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The Caldwell Partners International Issues Fiscal 2013 Fourth Quarter and Full Year Financial Results

  • Fourth quarter revenue up 17% over prior year to $10.3 million.
  • Company posts annual revenue of $33.8 million, up 3% over prior year.
  • Board declares 1.75 cent quarterly dividend, up 17% over prior quarter.

TORONTO, Nov. 8, 2013 /PRNewswire/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2013 fourth quarter and year ended August 31, 2013. 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
Operating revenue1$10,338 $8,856 $33,803 $32,704
Expenses 9,392 7,908 33,935 31,693
Operating profit (loss)1946 948 (132) 1,011
Investment income 2 5 13 15
Net earnings (loss) before tax1948 953 (119) 1,026
Net earnings (loss) after tax1793 956 (282) 981
Net earnings (loss) per share $ 0.045 $ 0.056 ($0.017) $0.057
  1. Included in the 2013 results are $0.4 million in severance costs incurred in the third quarter, and a deferral of $0.8 million in operating profit (on $1.4 million deferred revenue) related to a change in estimation methodology for deferred revenue that was implemented in the fourth quarter. As the company does not currently recognize tax assets on operating losses, these items equally impacted net earnings before tax and net earnings after tax.

"Fiscal 2013 turned out to be a year of polarized results. What began as a slow first half of the year in a challenging business climate swung dramatically positive over the course of the second half," said John Wallace, chief executive officer. "We had a very strong back half, which we attribute to a lift from the economy in Canada and the United States, as well as the fact that as a collective group we have been performing better - our average metrics per partner are up in terms of volume and we are winning more search work. We are feeling positive about both our current momentum and our financial position moving into fiscal 2014."

Wallace continued: "We made a number of outstanding new partner and staff hires this year - each of whom has brought a palpable and contagious energy to the firm. We are attracting great partners, because they're joining great partners, and we will continue to make targeted, strategic additions to the team. The investments we have made in growing our business have broadened our footprint, deepened our industry and functional expertise, and extended our brand across North America. We continue forward with our relentless drive and focus to deliver outstanding leaders and an unrivalled level of service to our ever-growing list of discerning clients. Our ongoing success doesn't hinge solely on the economic climate - it also comes down to our people. We remain intent on attracting the most talented people in the industry and providing them with an environment where they will excel."

The Board of Directors today also declared the payment of a quarterly dividend of 1.75 cents per Common Share payable December 13, 2013 to shareholders of record on November 25, 2013.

Financial Highlights (all numbers expressed in $000s)

Results for the 2013 fourth quarter and full year were impacted by a change in the estimation of deferred revenue, based on the ability to access enhanced search performance metrics. In the fourth quarter, this resulted in the deferral (reduction) of revenue of $1,358 (2012: $0). This change in methodology has been applied prospectively and does not impact cash flow or cash balances. The Company also deferred the related amount of estimated compensation expense directly associated with such deferred revenue. Reflected in the 2013 fourth quarter and full year is a deferral of compensation expense of $586 (2012: $0). Accordingly, the net impact of the revenue deferral less the compensation expense deferral was to reduce operating profit, net earnings before tax and net earnings after tax by $772 (2012: $0).

  • Operating revenue:
    • Fourth quarter revenue increased by 17% over the comparable period last year to $10,338. Billings in the fourth quarter were up 32%.
    • Revenues from US operations increased 20% (after the revenue deferral of $769 in 2013).
    • Revenues from Canadian operations increased 10% (after the revenue deferral of $589 in 2013).
    • Sequentially, fourth quarter 2013 revenue was up $1,115 over third quarter 2013 (after the revenue deferral of $1,358 in the fourth quarter).
    • Fiscal 2013 revenue increased 3% over fiscal 2012 to $33,803.
    • For the fiscal year, US revenue represented 66% of consolidated revenues.
  • Operating profit:
    • Fourth quarter 2013 operating profit was $946 (2012: $948).
    • Fiscal year 2013 operating loss was $132 (2012: operating profit of $1,011). Fiscal year 2013 includes severance costs of $446 taken in the third quarter 2013.
    • Reflected in both the 2013 fourth quarter and full year is the deferral of gross profit of $772 (2012: $0), the net result of the change in estimate for deferred revenue less related deferred compensation expense.
  • Net earnings after tax:
    • Fourth quarter 2013 net earnings after tax were $793, representing $0.045 earnings per share (2012: $956 net earnings after tax, representing $0.056 per share).
    • Fiscal year 2013 net loss after tax was $282, representing $0.017 loss per share (2012: $981 net earnings after tax, representing $0.057 per share). Fiscal year 2013 includes severance costs of $446 taken in the third quarter 2013.
    • Reflected in both the 2013 fourth quarter and full year is the net earnings deferral of $772 (2012: $0), the net result of the change in estimate for deferred revenue less related deferred compensation expense.
    • Fourth quarter and full year results reflect the derecognition of certain tax assets which resulted a non-cash expense in the fourth quarter.

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 fourth quarter of fiscal 2013, the firm now has 22 of its total 33 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 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 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.

