CHICAGO, Oct. 25, 2011 (GLOBE NEWSWIRE) -- 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 30, | December 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 |