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UPDATE 1-Korn/Ferry posts wider-than-expected quarterly loss

Tue Jun 9, 2009 11:00pm IST
 
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* Q4 ex-items loss $0.11/shr vs Street view of $-0.05

* Q4 revenue $114.4 mln, down 48 pct

* Sees Q1 rev $90 mln-$100 mln

June 9 (Reuters) - Executive search firm Korn/Ferry International (KFY.N: Quote, Profile, Research) posted a wider-than-expected quarterly loss as a weak labor market continued to hurt its business.

"Although demand for the company's services has begun to stabilize, the macroeconomic climate and labor markets remain uncertain," it said in a statement.

Korn/Ferry also said it was taking further actions to align its cost structure to retain positive cash flow.

For the fourth quarter ended April 30, net loss was $19.5 million, or 45 cents a share, compared with net income of $15.7 million, or 36 cents a share, a year ago.

Excluding items, it lost 11 cents a share. Revenue fell 48 percent to $114.4 million.

Analysts were expecting a loss of 5 cents a share, before special items, on revenue of $113.8 million, according to Reuters Estimates.  Continued...

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