Hudson Global, Inc.
Hudson Global Reports 2012 Third Quarter Results
Hudson Global, Inc. 01.11.2012 12:00 --------------------------------------------------------------------------- NEW YORK, 2012-11-01 12:00 CET (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq:HSON), a leading global talent solutions company, today announced financial results for the third quarter ended September 30, 2012. 2012 Third Quarter Summary -- Revenue of $187.9 million, a decrease of 23.3 percent from the third quarter of 2011, or 21.0 percent in constant currency. -- Gross margin of $67.7 million or 36.0 percent of revenue, representing a 27.2 percent decrease from the same period last year, or 24.5 percent in constant currency. -- Adjusted EBITDA* of $1.5 million, compared with adjusted EBITDA of $7.7 million in the third quarter of 2011. -- Restructuring charges of $1.5 million in the third quarter of 2012. -- EBITDA* of $0.7 million, compared with EBITDA of $7.4 million in the third quarter of 2011. -- Net loss of $2.2 million, or $0.07 per basic and diluted share, compared with net income of $3.4 million, or $0.11 per basic and diluted share, for the third quarter of 2011. * EBITDA and adjusted EBITDA are defined in the segment tables at the end of this release. 'During the third quarter, the business environment deteriorated further due to global economic uncertainties,' said Manuel Marquez, chairman and chief executive officer at Hudson. 'While these conditions challenge our results in the near term, we remain fully committed to our strategy. Our restructuring actions during 2012 are helping us streamline our operations, advance our long-term goals and better position Hudson to capture the upside potential when conditions improve.' 'We continue our work toward breakeven EBITDA for the year, while focusing on our long-term objectives,' said Mary Jane Raymond, Hudson's chief financial officer. 'Our liquidity position remains strong, with positive cash flow from operations year-to-date.' Strategic Initiatives The company announced in May that the strategic initiatives launched in 2011 would be fast-tracked during 2012. That accelerated plan focused on: -- Redirecting resources to, and driving sustainable growth from, high potential strategic businesses, RPO and eDiscovery, and focusing on the growth markets of the world. -- -- Optimizing its operations in underperforming sectors and markets to deliver improved performance, re-engineering its delivery model, and consolidating operations globally. -- Streamlining its back office support areas and business processes through shared services and global centers of excellence, to gain significant efficiencies of operation. Actions during the third quarter eliminated 30 positions, affecting front and back office roles, primarily in Europe. This resulted in a restructuring charge of $1.5 million in the third quarter, including some additional charges for real estate actions. Year to date, the company has eliminated 210 positions, or 9 percent of the company's total employee base, resulting in a total charge of $7.6 million. During 2012, the total restructuring charge is expected to be $8 million to $9 million, including $0 million to $1 million in the fourth quarter. Cost savings are expected to offset approximately 75 percent of the charge in 2012, with annualized cost savings of twice the charge expected. Regional Highlights Americas Hudson Americas' gross margin decreased 30 percent in the third quarter compared with the prior year period primarily due to reduced project demand in Legal eDiscovery, which had particularly strong growth last year. However, Legal eDiscovery continued to establish key relationships with clients during the third quarter to maintain its market position amidst difficult conditions. After strong double digit growth in recent quarters, RPO gross margin decreased 5 percent compared with third quarter 2011 due to more cautious hiring by clients. Actions taken to establish a more efficient operating platform delivered SG&A* and headcount reductions of 25 percent and 20 percent, respectively, from the same period a year ago. Adjusted EBITDA declined to $0.8 million for the third quarter, or 1.9 percent of revenue, compared with $2.0 million a year ago. The RPO business was named to the prestigious 'Baker's Dozen' for the third year in a row, improving its position by two notches this year. Asia Pacific Facing a rapidly deteriorating economic environment, Asia Pacific remained a solid profit contributor, delivering adjusted EBITDA of $4.7 million, or 6.4 percent of revenue, though down from $7.1 million, or 7.0 percent of revenue in the third quarter of 2011. Hiring expectations and GDP growth have continued to slow throughout the region, contributing to a gross margin decline of 26 percent in constant currency in the third quarter from the prior year period. A 32 percent decline in permanent recruitment gross margin accounted for most of the overall gross margin drop. Talent Management continued to deliver double-digit gross margin growth in the quarter on increases in assessment services. Actions taken to reduce costs resulted in an SG&A* decline of 25 percent and headcount decline of 17 percent from the same period last year. Europe As expected given the significant economic weakness affecting business across Europe, gross margin was down 20 percent in constant currency compared with the third quarter of 2011. Reduced demand in the Financial Services sector remained a key contributing factor in the drop in gross margin in the U.K., while a decline in permanent recruitment in France and Belgium resulted in lower gross margin in continental Europe. Actions taken to address costs resulted in SG&A* and headcount reductions of 13 percent and 18 percent, respectively, from the same period a year ago. Adjusted EBITDA of $0.6 million, or 0.9 percent of revenue, was down from $3.9 million, or 4.0 percent of revenue