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| Korn/Ferry International |
| 18000 Century Park East, Suite 900, Los Angeles, CA 90067 * (310) 552-1834 |
| Business Description | The company is the world's largest executive search firm and has the broadest global presence in the industry with 384 consultants based in 71 offices across 41 countries. |
| Offering Information Company has | |||
| Trading As | KFY (NYSE) | Industry | Service (SIC 7361) |
| Type of Stock Offered | Common Shares | Filing Date | 08/18/1998 |
| Domestic Shares Offered | 11,750,000 | Offer Date | 02/10/1999 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 11,750,000 | Offer Price | $14.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.875 |
| Gross Proceeds | $164,500,000 | Selling | $0.525 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| PaineWebber Incorporated | Co-manager | (212) 713-2626 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 04/30/1994 | 04/30/1995 | 04/30/1996 | 04/30/1997 | 04/30/1998 | ||
| Revenues | 143.608 | 187.888 | 230.217 | 272.561 | 315.025 | - | - |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | - | - | 5.244 | - | - |
| E.P.S | 5.058 | 6.484 | 7.796 | 8.999 | 0.240 | - | - |
| Revenue Growth (%) | 30.83 | 22.53 | 18.39 | 15.580 | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | 1.66 | - | - |
| Cash Flow - Oper. | 18.48 | - | - | ||||
| Cash Flow - Inv. | -19.89 | - | - | ||||
| Cash Flow - Fin. | 9.23 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 04/30/1998 | Financial Ratios | ||||
| Total Assets | 176.37 | Current Assets | 99.88 | Current Ratio | 1.36 |
| Total Liab. | 117.62 | Current Liab. | 73.31 | Debt Ratio | 66.69% |
| Total Equity | 58.75 | Working Cap. | 26.57 | Debt to Equity Ratio | 2.00 |
| Cash | 32.36 | Return on Assets | 2.97% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for redemption of capital shares, including Series A and Series B Preferred Stock, repay indebtedness, working capital and general corporate purposes including the expansion of FutureStep, possible future acquisitions and continued development of technology, information systems and infrastructure. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | O'Melveny & Meyers |
| Bank's Law Firm | Sullivan & Cromwell |
| Auditor | Arthur Andersen |
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| Industry Competition |
The global executive search industry is highly competitive and fragmented. In certain markets, the Company's competitors may possess greater resources, greater name recognition and longer operating histories than the Company, which may afford these firms advantages in obtaining future clients and attracting qualified professionals in these markets. Historically, there have been few barriers to entry into the executive search industry and new executive search firms continue to enter the market. In addition, the Company believes that with the continuing development and increased availability of information technology, the executive search industry may attract new competitors. |
| Business Plan |
Korn/Ferry's objective is to expand its leadership position as a preferred global executive search firm by offering a broad range of solutions to address its clients' management recruitment needs. The principal elements of the Company's strategy include: 1) Leverage leadership in senior-level search 2) Expand into the middle-management market 3) Pursue strategic acquisitions 4) Reinforce technological leadership 5) Add new complementary services. |