CTPartners Executive Search Inc. (the “Company”) (NYSE MKT:CTP)
today announced that it is revising its fourth quarter and full
year 2014 preliminary earnings results previously announced on
January 21, 2015. The revision is a result of a $1.7 million
increase in the Company’s estimate of operating expenses for the
fourth quarter primarily due to compensation expense associated
with consultant performance bonuses. Estimated net revenue for the
fourth quarter of 2014 remains at approximately $42 million and
approximately $172 million for the full year.
For the fourth quarter, GAAP net loss attributable to the
Company is now expected to be in the range of $1.3 million to $1.6
million, or $0.19 to $0.23 per share. Adjusted net loss for the
fourth quarter of 2014 is expected to be in the range of $0.4
million to $0.6 million, or $0.07 to $0.09 per share.
For the full year 2014, GAAP net income is expected to be in the
range of $3.0 million to $3.3 million, or $0.38 to $0.43 per share,
compared to a net loss of $1.6 million, or $0.23 loss per share, in
2013. The Company expects adjusted net income, excluding after-tax
non-operating items of $1.9 to $2.3 million, for the full year to
be in the range of $5.2 million to $5.4 million, or $0.67 to $0.71
per share, compared to adjusted net income of $1.8 million, or
$0.24 per share, reported in 2013.
For 2015, CTPartners still expects to report approximately $200
million in net revenue, consistent with the guidance provided on
January 21, 2015. However, the Company is withdrawing its
previously announced earnings guidance for the first quarter and
full year 2015. The Company expects to provide earnings guidance on
the first quarter and full year 2015 when it announces actual
financial results on or about March 12, 2015.
The Company also announced that it has suspended the proposed
common stock offering announced on January 26, 2015.
This unaudited preliminary financial information for the quarter
and fiscal year ended December 31, 2014 is based upon our
estimates and subject to completion of our financial closing
procedures. Moreover, these data have been prepared solely on the
basis of currently available information by, and are the
responsibility of, management. This preliminary financial
information is not a comprehensive statement of our financial
results for this period, and our actual results may differ
materially from these estimates due to the completion of our
financial closing procedures, final adjustments, completion of the
audit of our financial statements and other developments that may
arise between now and the time the audit of our financial
statements is completed. There can be no assurance that these
estimates will be realized, and estimates are subject to risks and
uncertainties, many of which are not within our control.
Reconciliation of Non-GAAP
measures
(in thousands, except per share
amounts)
Three months ended December 31 2014
2013 Estimated Actual CALCULATION OF "AS
ADJUSTED" PERFORMANCE MEASURE Net income/(loss) $(1,340) to
$(1,590) $ 85 Adjustments: Post-combination compensation and
reorganization expense 0 to 100 143 Foreign exchange loss/(gain) on
funding of foreign subsidiaries 435 to 535 47 Costs incurred for
restatement, acquisition and integration 850 to 1,200 610
Impairment charges — 594 Tax effect of the adjustments (500) to
(650) (533 )
Adjusted net loss
$(400) to $(550) $ 946 Earnings per common share, as
adjusted $(0.07) to $(0.09) $ 0.12
Use of non-GAAP measures: The table above contains selected
financial information calculated other than in accordance with U.S.
Generally Acceptable Accounting Principles (“GAAP”).
(in thousands, except per share amounts)
Year ended December
31 2014 2013 Estimated
Actual CALCULATION OF "AS ADJUSTED" PERFORMANCE
MEASURE Net income/(loss) $3,000 to $3,300 $ (1,770 )
Adjustments: Post-combination compensation and reorganization
expense 0 to 100 2,659 Foreign exchange loss/(gain) on funding of
foreign subsidiaries 700 to 800 867 Costs incurred for restatement,
acquisition and integration 2,500 to 2,800 1,748 Impairment charges
— 594 Tax effect of the adjustments (1,200) to (1,400)
(2,280 ) Adjusted net income $5,250 to $5,400 $ 1,818
Earnings per common share, as adjusted $0.67 to $0.71 $ 0.24
About CTPartners Executive Search Inc.
CTPartners is a global executive search firm that is designed to
deliver in-depth expertise, creative strategies, and outstanding
results to clients worldwide. From its 44 offices in 24 countries,
CTPartners serves clients with a global organization of more than
500 professionals and employees, offering expertise in board
advisory services, key leadership functions, and executive
recruiting services in the financial services, life sciences,
industrial, professional services, retail and consumer, and
technology, media and telecom industries.
Safe Harbor Statement
The following is a Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This press release
includes forward-looking statements. As a general matter,
forward-looking statements reflect our current expectations and
projections relating to our financial condition, results of
operations, plans, objectives, future performance and business.
These statements may be identified by the use of forward looking
terminology such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “seeks,” “approximately,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the
negative version of those words or other comparable words, but the
absence of these words does not necessarily mean that a statement
is not forward-looking. The Private Securities Litigation Reform
Act of 1995 provides a safe harbor for the disclosure of
forward-looking statements.
The forward looking statements included in this press release
are made only as of the date hereof. We do not undertake any
obligation to update or review any forward-looking statement,
whether as a result of new information, future developments or
otherwise. You should, however, review the factors and risks we
describe in the reports we will file from time to time with the
Securities and Exchange Commission.
Investor RelationsEVC Group, Inc.Bob Jones,
646-201-5447bjones@evcgroup.comChris Dailey,
646-445-4801cdailey@evcgroup.comorJennifer Silver, 1-877-439-92291
International Place32nd FloorBoston, MA 02110IR@Ctnet.com
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