Printer Friendly Version Print Version
Heidrick & Struggles Reports Second Quarter 2011 Financial Results

CHICAGO, Jul 26, 2011 (GlobeNewswire via COMTEX) --

Heidrick & Struggles International, Inc. (Nasdaq:HSII), the leadership advisory firm providing executive search and leadership consulting services worldwide, today announced financial results for its second quarter ended June 30, 2011.

Consolidated net revenue of $142.8 million increased 13.3 percent (approximately 7 percent on a constant currency basis) from $126.1 million in the 2010 second quarter. Exchange rate fluctuations positively impacted net revenue by $7.5 million. Year over year, net revenue increased 18.0 percent in the Americas, 8.8 percent in Europe (a decline of approximately 3 percent on a constant currency basis), and 7.7 percent in Asia Pacific (a decline of approximately 3 percent on a constant currency basis). Net revenue from Leadership Consulting Services increased 50.0 percent to $12.3 million and represented 8.6 percent of consolidated net revenue in the quarter.

The number of executive search and leadership consulting consultants at June 30, 2011 was 386, compared to 343 at June 30, 2010, and 372 at March 31, 2011. The number of executive search confirmations in the quarter increased 12.4 percent compared to the 2010 second quarter, and increased 14.8 percent compared to the 2011 first quarter. Productivity, as measured by annualized net revenue per consultant, was $1.5 million, compared to $1.4 million in the 2010 second quarter and $1.3 million in the 2011 first quarter. The average revenue per executive search was $107,400 compared to $108,600 in the 2010 second quarter and $101,200 in the 2011 first quarter.

Consolidated salaries and employee benefits increased 15.4 percent to $99.2 million, from $86.0 million in the comparable quarter of 2010. The increase primarily reflects an increase in the variable component of compensation associated with the increase in net revenue as well as higher base compensation and payroll taxes associated with a 12.8 percent increase in employee headcount. Salaries and employee benefits were 69.5 percent of net revenue for the quarter, compared to 68.2 percent in the 2010 second quarter.

Consolidated general and administrative expenses increased 1.3 percent to $33.3 million from $32.9 million in the 2010 second quarter. As a percentage of net revenue, consolidated general and administrative expenses were 23.3 percent, compared to 26.1 percent in the 2010 second quarter.

Operating income in the quarter improved to $10.3 million and the operating margin was 7.2 percent compared to operating income of $7.6 million and an operating margin of 6.0 percent in the 2010 second quarter.

Net income was $7.4 million and diluted earnings per share $0.41, based upon an effective tax rate in the quarter of 32.5 percent. In the 2010 second quarter, net income was $2.7 million and diluted earnings per share were $0.15, which reflected an effective tax rate of 49.9 percent.

Net cash provided by operating activities in the quarter was $17.6 million, compared to $23.8 million in the 2010 second quarter. Cash and cash equivalents at June 30, 2011 were $103.1 million compared to $92.6 million at June 30, 2010, and $92.2 million at March 31, 2011.

Regional Review


  $ in millions        2Q 11      2Q 10     Change     1Q 11     Change
                     ---------  ---------  --------  ---------  --------
  Americas
  Net revenue           $ 76.7     $ 65.1    $ 11.6     $ 63.5    $ 13.3
  Operating income      $ 18.7     $ 13.8     $ 4.9      $ 7.6    $ 11.1
  Consultants              178        160        18        170         8

  Europe
  Net revenue           $ 34.5     $ 31.7     $ 2.8     $ 27.6     $ 6.9
  Operating income
   (loss)              $ (2.4)      $ 0.5   $ (2.9)    $ (2.1)   $ (0.3)
  Consultants              128        110        18        125         3

  Asia Pacific
  Net revenue           $ 31.5     $ 29.3     $ 2.2     $ 24.6     $ 7.0
  Operating income       $ 4.9      $ 7.1   $ (2.2)      $ 2.5     $ 2.3
  Consultants               80         73         7         77         3

  Global Operations
   Support            $ (10.9)   $ (14.1)     $ 3.2   $ (12.2)     $ 1.3
                     ---------  ---------  --------  ---------  --------

  Total operating
   income (loss)        $ 10.3      $ 7.6     $ 2.7    $ (4.1)    $ 14.4
                     =========  =========  ========  =========  ========

Totals and subtotals may not equal the sum of individual line items due to rounding.

