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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Caldwell Partners International Inc | TSX:CWL | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.78 | 0.78 | 0.85 | 0 | 12:01:00 |
TORONTO, July 10, 2018 /CNW/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) today issued its financial results for the fiscal 2018 third quarter ended May 31, 2018. All references to quarters or years are for the fiscal periods unless otherwise noted and all currency amounts are in Canadian dollars.
Financial Highlights (in $000s except per share amounts)
Three Months Ended May 31 |
Nine Months Ended | |||
2018 |
2017 |
2018 |
2017 | |
Professional fees |
$17,942 |
$14,443 |
$47,769 |
$41,737 |
License fees |
$86 |
$81 |
$229 |
$218 |
Revenues |
$18,028 |
$14,524 |
$47,998 |
$41,955 |
Cost of sales |
$13,099 |
$10,771 |
$35,416 |
$30,717 |
Expenses |
$3,648 |
$3,131 |
$9,690 |
$8,911 |
Operating profit |
$1,281 |
$622 |
$2,892 |
$2,327 |
Investment income (loss) from marketable securities |
$2 |
($142) |
$6 |
($142) |
Earnings before tax |
$1,283 |
$480 |
$2,898 |
$2,185 |
Net earnings after tax (1) |
$987 |
$224 |
$1,667 |
$1,253 |
Net earnings per share |
$0.048 |
$0.011 |
$0.082 |
$0.062 |
1. |
As a result of the new substantively enacted tax rate, the Company's US entity deferred tax balances were adjusted during the second quarter, resulting in additional deferred tax expense of $204 during the nine-month period ending May 31, 2018. No such expense was incurred in the prior year. |
"This was an outstanding quarter, bringing the firm to a new high-water mark for revenue," said John Wallace, chief executive officer. "Our search teams throughout our geographic regions drove strong growth in both search volume and the value of assignments, despite pressure from foreign currency rates. We are especially pleased with the quarterly profit of our UK operations. With the largest level of new bookings and revenue in a single quarter in our history, we are positioned well for the fourth quarter. The significant increase in volume and our sustained focus on strategic additions to our partner team is creating search execution support needs, for which we will continue to hire in the fourth quarter."
Wallace continued: "There is a lot of positive momentum inside our firm right now - our updated brand has been very well received since its debut, and we are excited about the recent expansion of our Agile Talent offering with the launch of our Value Creation Advisory Solution. We have an exceptional team of talented professionals at every level, all working towards a common goal – to provide value to our clients and shareholders – and it shows."
The Board of Directors today also declared the payment of a quarterly dividend of 2.0 cents per Common Share payable to holders of Common Shares of record on July 19, 2018 and to be paid on September 13, 2018.
Financial Highlights (all numbers expressed in $000s)
Third Quarter
Year to date
Third Quarter
Year to date
Average Number of Partners, Professional Fees per Partner, Number of Assignments, Number of Assignments per Partner, and Average Fee per Assignment do not have any standardized meaning under IFRS and may not be comparable to measures presented by other companies. These operating measures are used by the Company to analyze its results. Please refer to section "Non‐GAAP Financial Measures and Other Operating Measures" in the Company's MD&A for a definition of these terms.
For a complete discussion of the quarterly financial results, please see the company's Management Discussion and Analysis posted on SEDAR at www.sedar.com.
About Caldwell
At Caldwell we believe Talent Transforms. As a leading provider of executive talent, we enable our clients to thrive and succeed by helping them identify, recruit and retain their best people. Our reputation–nearly 50 years in the making–has been built on transformative searches across functions and geographies at the very highest levels of management and operations. We leverage our skills and networks to also provide agile talent in the form of flexible and on-demand advisory solutions for companies looking for support in strategy and operations. With offices and partners across North America, Europe, Latin America and Asia Pacific, we take pride in delivering an unmatched level of service and expertise to our clients.
Caldwell's Common shares are listed on The Toronto Stock Exchange (TSX: CWL). Please visit our website at www.caldwellpartners.com for further information.
Forward-Looking Statements
Forward-looking statements in this document are based on current expectations that are subject to the significant risks and uncertainties cited. These forward-looking statements generally can be identified by use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "may," "will," "likely," "estimates," "potential," "continue" or other similar words or phrases. Similarly, statements that describe our objectives, plans or goals also are forward-looking statements. The Company is subject to many factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statement including, but not limited to, our ability to attract and retain key personnel; exposure to our Partners taking our clients with them to another firm; the performance of the Canadian, US and international economies; competition from other companies directly or indirectly engaged in executive search; liability risk in the services we perform; potential legal liability from clients, employees and candidates for employment; cybersecurity requirements, vulnerabilities, threats and attacks; damage to our brand reputation; our ability to align our cost structure to changes in our revenue; adverse tax law rulings; our ability to generate sufficient cash flow from operations to support our growth and maintain our dividend; foreign currency exchange rate fluctuations; marketable securities valuation fluctuations; volatility of the market price and volume of our common shares; any potential impairment of our acquired goodwill and intangible assets; and the risk associated with license fee agreement renewals. For more information on the factors that could affect the outcome of forward-looking statements, refer to the "Risk Factors" section of our Annual Information Form and other public filings (copies of which may be obtained at www.sedar.com). These factors should be considered carefully and the reader should not place undue reliance on the forward-looking statements. Although any forward-looking statements are based on what management currently believes to be reasonable assumptions, we cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Except as required by Canadian securities laws, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made. The forward-looking statements included herein are expressly qualified in their entirety by this cautionary language.
