The Corporate Executive Board Company (“CEB” or the “Company”) (NASDAQ: EXBD) earlier this month announced financial results for the third quarter and nine months ended September 30, 2009. Revenues decreased 25.0% to $106.8 million for the third quarter of 2009 from $142.4 million for the third quarter of 2008.

Net income for the third quarter of 2009 was $14.2 million, or $0.41 per diluted share, compared to $20.0 million, or $0.59 per diluted share, for the same period of 2008. Excluding the after tax effect of restructuring costs, adjusted net income was $15.6 million and non-GAAP diluted earnings per share was $0.45 for the third quarter of 2009.

For the first nine months of 2009, revenues were $335.0 million, a 20.6% decrease from $421.6 million for the first nine months of 2008. Net income for the first nine months of 2009 decreased to $32.2 million from $50.6 million for the same period in 2008. Diluted earnings per share for the first nine months of 2009 was $0.94, a decrease from $1.47 for the same period in 2008. Excluding the after tax effects of costs associated with exit activities and restructuring costs, adjusted net income was $43.7 million and non-GAAP diluted earnings per share was $1.28 for the first nine months of 2009.

Contract Value decreased in the third quarter of 2009 by 28.0% compared with the same period in 2008 due to reduced memberships from some large corporate members, decreased new sales due to macro-economic conditions, and expected Contract Value losses from programs that the Company is consolidating across 2009. The average cross-sell ratio was 2.80, reflecting cross-sell ratios of 3.23 in the Company’s large corporate market and 1.69 for middle market customers.

Thomas Monahan, Chairman and Chief Executive Officer, commented “During the third quarter our business continued to stabilize as evidenced by a slower rate of sequential contract value decline against the backdrop of a less volatile environment. I am proud of the entire organization’s commitment to managing through this transition. A number of our teams have maintained solid growth trajectories or returned to growth, and more are approaching that stage every day. While I’m pleased with their progress, we are maintaining a cautious outlook given the lag between contract value and revenue trends, our plans to reinvest some of our recent operational efficiency gains, and the still-uncertain economic climate.”

Follow the link below to the complete financial results release.

» Story on Analyst Firm Website

Digg this    del.icio.us Tweet This