UPDATE 2-Heidrick posts surprise loss, to cut more jobs
* Q1 adj loss/shr $0.68 vs. EPS estimate of $0.04
* To cut jobs by a further 8 pct to 10 pct in May
* Double-digit rev declines across regions * Shares tank as much as 22 pct (Adds details, share movement)
April 28 (Reuters) - Executive recruiter Heidrick & Struggles International Inc (HSII.O: Quote, Profile, Research) posted a surprise first-quarter loss, and said it would cut more jobs, sending its shares down 22 percent.
"Each of our practice groups and every region experienced double-digit revenue declines in the first quarter," Chief Executive Kevin Kelly said in a statement.
The company, which is one of the two publicly traded executive search firms in the United States, said it would reduce headcount by about 8 percent to 10 percent in May and incur a charge of $6 million to $10 million in the second quarter.
Heidrick, which had already cut about 200 jobs earlier, said it is also cutting discretionary bonuses and reducing base salaries by 5 percent, adding that its senior leadership would forego one-month salary.
Search confirmations hit a low in December and showed a modest but steady improvement through March, Kelly said.
Number of executive searches confirmed in the first quarter decreased 38.4 percent year-over-year and 6.8 percent sequentially. Continued...
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