Click here to close now.



Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

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
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....