THE CALDWELL PARTNERS INTERNATIONAL INC. | |||
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION | |||
(unaudited - in $000s Canadian) | |||
As at |
As at | ||
May 31 |
August 31 | ||
2018 |
2017 | ||
Assets |
|||
Current assets |
|||
Cash and cash-equivalents |
10,460 |
10,917 | |
Marketable securities |
5,620 |
5,048 | |
Accounts receivable |
9,964 |
9,393 | |
Prepaid expenses and other assets |
1,929 |
1,848 | |
27,973 |
27,206 | ||
Non-current assets |
|||
Restricted cash |
137 |
133 | |
Marketable securities |
177 |
172 | |
Advances |
168 |
503 | |
Property and equipment |
1,480 |
1,699 | |
Intangible assets |
115 |
178 | |
Goodwill |
2,902 |
2,761 | |
Deferred income taxes |
1,488 |
1,650 | |
Total assets |
34,440 |
34,302 | |
Liabilities |
|||
Current liabilities |
|||
Accounts payable |
2,352 |
2,044 | |
Compensation payable |
15,813 |
15,896 | |
Dividends payable |
408 |
408 | |
Income taxes payable |
485 |
636 | |
Deferred revenue |
189 |
1,107 | |
19,247 |
20,091 | ||
Non-current liabilities |
|||
Compensation payable |
1,146 |
958 | |
Provisions |
105 |
133 | |
20,498 |
21,182 | ||
Equity attributable to owners of the Company |
|||
Share Capital |
7,515 |
7,515 | |
Contributed surplus |
15,000 |
14,992 | |
Accumulated other comprehensive income |
1,221 |
850 | |
Deficit |
(9,794) |
(10,237) | |
Total equity |
13,942 |
13,120 | |
Total liabilities and equity |
34,440 |
34,302 |
THE CALDWELL PARTNERS INTERNATIONAL INC. | |||||
CONSOLIDATED INTERIM STATEMENTS OF EARNINGS | |||||
(unaudited - in $000s Canadian) | |||||
Three months ended |
Nine months ended | ||||
May 31 |
May 31 | ||||
2018 |
2017 |
2018 |
2017 | ||
Revenues |
|||||
Professional fees |
17,942 |
14,443 |
47,769 |
41,737 | |
License fees |
86 |
81 |
229 |
218 | |
18,028 |
14,524 |
47,998 |
41,955 | ||
Cost of sales |
13,099 |
10,771 |
35,416 |
30,717 | |
Gross profit |
4,929 |
3,753 |
12,582 |
11,238 | |
Expenses |
|||||
General and administrative |
3,234 |
2,903 |
8,782 |
8,275 | |
Sales and marketing |
395 |
277 |
964 |
716 | |
Foreign exchange (gain) loss |
19 |
(49) |
(56) |
(80) | |
3,648 |
3,131 |
9,690 |
8,911 | ||
Operating profit |
1,281 |
622 |
2,892 |
2,327 | |
Investment income (loss) |
2 |
(142) |
6 |
(142) | |
Earnings before income tax |
1,283 |
480 |
2,898 |
2,185 | |
Income tax expense |
296 |
256 |
1,231 |
932 | |
Net earnings for the period attributable to owners of the Company |
987 |
224 |
1,667 |
1,253 | |
Earnings per share |
|||||
Basic and diluted |
$0.048 |
$0.011 |
$0.082 |
$0.062 | |
CONSOLIDATED INTERIM STATEMENTS OF | |||||
COMPREHENSIVE EARNINGS | |||||
(unaudited - in $000s Canadian) | |||||
Three months ended |
Nine months ended | ||||
May 31 |
May 31 | ||||
2018 |
2017 |
2018 |
2017 | ||
Net earnings for the period |
987 |
224 |
1,667 |
1,253 | |
Other comprehensive income (loss): |
|||||
Realization of loss included in net income |
- |
142 |
- |
142 | |
Unrealized (loss) gain on marketable securities |
(17) |
37 |
72 |
190 | |
Cumulative translation adjustment |
53 |
219 |
299 |
191 | |
Comprehensive earnings for the period attributable to owners of the Company |
1,023 |
622 |
2,038 |
1,776 |
THE CALDWELL PARTNERS INTERNATIONAL INC. | ||||||
CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY | ||||||
(unaudited - in $000s Canadian) | ||||||
Accumulated Other Comprehensive |
||||||
Income |
||||||
Unrealized |
||||||
Cumulative |
Gains on |
|||||
Contributed |
Translation |
Marketable |
Total | |||
Deficit |
Capital Stock |
Surplus |
Adjustment |
Securities |
Equity | |
Balance - September 1, 2016 |
(10,572) |
7,295 |
15,025 |
841 |
338 |
12,927 |
Net earnings for the nine month period ended |