Net revenue in the Americas increased 18.0 percent year over year and 20.9 percent compared to the 2011 first quarter. The Industrial, Consumer, and Leadership Consulting practices were the largest drivers of year-over-year growth and also key drivers of sequential growth, along with the Financial Services Practice. Second quarter operating income increased 35.5 percent year-over-year, and the operating margin was 24.4 percent.

Net revenue in Europe increased 8.8 percent year over year (declined approximately 3 percent on a constant currency basis) and increased 25.2 percent sequentially (approximately 22 percent on a constant currency basis). Exchange rate fluctuations positively impacted year-over-year net revenue by $3.8 million. The Industrial Practice was a key driver of the reported year-over-year and sequential growth in this region. The Financial Services Practice experienced a year-over-year decline but was the largest driver of growth sequentially. The operating loss was $2.4 million compared to operating income of $0.5 million in the 2010 second quarter primarily reflecting an increase in fixed compensation expense.

The Asia Pacific region reported a 7.7 percent year-over-year increase in second quarter net revenue (a decline of approximately 3 percent on a constant currency basis) and 28.3 percent growth sequentially (approximately 25 percent on a constant currency basis). Exchange rate fluctuations positively impacted year-over-year net revenue by $3.1 million. The Consumer and Industrial practices drove the reported year-over-year growth as well as sequential growth. The Financial Services Practice was also key to sequential growth. Operating income declined 31.0 percent compared to the 2010 second quarter and the operating margin was 15.4 percent primarily reflecting higher base compensation and payroll taxes associated with an 18.9 percent increase in employee headcount, including newer consultants who are not yet fully productive.

Expenses related to Global Operations Support declined 22.8 percent compared to the 2010 second quarter. The largest component of the decline related to the absence of a worldwide partners' meeting in the 2011 second quarter.

Chief Executive Officer L. Kevin Kelly said, "We were pleased with how confirmation trends improved in the second quarter and helped drive double digit sequential revenue growth in each region. The improving productivity is also encouraging given the number of new hires and promotions we've made in the last year. With consultant and employee hiring essentially complete for the year, we are focused on leveraging productivity and lowering operating costs in order to achieve and sustain higher operating margins."

Six Months Results

For the six months ended June 30, 2011 consolidated net revenue of $258.4 million increased 7.8 percent (approximately 4 percent on a constant currency basis) from $239.7 million in the first six months of 2010. Exchange rate fluctuations positively impacted net revenue by $10.1 million. Productivity, as measured by annualized net revenue per consultant, was $1.4 million compared to $1.3 million for the first six months of 2010. The number of executive searches confirmed in the first six months of 2011 increased 5.4 percent compared to the first six months of 2010. The average revenue per executive search was $104,500 compared to $103,500 for the same period in 2010. Operating income for the first six months was $6.2 million and the operating margin was 2.4 percent, compared to operating income of $3.8 million for the first six months of 2010 and an operating margin of 1.6 percent. Net income for the first six months of 2011 was $2.8 million and diluted earnings per share were $0.15, reflecting an effective tax rate of 45.7 percent. The reported net income for the first six months of 2010 was $1.1 million and diluted earnings per share were $0.06, reflecting an effective tax rate of 38.8 percent.

2011 Outlook

The company expects that third quarter 2011 net revenue will be between $134 million and $144 million and that the operating margin will be between 6 percent and 8 percent. The company is forecasting that 2011 net revenue will be within its previously disclosed range of $515 million to $545 million and that the operating margin will likely be at the lower end of the range it had provided earlier, or between 6 percent and 8 percent. Net income and earnings per share in 2011 are expected to reflect a full-year effective tax rate of between 42 percent and 50 percent, but will be impacted by country-level results and tax planning initiatives.

Quarterly Conference Call

Executives of Heidrick & Struggles will host a conference call to review the second quarter 2011 results today, July 26, at 9:00 am Central Time. Participants may access the company's call and supporting slides through the internet at www.heidrick.com. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.

About Heidrick & Struggles International, Inc.