(in $Canadian)
As atAs at
August 31August 31
2013 2012
Current assets
Cash and cash-equivalents 7,612,957 6,494,246
Marketable securities 3,576,811 3,303,044
Accounts receivable 7,088,555 6,122,577
Income taxes receivable - 49,501
Prepaid expenses and other assets 1,060,998 775,572
19,339,321 16,744,940
Non-current assets
Restricted cash 255,012 252,966
Advances 292,035 92,023
Property and equipment 1,360,646 1,504,015
Intangible assets 447,434 488,647
Goodwill 1,039,922 973,458
Deferred income taxes - 73,302
Total assets 22,734,370 20,129,351
Current liabilities
Accounts payable 1,345,146 1,007,926
Compensation payable 9,156,182 7,673,729
Dividends payable 255,983 254,782
Taxes payable 13,741 -
Deferred revenue 1,357,718 -
12,128,770 8,936,437
Non-current liabilities
Non-current severance accrual 148,750 -
Long-term incentive accrual 231,231 186,267
12,508,751 9,122,704
Equity attributable to owners of the Company
Share capital 4,080,020 4,016,020
Contributed surplus 16,247,987 16,245,848
Accumulated other comprehensive income 580,959 122,292
Deficit (10,683,347) (9,377,513)
Total equity 10,225,619 11,006,647
Total liabilities and equity 22,734,370 20,129,351

(in $Canadian)
Three months ended
August 31
Revenues 33,802,994 32,703,717
Cost of sales 26,005,284 24,582,103
Gross profit 7,797,710 8,121,614
General and administrative 7,275,173 6,534,699
Sales and marketing 689,686 616,726
Foreign exchange gain (35,035) (40,696)
7,929,824 7,110,729
Operating profit (loss) (132,114) 1,010,885
Investment income 12,713 14,941
Earnings (loss) before income tax (119,401) 1,025,826
Income tax 162,503 44,818
Net earnings (loss) for the year attributable to owners of the Company (281,904) 981,008
Earnings (loss) per share
Basic and diluted ($0.017) $0.058
(in $Canadian)
Twelve months ended
August 31
Net earnings (loss) for the year (281,904) 981,008
Other comprehensive income:
Items that may be reclassified subsequently to net income
Unrealized gain on marketable securities (net of tax - $0) 273,767 176,217
Cumulative translation adjustment (net of tax - $0) 184,900 31,002
Comprehensive earnings for the year attributable to owners of the Company 176,763 1,188,227

(in $Canadian)
Accumulated Other Comprehensive
Income (Loss)


Capital Stock


Gains on

Balance - September 1, 2011(9,848,957)16,064,0784,179,399(315,525)230,59810,309,593
Net earnings for the year 981,008 - - - - 981,008
Dividend payments declared (509,564) - - - - (509,564)
Share based payment expense - - 18,391 - - 18,391
Reduction of stated capital - (12,048,058) 12,048,058 - - -
Change in unrealized gains on
marketable securities - - - - 176,217 176,217
Change in cumulative translation adjustment - - - 31,002 - 31,002
Balance - August 31, 2012(9,377,513)4,016,02016,245,848(284,523)406,81511,006,647
Net loss for the year (281,904) - - - - (281,904)
Dividend payments declared (1,023,930) - - - - (1,023,930)
Employee share option plan share issue - 64,000 (14,776) - - 49,224
Share-based payment expense - - 16,915 - - 16,915
Change in unrealized gain on
marketable securities - - - - 273,767 273,767
Change in cumulative translation adjustment - - - 184,900 - 184,900
Balance - August 31, 2013(10,683,347)4,080,02016,247,987(99,623)680,58210,225,619

(in $Canadian)
Twelve months ended
August 31
Cash flow provided by (used in)
Operating activities
Net earnings (loss) for the year (281,904) 981,008
Adjustments for:
Depreciation 400,283 390,406
Amortization 71,563 115,016
Share-based payment expense 21,339 18,391
Unrealized foreign exchange on subsidiary loans (164,300) (75,067)
Non-cash incentive compensation 44,964 132,777
Deferred taxes 77,403 -
Deferred revenue 1,348,890 -
Taxes paid - (44,418)
Increase in long-term severance accrual 148,750 -
Net changes in working capital
Decrease (increase) in accounts receivable (722,625) 484,368
Decrease (increase) in income taxes receivable 49,501 74,473
Decrease in prepaid expenses and other assets (248,119) 409,015
Increase (decrease) in accounts payable 303,171 (455,849)
(Decrease) increase in compensation payable 1,250,695 (1,169,804)
Increase in taxes payable 12,465 -
(Decrease) increase in contingent consideration - (510,286)
Increase in dividends payable 1,201 -
Decrease in current portion of incentive accrual - (530,250)
Net cash provided by (used in) operating activities 2,313,277 (180,220)
Investment activities
(Increases) decrease in advances (177,627) 79,855
Increase in restricted cash (2,046) (2,966)
Additions to property and equipment (221,360) (187,202)
Net cash used in investing activities (401,033) (110,313)
Financing activities
Dividend payments (1,023,930) (254,782)
Share issuance from employee share option plan 44,800 -
Net cash used in financing activities (979,130) (254,782)
Effect of exchange rate changes on cash and cash equivalents 185,597 95,477
Net increase (decrease) in cash and cash equivalents 1,118,711 (449,838)
Cash and cash equivalents, beginning of year 6,494,246 6,944,084
Cash and cash equivalents, end of year 7,612,957 6,494,246

SOURCE The Caldwell Partners International Inc.

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