Welcome!

.NET Authors: Trevor Parsons, Peter Silva, Yeshim Deniz, Pat Romanski, Adine Deford

News Feed Item

The Caldwell Partners International Issues Fiscal 2013 First Quarter Financial Results

  • Quarterly revenue up 2% over comparable period last year
  • Board declares 1.5 cent quarterly dividend

TORONTO, Jan. 11, 2013 /PRNewswire/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2013 first quarter ended November 30, 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
November 30
  2012 2011
Operating revenue 7,417 $7,270
Expenses 7,469 7,671
Operating loss (52) (401)
Investment income 2 2
Net loss before tax (50) (399)
Net loss after tax (56) (444)
Net loss per share (0.003) (0.026)

"In a challenging business climate, we are gratified to have increased revenues by 2% year over year," said John N. Wallace, chief executive officer. "Given the on-going economic uncertainty - particularly in the United States - clients continue to be cautious relative to human capital investments."

Wallace continued: "We remain confident regarding the long-term prospects for executive search in North America. To that end, we are focused on improving our overall market presence and competiveness, and will continue to invest in the growth of our firm. We will make targeted, strategic additions to our partner team 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 on March 15, 2013 to shareholders of record on January 22, 2013.

Financial Overview (all numbers expressed in $000s)

  • Operating revenue:
    • Fiscal 2013 first quarter operating revenue increased by 2% over the comparable period last year to 7,417.
    • US revenues represent 60% or $4,467 of the first quarter total, decreasing 13% from $5,126 in the comparable period of 2012.
    • Revenues from Canadian operations increased 38% to $2,950 in the current period from $2,144 in the comparable period of 2012.
    • Although up slightly over the comparable period last year, 2013 first quarter revenues declined 16% or $1,439 sequentially over 2012 fourth quarter revenues. Historically, first quarter revenues are soft particularly in comparison to third and fourth quarter levels.
  • Operating loss:
    • Higher first quarter revenues and improved direct operating margins as compared to the comparable period of fiscal 2012, resulted in a reduced operating loss of $52 (2012: loss of $401) for the quarter.
  • Net loss:
    • The first quarter net loss after tax was $56 in fiscal 2013 as compared to a loss of $444 in the comparable period a year earlier.

Over the past three years, The Caldwell Partners has transformed from a respected, strictly Canadian brand to a firm with a strong North American presence. At the end of the first quarter of fiscal 2013, the firm now has 23 of its total 34 partners located in six American offices, and has established strategic alliances with executive search firms based in London and Hong Kong.

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 LOSS      
(unaudited - in $Canadian)              
                  Three months ended
                  November 30
                  2012 2011
                     
Revenues               7,417,211 7,269,878
                     
Cost of sales             5,620,120 5,912,299
Gross profit             1,797,091 1,357,579
                     
Expenses                  
  General and administrative           1,709,714 1,667,798
  Sales and marketing           126,957 135,424
  Other gains and losses (net)           12,859 (44,838)
                  1,849,530 1,758,384
Operating loss             (52,439) (400,805)
                     
Investment income             2,523 2,268
Loss before income taxes           (49,916) (398,537)
                     
Income tax             6,105 45,784
                     
Net loss for the period attribtuable to owners of the Company     (56,021) (444,321)
                     
Loss per share:                
  Basic and diluted           (0.003) (0.026)
                     
                     
CONSOLIDATED INTERIM STATEMENTS OF       
COMPREHENSIVE LOSS            
(unaudited - in $Canadian)              
                  Three months ended
                  November 30
                  2012 2011
                     
Net loss for the period           (56,021) (444,321)
                     
Other comprehensive income:              
  Unrealized gain (loss) on marketable securities       97,529 (63,234)
  Cumulative translation adjustment         20,437 135,650
Comprehensive loss for the period attributable to owners of the Company     61,945 (371,905)

 

                     
THE CALDWELL PARTNERS INTERNATIONAL INC.  
                     