Heidrick & Struggles International, Inc., (Nasdaq:HSII) is the leadership advisory firm providing executive search and leadership consulting services, including succession planning, executive assessment, talent retention management, executive development, transition consulting for newly appointed executives, and M&A human capital integration consulting. For almost 60 years, we have focused on quality service and built strong leadership teams through our relationships with clients and individuals worldwide. Today, Heidrick & Struggles leadership experts operate from principal business centers around the world. For more information about Heidrick & Struggles, please visit www.heidrick.com.

Safe Harbor Statement

This press 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," "projects," "forecasts," 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; our ability to develop and maintain strong, long-term relationships with our clients; further declines in the global economy and our ability to execute successfully through business cycles; the timing, speed or robustness of any future economic recovery; social or political instability in markets where we operate; the impact of foreign currency exchange rate fluctuations; price competition; the ability to forecast, on a quarterly basis, variable compensation accruals that ultimately are determined based on the achievement of annual results; our ability to realize our tax losses; the timing of the establishment or reversal of valuation allowance on deferred tax assets; the mix of profit and loss by country; an impairment of our goodwill and other intangible assets; delays in the development and/or implementation of new or improved technology and systems; and the ability to align our cost structure and headcount with net revenue. Our reports filed with the U.S. Securities and Exchange Commission also include information on factors that may affect the outcome of forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.


                       Heidrick & Struggles International, Inc.
                        Consolidated Statements of Operations
                        (In thousands, except per share data)
                                     (Unaudited)

                                           Three Months Ended

                                                June 30,
                                         ----------------------

                                                                               %
                                            2011        2010      $ Change   Change
                                         ----------  ----------  ---------  -------

  Revenue:
   Revenue before reimbursements (net
    revenue)                              $ 142,799   $ 126,071   $ 16,728    13.3%

   Reimbursements                             6,815       4,589      2,226
                                         ----------  ----------  ---------    48.5%
     Total revenue                          149,614     130,660     18,954    14.5%

  Operating expenses:
   Salaries and employee benefits            99,219      85,995     13,224    15.4%
   General and administrative expenses       33,270      32,854        416     1.3%
   Reimbursed expenses                        6,815       4,589      2,226    48.5%
   Restructuring charges                         --         701      (701)  -100.0%

   Other operating income                        --     (1,072)      1,072
                                         ----------  ----------  ---------

     Total operating expenses               139,304     123,067     16,237
                                         ----------  ----------  ---------    13.2%
     Operating income                        10,310       7,593      2,717    35.8%

  Non-operating income (expense):
    Interest income, net                        258         188

    Other, net                                  441     (2,448)
                                         ----------  ----------
      Net non-operating income
       (expense)                                699     (2,260)

  Income before income taxes                 11,009       5,333

  Provision for income taxes                  3,580       2,661


  Net income                                $ 7,429     $ 2,672
                                         ==========  ==========


  Basic weighted average common shares
   outstanding                               17,803      17,487
  Diluted weighted average common
   shares outstanding                        17,955      17,859
  Basic earnings per common share            $ 0.42      $ 0.15
  Diluted earnings per common share          $ 0.41      $ 0.15
  Salaries and employee benefits as a
   percentage of net revenue                  69.5%       68.2%
  General and administrative expense as
   a percentage of net revenue                23.3%       26.1%
  Operating income as a percentage of
   net revenue                                 7.2%        6.0%
  Effective income tax rate                   32.5%       49.9%


                      Heidrick & Struggles International, Inc.
                                 Segment Information
                                   (In thousands)
                                     (Unaudited)


                                       Three Months Ended June 30,
                        ----------------------------------------------------------
                                                                     2011    2010

                                                              %     Margin  Margin
                           2011        2010      $ Change   Change     *       *
                        ----------  ----------  ---------  -------  ------  ------
  Revenue:
   Americas               $ 76,745    $ 65,062   $ 11,683    18.0%
   Europe                   34,512      31,721      2,791     8.8%

   Asia Pacific             31,542      29,288      2,254
                        ----------  ----------  ---------     7.7%
     Revenue before
      reimbursements
      (net revenue)        142,799     126,071     16,728    13.3%

   Reimbursements            6,815       4,589      2,226
                        ----------  ----------  ---------    48.5%

     Total revenue       $ 149,614   $ 130,660   $ 18,954
                        ==========  ==========  =========    14.5%


