CEB Reports First Quarter Results and Updates 2016 Guidance

ARLINGTON, Va.--(BUSINESS WIRE)--CEB Inc. (“CEB” or “Company”) (NYSE: CEB) today announced financial results for the first quarter ended March 31, 2016. Revenue increased 0.7% to $223.2 million in the first quarter of 2016 from $221.6 million in the first quarter of 2015. Net income in the first quarter of 2016 was $4.5 million, or $0.14 per diluted share, compared to net income of $19.1 million, or $0.56 per diluted share, in the same period of 2015. Included in net income for the first quarter of 2016 was an additional $7.6 million of accelerated amortization expense associated with a change in the estimated useful life of the SHL trade name, $3.3 million of business transformation costs, and a $0.8 million pre-tax net non-operating foreign currency loss. Included in net income for the first quarter of 2015 was a $6.2 million pre-tax net non-operating foreign currency gain. Non-GAAP Adjusted net income was $26.9 million and Non-GAAP diluted earnings per share were $0.82 in the first quarter of 2016 compared to $24.0 million and $0.71 in the same period of 2015, respectively.