Corporate Executive Board Company (NYSE: EXBD), the Arlington-based company that provides services to executives reported double the net income for the third quarter ended September 30, 2011. Net income increased $7 million to $14 million or $0.41 cents per diluted share. The earnings beat the average analyst estimate of $0.39 cents and matched the high estimate of $0.41 cents.
Revenues were up 9.6 percent to $122.9 million for the third quarter of 2011 but fell short of the average analyst estimate of $123.03 million. In the third quarter of 2010 revenue was $112.1 million.
Corporate Executive Board issued guidance for the rest of 2011 with revenues of $485 to $495 million.
The company had cash and cash equivalents of $96.9 million as of September 30, 2011 compared to $102.5 million at the end of December 31, 2010.
"The Company's third quarter financial results reflect solid growth and keep us on course to reach our annual objectives," replied Thomas Monahan, Chairman and Chief Executive Officer. "Our teams sustained global momentum by successfully connecting our uniquely valuable services to critical member needs even in the face of increased market volatility. Our updated outlook incorporates year-to-date outcomes, acquisition costs, and timing of deferred revenue recognition. Looking ahead, we currently expect to enter 2012 in a position of strength based on 2011 bookings and anticipated returns on our operating investments."
Corporate Executive Board noted a correction to its original release, deferred incentive compensation" should read "$15,086" rather than "$5,086".