Heidrick & Struggles International, Inc. (ticker: HSII, exchange: NASDAQ) News Release - 13-Dec-2000
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Heidrick & Struggles Comfortable with 2000 Fourth Quarter Consensus Earnings Estimates; Provides Initial Comment On 2001 Earnings
CHICAGO, Dec. 13 /PRNewswire/ -- Heidrick & Struggles International, Inc. (Nasdaq: HSII), the world's largest and premier executive search firm, today announced that it still expects worldwide consolidated revenue for the fourth quarter ending December 31, 2000, to be approximately 20 percent above the $113 million of revenue reported in the same quarter a year ago. The company is presently comfortable with the current First Call consensus estimate of $0.37 per share (on a consolidated basis) for the 2000 fourth quarter.
For the 2001 full year, Heidrick & Struggles International (HSI Group) said it presently expects consolidated diluted earnings per share to be at least $2.00, excluding any net gains from the warrant program. The current First Call consensus estimate for the 2001 full year is $1.92 per diluted share, with a range of $1.85 to $2.05 per diluted share.
"Heidrick & Struggles continues to lead the industry in performing CEO searches. We believe that we'll continue to see good earnings growth because of our focus on senior executive positions and because of our diversification, both geographically and by industry group," said Patrick S. Pittard, Chairman, President and Chief Executive Officer HSI Group. "In addition, the shortage of executive talent that exists today and the increased turnover at the senior-level ranks -- coupled with our history of generating revenue growth during economic slowdowns -- gives us confidence in our current 2001 performance expectations."
HSI Group plans to announce complete 2000 fourth quarter and full year financial results late in the day on February 13, 2001.
About Heidrick & Struggles International, Inc. (HSI Group)
Heidrick & Struggles International, Inc. (HSI Group) is the world's largest and premier provider of executive-level search and consulting services. More than 1,000 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 new businesses, alliances and investments. For more information about HSI Group, visit our web site at www.heidrick.com .
Safe Harbor Statement
Certain matters discussed in this news release are forward-looking statements that are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise, and include known and unknown risks, uncertainties and other important factors that could cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Some of the risks, uncertainties, assumptions and factors that could affect the company's financial results are included in the company's recent SEC filings. Although the company believes that the exceptions reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations that will prove to have been correct. All forward-looking statements in this news release are expressly qualified by these cautionary statements, and the company expressly disclaims any duty to update such forward-looking statements. SOURCE Heidrick & Struggles International, Inc.
CONTACT: Media, Eric Sodorff, 312-496-1613, email, esodorff@heidrick.com, Analysts, Barry Hollingsworth, 312-496-1723, email, bhollingsworth@heidrick.com, both of Heidrick & Struggles International/