Boston, MA 03/14/2014 (wallstreetpr) – CTPartners Executive Search Inc. (NYSEMKT:CTP) a leading provider of retained search services to clients has reported record earnings for its fourth quarter and full year for the period ending December 31, 2013. CTPartners enjoyed an increase in demand and strong executions by consultants that enabled it exceed expectations for the fourth quarter.
Fourth quarter Results
The fourth quarter saw CTPartners Executive Search Inc. (NYSEMKT:CTP) earn a record net revenue amounting to $34.3 million, which was an increase of 13.6% compared to net revenue of $30.2 million reported for the same quarter the prior year. North America revenue was up by 19.7% coming in at $20.3 million with EMEA markets also going up by 12.3% to report total revenues of $9million.
CTPartners Executive Search Inc. (NYSEMKT:CTP)’s compensation expenses for the quarter came in at $35.4 million excluding non-operating expenses and representing 73.9% of the total revenue. General and Administrative expenses for the quarter came in at $7.3 million.
GAAP net income for the quarter came in at $0.1 million representing $0.02 per share and a high, when compared to a net loss of $1.5 million reported in the prior year same quarter.
Full year financials
CTPartners Executive Search Inc. (NYSEMKT:CTP) net revenue for the full year clocked in at a high of $13.3 million up by 1.5% compared to net revenues of $128.4 million reported in 2012. Compensation expenses that excluded non-operating expenses for the year clocked in at $97.9 million a slight drop compared to $98.3 million of the same reported in 2012.
CTPartners general and administrative expenses for the year excluding non-operating expenses came in at $28.8 million representing 22.1% of the total revenue. GAAP net loss for the year ended December 31, 2013 stood at $1.6 million compared to a net loss of $3.6 million reported in 2012.
Guidance
The company expects to report net revenue to be in the range of $36 million and $38 million for the first quarter ending March 31, 2014.
CTPartners Executive Search Inc. (NYSEMKT:CTP)’s record high fourth quarter and full year results, caused it to surge in the market by 15.98%, closing Thurdsay trading session at a high of $10.96.
