Heidrick & Struggles To Participate In Suntrust Robinson Humphrey Investor Conference
Company Comments on 2002 First Quarter Expectations
In Anticipation of Investor Inquiries at the Conference;
Provides Information on Earnings Conference Call Webcast
CHICAGO, April 12 /PRNewswire-FirstCall/ -- Heidrick & Struggles International, Inc. (Nasdaq: HSII), the world's premier executive search and leadership consulting firm, today announced that it will participate in the SunTrust Robinson Humphrey 31st Institutional Investor Conference in Atlanta. David C. Anderson, President and Chief Operating Officer, and Kevin J. Smith, Chief Financial Officer, will be the featured speakers at the Heidrick & Struggles presentation on Monday, April 15, 2002.
Because of the continuing uncertainty in the overall business environment, it is anticipated that investor interest in current performance will be high at the conference. Therefore, the company is providing an update to its expectations for worldwide consolidated revenue for the first quarter ended March 31, 2002. Heidrick & Struggles now expects revenue for the quarter likely will be modestly above the upper end of its projection, with a loss per share of no more than $0.16. Company guidance, issued on February 13, 2002, estimated 2002 first quarter revenue in a range of $80 million to $90 million, with a range of losses per share of $0.19 to $0.14, excluding previously announced special charges primarily related to severance and the cost of closing or consolidating certain offices. These charges are anticipated to be $15 million to $20 million in the quarter. First quarter 2002 financial results will be released after the close of the U.S. Market on Wednesday, May 1, 2002.
"As we noted in February, there appears to be some stabilization in our business in North America," said Piers Marmion, Chairman and Chief Executive Officer of Heidrick & Struggles International. "Although it remains difficult to define any performance as a trend, it is our belief today that we will see a gradual recovery in the economy in 2002, and that this economic improvement will benefit Heidrick & Struggles."
Heidrick & Struggles will provide a real-time webcast of the investor call related to its 2002 first quarter financial results release on Thursday, May 2, 2002, at 9:00 a.m. Central Time. The call will last up to one hour and will feature remarks by Piers Marmion and Kevin Smith. The webcast will be available online at http://www.heidrick.com/. Listeners should log on approximately ten minutes in advance to ensure they are set up to receive the webcast. A replay will be available for up to 30 days.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles International, Inc. is the world's premier provider of executive-level search and leadership consulting services. Currently, approximately 1,800 Heidrick & Struggles search professionals and employees operate from locations primarily in North America, Latin America, Europe, and Asia Pacific. For nearly 50 years, Heidrick & Struggles Executive Search has specialized 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, nonprofit 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 leadership needs, including recruitment of emerging talent, executive assessment, interim executive placement, and professional development. For more information about Heidrick & Struggles, visit our web site at http://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 continuing economic downturn in the United States or a material economic downturn in Europe or elsewhere, or social or political instability in overseas markets; bad debt write-offs far in excess of allowances for doubtful accounts; losses in our venture capital investments; an inability to achieve the planned cost savings from our restructuring initiatives; 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.
Web site: http://www.heidrick.com/
CONTACT: Media, Eric Sodorff, +1-312-496-1613 or esodorff@heidrick.com , or Analyst, Lynn McHugh, +1-312-496-1593 or lmchugh@heidrick.com , both of Heidrick & Struggles