  Operating income
   (loss):
   Americas               $ 18,729    $ 13,822    $ 4,907    35.5%   24.4%   21.2%
   Europe                  (2,365)         486    (2,851)  -586.6%            1.5%

   Asia Pacific              4,863       7,051    (2,188)
                        ----------  ----------  ---------   -31.0%   15.4%   24.1%
     Total regions          21,227      21,359      (132)    -0.6%   14.9%   16.9%
   Global Operations
    Support               (10,917)    (14,137)      3,220
                        ----------  ----------  ---------    22.8%
       Operating
        income before
        restructuring
        charges and
        other
        operating
        income              10,310       7,222      3,088    42.8%    7.2%    5.7%
   Restructuring
    charges                     --       (701)        701
  Other operating
   income                       --       1,072    (1,072)
                        ----------  ----------  ---------
       Operating
        income:           $ 10,310     $ 7,593    $ 2,717
                        ==========  ==========  =========    35.8%    7.2%    6.0%

       * Margin based on revenue before reimbursements (net revenue).

                     Heidrick & Struggles International, Inc.
                      Consolidated Statements of Operations
                      (In thousands, except per share data)
                                   (Unaudited)

                                     Six Months Ended

                                     June 30,
                                     ----------------------

                                                                        %
                                           2011        2010  $ Change   Change
                                     ----------  ----------  ---------  -------

  Revenue:
    Revenue before reimbursements
     (net revenue)                    $ 258,421   $ 239,739   $ 18,682     7.8%

    Reimbursements                       12,072       9,275      2,797
                                     ----------  ----------  ---------    30.2%
     Total revenue                      270,493     249,014     21,479     8.6%

  Operating expenses:
    Salaries and employee benefits      187,600     169,125     18,475    10.9%
    General and administrative
     expenses                            64,599      62,950      1,649     2.6%
    Other charges                            --       4,218    (4,218)  -100.0%
    Reimbursed expenses                  12,072       9,275      2,797    30.2%
    Restructuring charges                    --         701      (701)
    Other operating income                   --     (1,072)      1,072

     Total operating expenses           264,271     245,197     19,074
                                     ----------  ----------  ---------     7.8%
     Operating income                     6,222       3,817      2,405    63.0%

  Non-operating income (expense):
    Interest income, net                    553         416

    Other, net                          (1,674)     (2,394)
                                     ----------  ----------
     Net non-operating expense          (1,121)     (1,978)

  Income before income taxes              5,101       1,839


  Provision for income taxes              2,333         713
                                     ----------  ----------


  Net income                            $ 2,768     $ 1,126
                                     ==========  ==========


  Basic weighted average common
   shares outstanding                    17,714      17,337
  Diluted weighted average common
   shares outstanding                    17,995      17,896
  Basic earnings per common share        $ 0.16      $ 0.06
  Diluted earnings per common share      $ 0.15      $ 0.06
  Salaries and employee benefits as
   a percentage of net revenue            72.6%       70.5%
  General and administrative
   expense as a percentage of net
   revenue                                25.0%       26.3%
  Operating income as a percentage
   of net revenue                          2.4%        1.6%
  Effective income tax rate               45.7%       38.8%


                     Heidrick & Struggles International, Inc.
                                Segment Information
                                   (In thousands)
                                    (Unaudited)


                                        Six Months Ended June 30,
                        ---------------------------------------------------------
                                                                    2011    2010

                                                              %    Margin  Margin
                           2011        2010      $ Change  Change     *       *
                        ----------  ----------  ---------  ------  ------  ------
  Revenue:
    Americas             $ 140,222   $ 122,576   $ 17,646   14.4%
    Europe                  62,078      64,524    (2,446)   -3.8%

    Asia Pacific            56,121      52,639      3,482
                        ----------  ----------  ---------    6.6%
     Revenue before
      reimbursements
      (net revenue)        258,421     239,739     18,682    7.8%

    Reimbursements          12,072       9,275      2,797
                        ----------  ----------  ---------   30.2%

      Total revenue      $ 270,493   $ 249,014   $ 21,479
                        ==========  ==========  =========    8.6%


  Operating income
   (loss):
    Americas              $ 26,377    $ 18,222    $ 8,155   44.8%   18.8%   14.9%
    Europe                 (4,422)     (3,504)      (918)  -26.2%

