NU Online News Service, May 1, 12:16 p.m. – Clark/Bardes Inc., Barrington, Ill., is reporting $5.6 million in net income for the first quarter on $64 million in revenue, down from $6.2 million in net income on $66 million in revenue for the first quarter of 2001.

The benefits and compensation consulting firm reports renewal revenue increased 37% from the comparable quarter in 2001, to $35 million, but new sales fell 28%, to $29 million.

“Our financial performance did not meet expectations,” Tom Pyra, the company’s chief financial officer, says in a statement accompanying the earnings release.

Delays in closing several large cases led to a revenue shortfall, Pyra says.