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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

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 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.

(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
  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)
(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)


(unaudited - in $Canadian)              
                  As at
                  November 30 August 31
                  2012 2012
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
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


(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


(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.

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