The Corporate Executive Board Company ("CEB" or the "Company") (NASDAQ: EXBD) last week announced financial results for the first quarter ended March 31, 2008. Revenues for the first quarter increased 10.8 percent to $138.0 million from $124.5 million for the first quarter of 2007. Net income decreased 18.0 percent to $15.9 million from $19.4 million. Replay of webcast available at CEB investor relations site.

Diluted earnings per share for the first quarter of 2008 decreased 10.0% to $0.45 from $0.50 for the first quarter of 2007. Diluted EPS was positively impacted by a shift in the timing of expenses, which is further discussed in the “Outlook for 2008” section.

Contract Value growth in the first quarter of 2008 was 8.8%, as a result of new client acquisitions, continued cross-sales to existing clients, and new program launches. The average cross-sell ratio was 3.31, reflecting cross-sell ratios of 3.84 in the Company’s large corporate market and 1.49 for middle market customers. Growth from new clients continued to be strong, as experienced over the past two years, and is tracking toward the high end of its target range. This strong growth came from both the traditional larger company market as well as from the middle market. Growth from new programs is tracking toward annual expectations and growth from cross-sales is tracking below its target at this early point in the year.

The Company also announces the second membership program launch of 2008, the Corporate Legal Exchange (CLEX). This program serves legal executives in middle market companies. This launch brings the total number of membership-based programs to 50. Companies joining their first CEB program in the quarter included: Birds Eye Limited; Boston Market Corporation; Fiskar Brands, Inc.; Morningstar, Inc.; Pirelli & C. S.p.A.; and Under Armour, Inc.

Tom Monahan, Chairman and Chief Executive Officer commented, “I’m encouraged by our progress across the first quarter. Contract value growth got off to a solid start, offset by continued overhang from a weaker than expected Q4 2007 and a shift in the seasonality of our renewals. Our performance reflects continuing progress against two of our key priorities: restoring momentum to our North American sales organization and developing products to target new member budgets. At the same time, we have not yet fully realized the results of the sales and service initiatives we are implementing to address our other two priorities: increasing cross-sales at our largest member companies and increasing utilization, especially among new members. These initiatives are just in their early stages and it will take several quarters for the returns to fully materialize. Across the balance of the year, we will remain intensely focused on ensuring that our members and prospective members realize immediate value from our insights and resources – especially as they navigate a very challenging economic environment. We have confidence that we are on the right set of priorities to drive 2008 outcomes and longer-term growth, but we realize that we need very sharp execution given the selling environment that we confront.”

Follow the link below for the complete financial release, with guidance and additional information, and links to the webcast replay of the financial results conference call.

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