CEB Reports Third Quarter Results and Updates 2013 Guidance

ARLINGTON, Va.--(BUSINESS WIRE)--The Corporate Executive Board Company (“CEB” or the “Company”) (NYSE: CEB) today announces financial results for the third quarter and nine months ended September 30, 2013. Revenue increased 22.4% to $201.7 million in the third quarter of 2013 from $164.7 million in the third quarter of 2012. Net loss in the third quarter of 2013 was $5.4 million, or $0.16 per diluted share, compared to a net loss of $0.5 million, or $0.01 per diluted share, in the same period of 2012. Included in the net loss for the third quarter of 2013 is a $22.6 million goodwill impairment loss for Personnel Decision Research Institutes, Inc. (“PDRI”) and $6.7 million of pre-tax debt extinguishment costs associated with the refinancing of the Company’s senior secured credit facilities in August 2013. Adjusted net income was $29.1 million and Non-GAAP diluted earnings per share were $0.86 in the third quarter of 2013 compared to $26.4 million and $0.78 in the same period of 2012, respectively.