HSII LIST stock more news: Heidrick & Struggles Remains Comfortable with Current First Quarter
Earnings Expectations
CHICAGO, March 16 /PRNewswire/ -- Heidrick & Struggles International, Inc. (Nasdaq: HSII - news), the world's premier
executive search and leadership consulting firm, today announced that it remains comfortable with the current First Call consensus
earnings estimate of $0.27 per diluted share (on a consolidated basis) for the first quarter ending March 31, 2001, versus last
year's first quarter earnings per share of $0.18. The company made the announcement in advance of next week's scheduled
meetings with investors.
``Our search work at the highest levels remains strong this quarter. However, we anticipate that year-over-year revenue growth
will range from zero to five percent because of two factors. First, we are facing very difficult comparisons against an
extraordinarily strong first quarter last year, when revenue rose nearly 40 percent. And second -- given the current economic
picture -- we have seen some hesitancy among our clients in the United States to initiate search work, although there has been
some improvement in revenue during each successive month this quarter. Outside the U.S., though, revenue growth continues at
planned levels,'' said Patrick S. Pittard, Chairman, President and Chief Executive Officer of Heidrick & Struggles International
(HSI Group). ``It is this geographic diversification, as well as the built-in variability of our performance-based expense model, that
will enable us to meet earnings expectations for the quarter.''
Looking at the 2001 year, Pittard commented, ``We have some natural resistance to sluggish economic times because of the high
level of work we do, our cost structure, and our geographic and industry practice diversification -- so we are usually the last
affected. But we are not immune to economic downturns, and therefore, like all businesses do, we look to the economic experts.
Some experts are predicting that the U.S. economy will progressively improve and, if that scenario holds, we remain cautiously
optimistic about 2001. We are seeing some pent-up demand as some of our clients take a 'wait and see' approach in this uncertain
economic climate. But if the U.S. faces a prolonged slowdown, or if the sluggishness extends to other parts of the world, we --
like every other firm -- would then need to reexamine our prospects.''
About Heidrick & Struggles International, Inc. (HSI Group)
Heidrick & Struggles International, Inc. (HSI Group) is the world's premier provider of executive-level search and leadership
consulting services. More than 1,100 Heidrick & Struggles professionals operate from offices in over 75 locations throughout
North and South America, Europe, the Middle East, Africa and Asia Pacific. Our core business -- Heidrick & Struggles
Executive Search -- has been an industry leader for nearly 50 years, specializing in chief executive, board member and senior level
management assignments for a broad spectrum of clients: multi-national corporations, mid-cap and start-up companies,
not-for-profit entities, educational institutions, foundations, associations and governmental units. We are expanding our range of
complementary services to offer solutions to senior management teams for their human capital needs. LeadersOnline, our
Internet-based recruiting business, serves clients who seek the next generation of corporate leaders. We are capitalizing on our access to the highest level of our
clients' organizations through Heidrick & Struggles Ventures, our unit responsible for alliances and investments. For more information about HSI Group, visit our
web site at www.heidrick.com .
Safe Harbor Statement
This news release contains forward-looking statements. The forward-looking statements are based on current expectations, estimates, forecasts and projections
about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as
``expects,'' ``anticipates,'' ``intends,'' ``plans,'' ``believes,'' ``seeks,'' ``estimates,'' and similar expressions. Forward-looking statements are not guarantees of future
performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ
materially from what is expressed, forecasted or implied in the forward-looking statements. Factors that may affect the outcome of the forward-looking statements
include, among other things, our ability to attract and retain qualified executive search consultants; a material economic downturn in the United States or Europe, or
social or political instability in overseas markets; bad debt write-offs far in excess of allowances for doubtful accounts; continued increased acceptance of online
recruiting; losses in our venture capital investments; an inability to control expenses; and delays in the development and/or implementation of new technology and
systems. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Heidrick & Struggles International, Inc. |
