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Operator
Good day, everyone. And welcome to this Heidrick & Struggles third quarter 2002 financial results conference call. Today’s call is being recorded. For opening remarks and introductions I would like to turn the conference over to the Chief Investor Relations and Communications Officer, Miss Lynn [McCue]. Please go ahead, ma’am.
Lynn McCue - Chief Investor Relations and Communications Officer
Thank you. Good morning, everyone. And welcome to our conference call. Today we will review our 2002 third quarter results, and give you our initial view of fourth quarter, and an early perspective on 2003 as we enter our budgeting season. Our news release is available on our web site at www.heidrick.com, or by calling the Investor Relations Department in Chicago.
Featured on today’s call are Piers Marmion, Chairman and Chief Executive Officer of Heidrick & Struggles, and Kevin Smith, our Chief Financial Officer. We plan for our call to last no more than one hour.
Before we begin, I’d first like to advise you that this call may not be reproduced or retransmitted without our consent. Second, certain matters in this call are forward-looking statements. We refer you to the Safe Harbor language contained in our press release dated October 30th, 2002 which was widely disseminated by the various wire services and other media.
We have much ground to cover, so I’ll now turn the program over to Piers for his comments on current conditions, and an early look at our approach to next year. Kevin will then discuss the third quarter results in greater detail. Piers.
Piers Marmion - CEO
Thank you, Lynn. And good morning, everyone. Our third quarter results were in line with the guidance we provided in August. We continue to show marked improvement in profitability despite revenue that was moderately below the second quarter. And the extensive work we’ve done on our cost structure now bears fruit.
Our third quarter pro forma operating income of $3.6 million was an $8.5 million improvement from last year’s third quarter, and represents the $2.6 million increase from the 2002 second quarter.