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HEIDRICK & STRUGGLES: Profit down 23% at executive search firm

Bloomberg News
Published March 2, 2006

Heidrick & Struggles International Inc. said fourth-quarter profit fell 23 percent because tax expenses were higher than expected.

The Chicago-based executive search firm reported net income of $6.9 million, or 36 cents a diluted share, down from $9.0 million, or 44 cents a share, a year earlier. Revenue slipped to $105.5 million from $106.5 million. The company said adjustments for U.S. income taxes were $1.1 million more than anticipated.

Goldman Sachs analyst Chris Hussey said the earnings miss "is OK because we had already been expecting a sharp rise in the tax rate."

Shares of Heidrick & Struggles lost $4.20, or 11.3 percent, to $32.80, on the Nasdaq stock market.

Copyright © 2006, Chicago Tribune
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HEIDRICK & STRUGGLES: Profit down 23% at executive search firm

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