Talent management solutions provider Korn/Ferry International (KFY) said Monday that it had made an adjustment to its fourth quarter and fiscal 2009 results to correct compensation and benefit expenses related to employee contributions to a health and welfare benefit plan that had been recorded twice during the periods covering fiscal 2002 through fiscal 2009.
The Los Angeles, California-based company noted that this adjustment increased operating profit by $3.7 million and decreased net loss by $2.3 million or $0.05 per basic and diluted share for the quarter and full year.
The cumulative impact of this adjustment was a $3.7 million decrease in compensation and benefits expense for the quarter and year ended April 30, 2009, a $4 million increase in cash and cash equivalents and a $0.3 million increase in accrued compensation and benefits liability as of April 30, 2009, Korn/Ferry said.
Accordingly, the company's revised net loss for the fourth quarter was $17.20 million or $0.40 per share, compared to a net loss of $19.5 million or $0.45 per share reported on June 9, 2009.
For the full year, revised net loss was $10.09 million or $0.23 per share, compared to the previously reported net loss of $12.4 million or $0.28 per share.
KFY is currently trading at $10.66, down $0.20 or 1.84%, on a volume of sixty thousand shares.
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