Business
Caldwell Reports Fourth Quarter and Full Year Results
TORONTO, ON / ACCESSWIRE / November 28, 2023 / Talent acquisition firm The Caldwell Partners Int...
About this update from Caldwell Partners International Inc.
[{"type":"text","content":"Caldwell Reports Fourth Quarter and Full Year ResultsTORONTO, ON / ACCESSWIRE / November 28, 2023 / Talent acquisition firm The Caldwell Partners International Inc. (TSX:CWL)(OTCQX:CWLPF) today issued its financial results for the fiscal 2023 fourth quarter and full year ended August 31, 2023. 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 Twelve Months Ended 8.31.23 8.31.22 8.31.23 8.31.22 Professional fees - Caldwell 21,934 23,580 77,102 103,964 Professional fees - IQTalent1 3,924 12,153 19,831 51,596 Consolidated professional fees 25,858 35,733 96,933 155,560 Direct expense reimbursements 295 186 868 605 Revenues 26,153 35,919 97,801 156,165 Cost of sales 20,394 28,028 80,712 120,911 Reimbursed direct expenses 295 186 868 605 Gross profit 5,464 7,705 16,221 34,649 Selling, general and administrative expenses2 4,235 4,356 19,218 21,448 Restructuring expenses3 8,061 - 10,591 - Acquisition-related expenses4 - 616 879 2,611 Operating (loss) profit (6,832) 2,733 (14,467) 10,590 Finance (income) expenses5 596 (458) (531) (120)(Loss) earnings before tax (7,428) 3,191 (13,936) 10,710 Income tax expense (recovery) (923) 616 (2,633) 2,532 Net earnings (loss) after tax (6,505) 2,575 (11,303) 8,178 Basic earnings (loss) per share $(0.248) $0.100 $(0.432) $0.318 Professional fees of IQTalent are presented net of elimination of intercompany revenue.Selling, general and administrative expenses include a benefit from a lower share price reducing share-based compensation expense by $43 in the current quarter compared to a benefit of $1,319 in the same quarter last year.Restructuring expenses of $10,591 include $2,264 of severance expense for staff reductions at IQTalent and $266 in onerous lease costs at Caldwell for the sublease of our San Francisco office as a result of our transition to a remote work environment in the first quarter and a charge of $8,061 related to the decision to sublease IQTalent's Nashville premises in the fourth quarter.Acquisition-related expenses consist of transaction fees and IQTalent purchase price structured as compensation expense, which were fully amortized into income as at 12/31/22.Finance income for the current year includes a one-time gain of $1...