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Heidrick & Struggles Issues Correction to 2011 Third Quarter Balance Sheet

CHICAGO, Oct 25, 2011 (GlobeNewswire via COMTEX) --

Heidrick & Struggles International, Inc. (Nasdaq:HSII), the leadership advisory firm providing executive search and leadership consulting services worldwide, earlier today announced 2011 third quarter financial results. In its 2011 third quarter press release issued earlier today, the balance sheet inadvertently excluded a line item for income taxes recoverable. The correct table is included in this revised release.

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.

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




                                September    December
                                   30,         31,

                                  2011         2010
                               -----------  ----------
                               (unaudited)
  Current assets:
    Cash and cash equivalents    $ 135,499   $ 181,124
    Restricted cash                    442         393
    Accounts receivable, net       101,664      83,360
    Other receivables                9,166       7,724
    Prepaid expenses                17,483      15,323
    Other current assets             1,482       1,871
    Income taxes recoverable        13,994      11,912

    Deferred income taxes            9,792      10,759
                               -----------  ----------

     Total current assets          289,522     312,466
                               -----------  ----------

  Non-current assets:
    Property and equipment,
     net                            47,491      34,406
    Restricted cash                  1,504       1,609
    Assets designated for
     retirement and pension
     plans                          23,668      23,647
    Investments                      9,524      11,021
    Other non-current assets         7,920       8,593
    Goodwill                        90,421     109,888
    Other intangible assets,
     net                             2,725       6,480

    Deferred income taxes           27,876      36,917
                               -----------  ----------

     Total non-current assets      211,129     232,561
                               -----------  ----------


  Total assets                   $ 500,651   $ 545,027
                               -----------  ----------

  Current liabilities:
    Accounts payable              $ 10,438     $ 8,408
    Accrued salaries and
     employee benefits             115,841     124,969
    Other current liabilities       33,208      34,064
    Income taxes payable             7,394       3,208

    Deferred income taxes            1,895       1,807
                               -----------  ----------
     Total current
      liabilities                  168,776     172,456
                               -----------  ----------

  Non-current liabilities:
    Retirement and pension
     plans                          31,393      30,907
    Other non-current
     liabilities                    43,749      47,015

    Deferred income taxes              219         107
                               -----------  ----------
     Total non-current
      liabilities                   75,361      78,029
                               -----------  ----------


  Stockholders' equity             256,514     294,542
                               -----------  ----------

  Total liabilities and
   stockholders' equity          $ 500,651   $ 545,027
                               -----------  ----------

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

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