    Asia Pacific             7,405      10,372    (2,967)
                        ----------  ----------  ---------  -28.6%   13.2%   19.7%
      Total regions         29,360      25,090      4,270   17.0%   11.4%   10.5%
    Global Operations
     Support              (23,138)    (21,644)    (1,494)
                        ----------  ----------  ---------   -6.9%
       Operating
        income before
        restructuring
        charges and
        other
        operating
        income               6,222       3,446      2,776   80.6%            1.4%
    Restructuring
     charges                    --       (701)        701
   Other operating
    income                      --       1,072    (1,072)
                        ----------  ----------  ---------
       Operating
        income             $ 6,222     $ 3,817    $ 2,405
                        ==========  ==========  =========   63.0%    2.4%    1.6%
                        `
  * Margin based on
   revenue before
   reimbursements (net
   revenue).

        Heidrick & Struggles International, Inc.
         Condensed Consolidated Balance Sheets
                     (In thousands)

                                             December
                                June 30,       31,

                                  2011         2010
                               -----------  ----------
                               (Unaudited)
  Current assets:
    Cash and cash equivalents    $ 103,078   $ 181,124
    Restricted cash                    952         393
    Accounts receivable, net       109,710      83,360
    Other receivables                9,641       7,724
    Prepaid expenses                19,485      15,323
    Other current assets             1,520       1,871
    Income taxes recoverable        14,062      11,912

    Deferred income taxes           11,916      10,759
                               -----------  ----------

      Total current assets         270,364     312,466
                               -----------  ----------

  Non-current assets:
    Property and equipment,
     net                            42,338      34,406
    Restricted cash                  1,904       1,609
    Assets designated for
     retirement and pension
     plans                          25,649      23,647
    Investments                     10,189      11,021
    Other non-current assets         9,486       8,593
    Goodwill                       115,979     109,888
    Other intangible assets,
     net                             6,065       6,480

    Deferred income taxes           36,509      36,917
                               -----------  ----------
      Total non-current
       assets                      248,119     232,561
                               -----------  ----------


  Total assets                   $ 518,483   $ 545,027
                               -----------  ----------

  Current liabilities:
    Accounts payable              $ 11,818     $ 8,408
    Accrued salaries and
     employee benefits              87,421     124,969
    Other current liabilities       41,013      34,064
    Income taxes payable             2,015       3,208

    Deferred income taxes            1,694       1,807
                               -----------  ----------
      Total current
       liabilities                 143,961     172,456
                               -----------  ----------

  Non-current liabilities:
    Retirement and pension
     plans                          34,147      30,907
    Other non-current
     liabilities                    41,455      47,015

    Deferred income taxes              109         107
                               -----------  ----------
      Total non-current
       liabilities                  75,711      78,029
                               -----------  ----------


  Stockholders' equity             298,811     294,542
                               -----------  ----------

  Total liabilities and
   stockholders' equity          $ 518,483   $ 545,027
                               -----------  ----------

             Heidrick & Struggles International, Inc.
               Consolidated Statements of Cash Flows
                          (In thousands)
                           (Unaudited)

                                            Three Months Ended

                                                  June 30,
                                           ---------------------

                                              2011        2010
                                           ----------  ---------

  Cash flows from operating activities:
   Net income                                 $ 7,429    $ 2,672
    Adjustments to reconcile net income
     to net cash provided by operating
     activities:
     Depreciation and amortization              2,206      2,902
     Deferred income taxes                    (1,907)        444
     Net realized gains on investments            (2)      (187)
     Stock-based compensation expense           1,410      1,095
     Other operating income                        --    (1,072)
     Allowance for doubtful accounts              315        272
     Restructuring charges                         --        701
     Cash paid for restructuring charges         (79)      (565)
     Changes in assets and liabilities:
      Trade and other receivables            (16,671)   (16,590)
      Accounts payable                          (650)      3,399
      Accrued expenses                         24,215     29,716
      Income taxes recoverable, net             1,440      1,152
      Retirement and pension assets and
       liabilities                                182        224
      Prepayments                               (891)      (964)

      Other assets and liabilities, net           617        626
                                           ----------  ---------
       Net cash provided by operating
        activities                             17,614     23,825
                                           ----------  ---------