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(unaudited - in $Canadian)              
                  As at
                  November 30 August 31
                  2012 2012
Assets                  
Current assets                
  Cash and cash equivalents           5,456,089 6,494,246
  Marketable securities           3,400,573 3,303,044
  Accounts receivable           5,764,955 6,122,577
  Income taxes receivable           48,563 49,501
  Prepaid expenses and other current assets       771,144 775,572
                  15,441,324 16,744,940
Non-current assets                
  Restricted cash             253,567 252,966
  Advances             40,123 92,023
  Property and equipment            1,445,729 1,504,015
  Intangible assets            474,971 488,647
  Goodwill              981,260 973,458
  Deferred income taxes           73,889 73,302
Total assets             18,710,863 20,129,351
                     
Liabilities                
Current liabilities                
  Accounts payable            1,790,993 2,338,238
  Compensation payable           5,568,701 6,343,417
  Dividends payable           255,983 254,782
                  7,615,677 8,936,437
                     
Non-current liabilities                
  Long-term incentive accrual           229,173 186,267
                  7,844,850 9,122,704
                     
Equity attributable to owners of the Company            
  Share capital             4,080,020 4,016,020
  Contributed surplus           16,235,252 16,245,848
  Accumulated other comprehensive income       240,258 122,292
  Deficit             (9,689,517) (9,377,513)
Total equity             10,866,013 11,006,647
Total liabilities and equity           18,710,863 20,129,351

 

             
THE CALDWELL PARTNERS INTERNATIONAL INC.    
             
CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY  
(unaudited - in $Canadian)            
        Accumulated Other Comprehensive  
        Income (Loss)  
          Unrealized Gains  
        Cumulative  (Losses) on Total
      Contributed Translation Marketable Shareholders'
  Deficit Capital Stock Surplus Adjustment Securities Equity
             
Balance - September 1, 2011 (9,848,957) 16,064,078 4,179,399 (315,525) 230,598 10,309,593
             
Net loss for the three month period ended             
   November 30, 2011 (444,321) - - - - (444,321)
             
Share based compensation expense - - 1,394 - - 1,394
             
Change in unrealized gains and losses on            
   marketable securities available for sale  - - - - (63,234) (63,234)
             
Change in cumulative translation adjustment - - - 135,650 - 135,650
             
Balance - November 30, 2011 (10,293,278) 16,064,078 4,180,793 (179,875) 167,364 9,939,082
             
Net earnings for the period of December 1, 2011            
   to August 31, 2012 1,425,329 - - - - 1,425,329
             
Dividend payments declared (509,564) - - - - (509,564)
             
Share based compensation expense - - 16,997 - - 16,997
             
Reduction of stated capital   (12,048,058) 12,048,058 - - 0
             
Change in unrealized gains and losses on            
   marketable securities available for sale  - - - - 239,451 239,451
             
Change in cumulative translation adjustment - - - (104,648) - (104,648)
             
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 compensation expense - - 4,180 - - 4,180
             
Change in unrealized gains and losses 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

 

                     
THE CALDWELL PARTNERS INTERNATIONAL INC.  
                     
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOW    
(unaudited - in $Canadian)              
                  Three months ended
                  November 30
                  2012 2011
                     
Cash flow provided by (used in)              
                     
Operating activities                
  Net loss for the period           (56,021) (444,321)
  Adjustments for:              
    Depreciation           91,327 97,385
    Amortization of intangibles         17,486 30,687
    Stock compensation expense         8,604 1,394
    Unrealized foreign exchange on subsidiary loans       (14,928) (104,839)
    Non-cash incentive compensation         42,906 21,396
    Increase in restricted cash         (601) -
  Changes in items of working capital            
    Decrease in accounts receivable         375,569 1,157,193
    Decrease (increase) in income taxes receivable       750 (1,250)
    Decrease in prepaid expenses and other assets       7,097 186,512
    (Decrease) increase in accounts payable        (555,827) 780,697
    Decrease in compensation payable         (802,086) (1,471,001)
Net cash (used in) generated from operating activities       (885,724) 253,853
                     
Investing activities                
  Decrease (increase) in advances         53,912 (1,450)
  Additions to property and equipment         (28,926) (77,631)
Net cash generated from (used in) investing activities       24,986 (79,081)
                     
Financing activities                
  Dividend payments           (254,782) -
  Share issuance from employee stock option plan       44,800 -
Net cash used in financing activities         (209,982) -
                     
Effect of exchange rate changes on cash and cash equivalents     32,563 187,841
                     
Net (decrease) increase in cash and cash equivalents       (1,038,157) 362,613
Cash and cash equivalents, beginning of period       6,494,246 6,944,084
Cash and cash equivalents, end of period         5,456,089 7,306,697

 

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
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. 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.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.