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Korn/Ferry Posts Loss but Exceeds Forecast

California | IN BRIEF / Southern California

September 13, 2002|Reuters

Korn/Ferry International posted a loss for its fiscal first quarter as the economic downturn affected its business, but the results were better than expected.

The Los Angeles-based executive recruitment firm lost $600,000, or 2 cents a share, for the quarter ended in July, compared with a loss of $46.9 million, or $1.25, a year earlier. Analysts on average were expecting a loss of 5 cents, according to Thomson First Call.

Revenue fell 21% to $89.8 million. The firm had estimated revenue at $81 million to $86 million.

Korn/Ferry also said it expects to take second-quarter charges of $8 million to $10 million as it streamlines its corporate infrastructure and improves its efficiency. It expects operating results of break-even to a 6-cent loss for the quarter. Analysts had forecast a loss of 3 cents.

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