  Cash flows from investing activities:
    Restricted cash                               180      2,622
    Capital expenditures                      (5,360)    (8,542)
    Purchases of available for sale
     investments                                (193)      (110)
    Proceeds from sale of available for
     sale investments                              15         11
                                           ----------  ---------
       Net cash used in investing
        activities                            (5,358)    (6,019)
                                           ----------  ---------

  Cash flows from financing activities:
    Cash dividends paid                       (2,484)    (2,379)
    Payment of employee tax withholdings
     on equity transactions                     (531)      (418)
                                           ----------  ---------
       Net cash used in financing
        activities                            (3,015)    (2,797)
                                           ----------  ---------

  Effect of exchange rate fluctuations on
   cash and cash equivalents                    1,667    (3,587)
                                           ----------  ---------

  Net increase in cash and cash
   equivalents                                 10,908     11,422
  Cash and cash equivalents at beginning
   of period                                   92,170     81,171
                                           ----------  ---------
  Cash and cash equivalents at end of
   period                                   $ 103,078   $ 92,593
                                           ==========  =========

             Heidrick & Struggles International, Inc.
               Consolidated Statements of Cash Flows
                          (In thousands)
                           (Unaudited)

                                              Six Months Ended

                                                  June 30,
                                           ---------------------

                                              2011        2010
                                           ----------  ---------

  Cash flows from operating activities:
   Net income                                 $ 2,768    $ 1,126
   Adjustments to reconcile net income to
    net cash used in operating
    activities:
    Depreciation and amortization               4,311      7,195
    Write-off of investment                     2,810         --
    Deferred income taxes                     (1,250)      1,055
    Net realized losses on investments            255        233
    Stock-based compensation expense            3,148      4,509
    Other operating income                         --    (1,072)
    Allowance for doubtful accounts             (259)        993
    Restructuring charges                          --        701
    Cash paid for restructuring charges         (560)    (1,820)
    Changes in assets and liabilities:
     Trade and other receivables             (25,597)   (37,147)
     Accounts payable                           2,046      3,193
     Accrued expenses                        (41,738)     16,743
     Income taxes payable, net                (3,253)    (2,352)
     Retirement and pension plan assets
      and liabilities                             582        351
     Prepayments                              (3,579)    (2,289)

     Other assets and liabilities, net        (1,333)        309
                                           ----------  ---------
      Net cash used in operating
       activities                            (61,649)    (8,272)
                                           ----------  ---------

  Cash flows from investing activities:
   Restricted cash                              (692)      2,762
   Acquisition of businesses, net of cash
    acquired                                       --      (554)
   Capital expenditures                       (9,787)   (11,409)
   Purchases of available for sale
    investments                                 (607)      (434)
   Proceeds from sale of available for
    sale investments                               30        208

   Loan to equity method investment           (1,008)         --
                                           ----------  ---------
      Net cash used in investing
       activities                            (12,064)    (9,427)
                                           ----------  ---------

  Cash flows from financing activities:
   Cash dividends paid                        (5,056)    (5,085)
   Payment of employee tax withholdings
    on equity transactions                    (2,749)    (4,546)
                                           ----------  ---------
      Net cash used in financing
       activities                             (7,805)    (9,631)
                                           ----------  ---------

  Effect of exchange rate fluctuations on
   cash and cash equivalents                    3,472    (3,107)
                                           ----------  ---------

  Net decrease in cash and cash
   equivalents                               (78,046)   (30,437)
  Cash and cash equivalents at beginning
   of period                                  181,124    123,030
                                           ----------  ---------
  Cash and cash equivalents at end of
   period                                   $ 103,078   $ 92,593
                                           ==========  =========

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Heidrick & Struggles International, Inc.

CONTACT: Investors & Analysts:
Julie Creed, Vice President, Investor Relations & Real Estate:
+1 312 496 1774 or jcreed@heidrick.com
Media:
Jennifer Nelson, Director, Global Marketing:
+1 404 682 7373 or jnelson@heidrick.com

Print Page Print Page | RSS Feeds RSS Feeds | E-mail Alerts E-mail Alerts | IR Contacts IR Contacts | Financial Tear Sheet Financial Tear Sheet