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Caldwell Partners’ professional fees edge up; chairman retires

July 11, 2019

Retained search firm The Caldwell Partners International Inc. (TSE: CWL) reported professional fees rose 8.9% in its fiscal third quarter ended May 31. The Toronto-based firm reported professional fees were up 4.6% excluding the impact of IFRS 15 and were up just 1% when also excluding exchange rate fluctuations.

Caldwell also announced the retirement of its chairman, G. Edmund King.

(C$ 000s) Q3 2019 Q3 2018 % change   Q3 2019 (USD $000s)
Professional fees $19,535 $17,942 8.9%   $14,465
License fees $38 $86 -55.8%   $28
Direct expe''nse reimbursement $374 - -   $277
Revenue $19,947 $18,028 10.6%   $14,770
Net earnings after tax $1,035 $987 4.9%   $766

The company reported third-quarter net fees rose amid a higher average number of partners, 39.3 compared with 38.0 in the year-ago quarter, and an increase in the average fee per assignment.

Professional fees by geography

(C$ 000s) Q3 2019 Q3 2018 % change   Q3 2019 (USD $000s)
US $15,852 $13,492 17.5%   $11,738
Canada $3,425 $3,527 -2.9%   $2,536
Europe $258 $923 -72.0%   $191


 “The quarter’s robustness narrowed the operating shortfall from the relative softness we experienced in the first half of the year. Based on our current trends, we do expect to gain additional ground in the fourth quarter,” CEO John Wallace said.


Caldwell announced King’s retirement as chairman and member of the board. He had served on the board since July 16, 2003. Replacing him as chairman and new board member is Elias Vamvakas, who also is chairman, CEO and founder of private equity firm Greybrook Capital. He is also chairman of Greenbrook-TMS NeuroHealth centers. In addition, John Young was appointed to the board pending approval of shareholders; Young is the CEO of Boat Rocker Media, a global entertainment company.

Share price and market cap

Shares in Caldwell were up 3.33% to C$1.24 as of 11:56 a.m. Eastern time; the company had a market cap of C$24.5 million, according to FT.com.


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