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Executive search firm The Caldwell Partners International Inc. (TSE: CWL) announced revenue fell 42.1% in its fiscal third quarter ended May 31. The Canadian-based company reported Covid-19 has significantly impacted both revenue and costs across all three of its primary geographies.

(C$ 000s) Q3 2020 Q3 2019 % change   Q3 2020 (USD $000s)
Professional fees $11,223 $19,536 -42.6%   $8,147
License fees $39 $38 2.6%   $28
Direct expense reimbursement $294 $374 -21.4%   $213
Revenue $11,556 $19,947 -42.1%   $8,388
Net earnings after tax ($504) $1,035 nm   -$366

Operating profit for the third quarter was C$647,000, down from C$1.5 million in the third quarter of the previous year. Caldwell cited the reason as lower revenue, net of reimbursements, partially offset by lower cost of sales and lower expenses.

Professional fees by segment

(C$ 000s) Q3 2020 Q3 2019 % change   Q3 2020 (USD $000s)
US $9,974 $15,852 -37.1%   $7,240
Canada $1,264 $3,425 -63.1%   $918
Europe -$15 $258 nm   -$11

“In light of uncertainties in the depth and length we would be impacted, we took quick and decisive steps to actively manage costs, preserve capital and enhance liquidity,” said CEO John Wallace. “Our cash and untapped available credit facilities have us in an excellent financial position, allowing us to continue focusing on growth initiatives and, in particular, partner recruitment.”


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