CEB Reports Third Quarter Results and Updates 2014 Guidance

ARLINGTON, Va.--(BUSINESS WIRE)--The Corporate Executive Board Company (“CEB” or the “Company”) (NYSE: CEB) today announced financial results for the third quarter and nine months ended September 30, 2014. Revenue increased 13.5% to $229.0 million in the third quarter of 2014 from $201.7 million in the third quarter of 2013. Net income in the third quarter of 2014 was $21.4 million, or $0.63 per diluted share, compared to a $5.4 million loss, or ($0.16) per diluted share, in the same period of 2013. Included in net income for the third quarter of 2014 were $6.0 million net non-operating foreign currency gains. Included in the net loss for the third quarter of 2013 was a $22.6 million goodwill impairment loss for Personnel Decision Research Institutes, Inc. (“PDRI”), $6.7 million of pre-tax debt extinguishment costs associated with the refinancing of the Company’s senior secured credit facilities in August 2013, and $2.6 million of net non-operating foreign currency losses. Adjusted net income was $35.8 million and Non-GAAP diluted earnings per share were $1.05 in the third quarter of 2014 compared to $29.1 million and $0.86 in the same period of 2013, respectively.