accounts payable        2,338,238   2,768,994   2,536,838
  Compensation payable       6,343,417   7,445,147   6,326,109
  Contingent consideration       0   510,286   722,338
  Dividends payable       254,782   0   0
  Deferred revenue       0   0   207,346
  Current portion of incentive accrual      0   530,250   1,639,818
              8,936,437   11,254,677   11,432,449
Non-current liabilities                    
  Long-term incentive accrual        186,267   53,490   466,614
              9,122,704   11,308,167   11,899,063
Equity attributable to owners of the Company                    
  Share capital         4,016,020   16,064,078   16,064,078
  Contributed surplus        16,245,848   4,179,399   4,154,196
  Accumulated other comprehensive income (loss)   122,292   (84,927)   285,057
  Deficit          (9,377,513)   (9,848,957)   (10,036,410)
Total equity             11,006,647   10,309,593   10,466,921
Total liabilities and equity             20,129,351   21,617,760   22,365,984

 

               
THE CALDWELL PARTNERS INTERNATIONAL INC.

CONSOLIDATED STATEMENT OF CASH FLOW
(in $Canadian)
             
  Three months ended
August 31
  Twelve months
ended August 31
  2012   2011   2012   2011
Cash flow provided by (used in)                    
                     
Operating activities                    
  Net earnings for the period     955,904   497,954   981,008   187,453
  Adjustments for:              
    Depreciation     93,721   93,419   390,406   381,070
    Amortization of intangibles   36,096   198,823   115,016   336,259
    Gain on sale of marktable securities   0   (176,206)   0   (176,206)
    Stock compensation expense   7,085   6,276   18,391   25,203
    Unrealized foreign exchange on subsidiary loans 87,779   (976)   (75,067)   60,529
    Non-cash incentive compensation   42,906   21,396   132,777   117,122
    Deferred income taxes     0   153,462   0   (69,005)
    Taxes paid       0   (27,345)   (44,418)   (249,760)
Net changes in working capital                    
    Decrease (increase) in accounts receivable 1,085,096   (316,620)   484,368   (929,176)
    Decrease (increase) in income taxes receivable 330   (17,537)   74,473   257,185
    Decrease in prepaid expenses and other assets 256,350   127,034   409,015   489,870
    Increase (decrease) in accounts payable  76,412   (127,121)   (455,849)   309,187
    (Decrease) increase in compensation payable 903,932   318,396   (1,169,804)   1,326,157
    (Decrease) increase in contingent consideration 0   507,208   (510,286)   (197,856)
    Decrease in incentive accrual   0   (605,870)   (530,250)   (1,639,814)
    Decrease in deferred revenue   0   (200,831)   0   (201,154)
Net cash generated by  (used in) operating activities           3,545,612   451,462   (180,220)   27,064
                     
Investment activities                    
  Proceeds on sale of marketable securities   0   2,119,703   0   2,119,703
  Purchase of marketable securities   0   (1,000,000)   0   (1,000,000)
  Decrease in advances     50,748   122,285   79,855   208,647
  Additions to property and equipment   (8,528)   (41,506)   (187,202)   (508,735)
  Additions to intangible assets 0   0   0   (1,679)
  Increase in restricted cash (2,966)   (250,000)   (2,966)   (250,000)
Net cash generated by (used in) investing activities 39,254   950,482   (110,313)   567,936
                     
Financing activities                    
  Dividend payments     (254,782)   0   (254,782)   0
Net cash used in financing activities   (254,782)   0   (254,782)   0
                     
Effect of exchange rate changes on cash and cash equivalents (131,973)   39,871   95,477   (107,190)
                     
Net increase (decrease) in cash and cash equivalents 3,198,111   1,441,815   (449,838)   487,810
Cash and cash equivalents, beginning of period 3,296,135   5,502,269   6,944,084   6,456,274
Cash and cash equivalents, end of period   6,494,246   6,944,084   6,494,246   6,944,084

 

             
THE CALDWELL PARTNERS INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in $Canadian)
           
        Accumulated Other Comprehensive  
        Income (Loss)  
  Deficit Capital Stock Contributed
Surplus
Cumulative
Translation
Adjustment
Unrealized Gains
(Losses) on
Marketable
Securities
Total
Equity
Balance - September 1, 2010 (10,036,410) 16,064,078 4,154,196 0 285,057 10,466,921
             
             
Net earnings for the year 187,453 0 0 0 0 187,453
             
Share based payment expense 0 0 25,203 0 0 25,203
             
Change in unrealized gains and losses on            
marketable securities available for sale  0 0 0 0 (54,459) (54,459)
             
Change in cumulative translation adjustment 0 0 0 (315,525) 0 (315,525)
             
Balance - August 31, 2011 (9,848,957) 16,064,078 4,179,399 (315,525) 230,598 10,309,593
             
Net earnings for the year 981,008 0 0 0 0 981,008
             
Dividend payments declared (509,564) 0 0 0 0 (509,564)
             
Share based payment expense 0 0 18,391 0 0 18,391
             
Reduction of stated capital 0 (12,048,058) 12,048,058 0 0 0
             
Change in unrealized gains and losses on            
marketable securities available for sale  0 0 0 0 176,217 176,217
             
Change in cumulative translation adjustment 0 0 0 31,002 0 31,002
             
Balance - August 31, 2012 (9,377,513) 4,016,020 16,245,848 (284,523) 406,815 11,006,647
           

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.

@ThingsExpo Stories
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to make sense of it all.
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...