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Korn/Ferry International Q2 Profit Plunges, Agrees to Buy PDI Ninth House

NASDAQ (12/06/12)

Korn/Ferry International says for the second quarter of fiscal 2013, the company posted a 2% decline in fee revenue to $196.2 million, with a $14.8 million drop in executive recruitment fee revenue partially offset by increases in fee revenue of $9.4 million in leadership and talent consulting and $1.4 million in Futurestep. Of the increase in fee revenue in leadership and talent consulting, $5.2 million can be attributed to the company’s Sept. 1 acquisition of Global Novations. Additionally, the company has entered into a definitive agreement to acquire Minneapolis-based PDI Ninth House, a provider of leadership solutions. PDINH will be part of Korn/Ferry’s leadership and talent consulting segment. Under the terms of the merger agreement, Korn/Ferry will pay approximately $80 million in cash at closing for 100% of the equity of PDINH. Korn/Ferry will pay up to $15 million of additional cash consideration based on the realization of synergies achieved during the 18 months commencing on the closing date. The transaction will be financed with cash on hand.