||||||
May 31, 2017 |
1,253 |
- |
- |
- |
- |
1,253 |
Dividend payments declared |
(1,213) |
- |
- |
- |
- |
(1,213) |
Employee share option plan share issue |
- |
220 |
(33) |
- |
- |
187 |
Realization of losses included in net earnings |
- |
- |
- |
- |
142 |
142 |
Change in unrealized gain on |
||||||
marketable securities available for sale |
- |
- |
- |
- |
190 |
190 |
Change in cumulative translation adjustment |
- |
- |
- |
191 |
- |
191 |
Balance - May 31, 2017 |
(10,532) |
7,515 |
14,992 |
1,032 |
670 |
13,677 |
Balance - September 1, 2017 |
(10,237) |
7,515 |
14,992 |
428 |
422 |
13,120 |
Net earnings for the nine month period ended |
||||||
May 31, 2018 |
1,667 |
- |
- |
- |
- |
1,667 |
Dividend payments declared |
(1,224) |
- |
- |
- |
- |
(1,224) |
Share based payment expense |
- |
- |
8 |
- |
- |
8 |
Change in unrealized gains on |
||||||
marketable securities available for sale |
- |
- |
- |
- |
72 |
72 |
Change in cumulative translation adjustment |
- |
- |
- |
299 |
- |
299 |
Balance - May 31, 2018 |
(9,794) |
7,515 |
15,000 |
727 |
494 |
13,942 |
THE CALDWELL PARTNERS INTERNATIONAL INC. | ||||
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOW | ||||
(unaudited - in $000s Canadian) | ||||
Nine months ended | ||||
May 31 | ||||
2018 |
2017 | |||
Cash flow provided by (used in) |
||||
Operating Activities |
||||
Net earnings for the period |
1,667 |
1,253 | ||
Add (deduct) items not affecting cash |
||||
Depreciation |
399 |
419 | ||
Amortization |
67 |
71 | ||
Amortization of advances |
589 |
566 | ||
Realization of capital loss |
- |
142 | ||
Share based payment expense |
8 |
- | ||
Unrealized foreign exchange on subsidiary loans |
(76) |
(89) | ||
Reduction in marketable securities following assignment to partner |
- |
432 | ||
Decrease in provisions |
(29) |
(30) | ||
Decrease in deferred taxes |
204 |
- | ||
Change in fair value of contingent consideration |
- |
(109) | ||
Decrease in deferred revenue |
(927) |
(644) | ||
Increase in cash settled share-based compensation payable |
189 |
159 | ||
(Increase) decrease in accounts receivable |
(341) |
706 | ||
(Increase) decrease in prepaid expenses and other assets |
(276) |
514 | ||
Increase (decrease) in accounts payable |
271 |
(298) | ||
(Decrease) increase in income taxes payable |
(161) |
356 | ||
Increase (decrease) in compensation payable |
215 |
(1,565) | ||
Payment of contingent consideration |
- |
(181) | ||
Payment of cash settled share-based compensation |
(553) |
(709) | ||
Net cash provided by operating activities |
1,246 |
993 | ||
Investment Activities |
||||
Proceeds from sale of marketable securities |
- |
101 | ||
Increase in marketable securities |
(500) |
- | ||
Payment of advances |
- |
(669) | ||
Decrease in restricted cash |
- |
48 | ||
Additions to property and equipment |
(147) |
(426) | ||
Net cash used in investing activities |
(647) |
(946) | ||
Financing Activities |
||||
Share issuance from employee share option plan |
- |
187 | ||
Dividend payments |
(1,224) |
(1,208) | ||
Net cash used in financing activities |
(1,224) |
(1,021) | ||
Effect of exchange rate changes on cash and cash equivalents |
168 |
126 | ||
Net decrease in cash and cash equivalents |
(457) |
(848) | ||
Cash and cash equivalents, beginning of period |
10,917 |
8,422 | ||
Cash and cash equivalents, end of period |
10,460 |
7,574 |
View original content:http://www.prnewswire.com/news-releases/the-caldwell-partners-international-issues-fiscal-2018-third-quarter-financial-results-300678947.html
SOURCE The Caldwell Partners International Inc.
Copyright 2018 Canada NewsWire
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