UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 25, 2011
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 0-25837 | 36-2681268 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 233 South Wacker Drive, Suite 4200, Chicago, IL |
60606-6303 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (312) 496-1200
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Explanatory Note: The sole purpose of this Current Report on Form 8-K/A is to correct an inadvertent error in the Condensed Consolidated Balance Sheets of Exhibit 99.1 to the Current Report on Form 8-K furnished by Heidrick & Struggles International, Inc. to the Securities and Exchange Commission on October 25, 2011 (the “Original 8-K”).
Item 2.02. Results of Operations and Financial Condition.
On October 25, 2011, Heidrick & Struggles International, Inc. (the “Company”) issued a press release and furnished the Original 8-K reporting its 2011 third quarter financial results. The Company subsequently discovered that the Condensed Consolidated Balance Sheets inadvernately excluded a line item for “Income Taxes Recoverable.” On October 25, 2011, Company issued a revised press release that included a corrected version of the Condensed Consolidated Balance Sheets. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
There are no other changes to the information contained in the Original 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Heidrick & Struggles International, Inc. Revised Press Release dated October 25, 2011 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HEIDRICK & STRUGGLES INTERNATIONAL, INC. (Registrant) | ||||||
| Date: October 25, 2011 | By: | /s/ Stephen W. Beard | ||||
| Name: | Stephen W. Beard | |||||
| Title: | Executive Vice President, General Counsel and Corporate Secretary | |||||
Exhibit 99.1
Heidrick & Struggles Issues Correction to 2011 Third Quarter
Balance Sheet
CHICAGO (October 25, 2011) — Heidrick & Struggles International, Inc. (Nasdaq: HSII), the leadership advisory firm providing executive search and leadership consulting services worldwide, earlier today announced 2011 third quarter financial results. In its 2011 third quarter press release issued earlier today, the balance sheet inadvertently excluded a line item for income taxes recoverable. The correct table is included in this revised release.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles International, Inc., (Nasdaq:HSII) is the leadership advisory firm providing executive search and leadership consulting services, including succession planning, executive assessment, talent retention management, executive development, transition consulting for newly appointed executives, and M&A human capital integration consulting. For almost 60 years, we have focused on quality service and built strong leadership teams through our relationships with clients and individuals worldwide. Today, Heidrick & Struggles leadership experts operate from principal business centers around the world. For more information about Heidrick & Struggles, please visit www.heidrick.com.
Heidrick & Struggles International, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
| September 30, 2011 |
December 31, 2010 |
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| (unaudited) | ||||||||
| Current assets: |
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| Cash and cash equivalents |
$ | 135,499 | $ | 181,124 | ||||
| Restricted cash |
442 | 393 | ||||||
| Accounts receivable, net |
101,664 | 83,360 | ||||||
| Other receivables |
9,166 | 7,724 | ||||||
| Prepaid expenses |
17,483 | 15,323 | ||||||
| Other current assets |
1,482 | 1,871 | ||||||
| Income taxes recoverable |
13,994 | 11,912 | ||||||
| Deferred income taxes |
9,792 | 10,759 | ||||||
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| Total current assets |
289,522 | 312,466 | ||||||
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| Non-current assets: |
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| Property and equipment, net |
47,491 | 34,406 | ||||||
| Restricted cash |
1,504 | 1,609 | ||||||
| Assets designated for retirement and pension plans |
23,668 | 23,647 | ||||||
| Investments |
9,524 | 11,021 | ||||||
| Other non-current assets |
7,920 | 8,593 | ||||||
| Goodwill |
90,421 | 109,888 | ||||||
| Other intangible assets, net |
2,725 | 6,480 | ||||||
| Deferred income taxes |
27,876 | 36,917 | ||||||
|
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| Total non-current assets |
211,129 | 232,561 | ||||||
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| Total assets |
$ | 500,651 | $ | 545,027 | ||||
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| Current liabilities: |
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| Accounts payable |
$ | 10,438 | $ | 8,408 | ||||
| Accrued salaries and employee benefits |
115,841 | 124,969 | ||||||
| Other current liabilities |
33,208 | 34,064 | ||||||
| Income taxes payable |
7,394 | 3,208 | ||||||
| Deferred income taxes |
1,895 | 1,807 | ||||||
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| Total current liabilities |
168,776 | 172,456 | ||||||
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| Non-current liabilities: |
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| Retirement and pension plans |
31,393 | 30,907 | ||||||
| Other non-current liabilities |
43,749 | 47,015 | ||||||
| Deferred income taxes |
219 | 107 | ||||||
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| Total non-current liabilities |
75,361 | 78,029 | ||||||
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| Stockholders’ equity |
256,514 | 294,542 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 500,651 | $ | 545,027 | ||||
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Contacts
Investors & Analysts:
Julie Creed, Vice President, Investor Relations & Real Estate:
+1 312 496 1774 or jcreed@heidrick.com
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