a year ago. * SG&A excludes non-operating expenses and rent redundancy. Liquidity and Capital Resources The company ended the third quarter of 2012 with $84.8 million in liquidity, composed of $34.9 million in cash and $49.9 million in availability under its credit facilities. The company generated $7.9 million in cash flow from operations during the quarter. The company had no outstanding borrowings at the end of the third quarter, compared with $1.5 million at the end of the second quarter of 2012. Business Outlook Given deteriorating economic conditions and the continuing weakness in the financial services sector, fourth quarter 2012 revenue may decline by 21 to 24 percent against the prior year fourth quarter at prevailing exchange rates. The company expects fourth quarter 2012 adjusted EBITDA between $0 and $3.5 million before restructuring charges and anticipates the charge in the quarter will range from $0 million to $1 million. In the fourth quarter of 2011 revenue was $222.7 million and adjusted EBITDA was $6.3 million. For the full year, revenue is expected to decline 17 to 19 percent at prevailing exchange rates and adjusted EBITDA is expected to range from $4 to $8 million. Conference Call/Webcast Hudson will conduct a conference call today at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the company's web site at Hudson.com. The archived call will be available on the investor information section of the company's web site at Hudson.com. About Hudson Hudson is a global talent solutions company with expertise in leadership and specialized recruitment, contracting solutions, recruitment process outsourcing, talent management and eDiscovery. We help our clients and candidates succeed by leveraging our expertise, deep industry and market knowledge, and proprietary assessment tools and techniques. With approximately 2,000 people in approximately 20 countries, and relationships with millions of specialized professionals, we bring an unparalleled ability to match talent with opportunities by assessing, recruiting, developing and engaging the best and brightest people for our clients. We combine broad geographic presence, world-class talent solutions and a tailored, consultative approach to help businesses and professionals achieve higher performance and outstanding results. More information is available at Hudson.com. Forward-Looking Statements This press release contains statements that the company believes to be 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as 'anticipate,' 'estimate,' 'expect,' 'project,' 'intend,' 'plan,' 'predict,' 'believe' and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties and assumptions, including industry and economic conditions' that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; risks related to fluctuations in the company's operating results from quarter to quarter; the ability of clients to terminate their relationship with the company at any time; competition in the company's markets; risks associated with the company's investment strategy; risks related to international operations, including foreign currency fluctuations; the company's ability to implement cost reduction initiatives effectively, including the recently announced restructuring program; the company's dependence on key management personnel; the company's ability to attract and retain highly skilled professionals; risks in collecting the company's accounts receivable; the negative cash flows and operating losses that the company has experienced from time to time in the past may reoccur in the future; restrictions on the company's operating flexibility due to the terms of its credit facilities; the company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to our dependence on uninterrupted service to clients; the company's exposure to employment-related claims from both clients and employers and limits on related insurance coverage; volatility of the company's stock price; the impact of government regulations; and restrictions imposed by blocking arrangements. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. HUDSON GLOBAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2012 2011 2012 2011 ------------------------------------------- Revenue $ 187,873 $ 245,081 $ 593,301 $ 710,998 Direct costs 120,207 152,089 375,359 441,341 ------------------------------------------- Gross margin 67,666 92,992 217,942 269,657 Operating expenses: Selling, general and administrative 66,074 85,305 214,070 251,517 expenses Depreciation and amortization 1,672 1,537 4,788 4,750 Business reorganization and 1,520 -- 7,551 747 integration expenses ------------------------------------------- Total operating expenses 69,266 86,842 226,409 257,014 ------------------------------------------- Operating income (loss) (1,600) 6,150 (8,467) 12,643 Non-operating income (expense): Interest income (expense), net (161) (328) (510) (910) Other income (expense), net 591 (238) 215 244 ------------------------------------------- Income (loss) before provision for (1,170) 5,584 (8,762) 11,977 income taxes Provision for (benefit from) income 995 2,202 (3,770) 4,377 taxes ------------------------------------------- Net income (loss) $ (2,165) $ 3,382 $ (4,992) $ 7,600 =========================================== Earnings (loss) per share: Basic $ (0.07) $ 0.11 $ (0.16) $ 0.24 ------------------------------------------- Diluted $ (0.07) $ 0.11 $ (0.16) $ 0.24 ------------------------------------------- Weighted average shares outstanding: Basic 32,156 31,620 32,024 31,541 Diluted 32,156 32,085 32,024 31,988 HUDSON GLOBAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) September December 30, 31, 2012 2011 --------------------- ASSETS Current assets: Cash and cash equivalents $ 34,883 $ 37,302 Accounts receivable, less allowance for doubtful accounts 115,548 131,489 of $1,541 and $1,772, respectively Prepaid and other 12,987 13,132 --------------------- Total current assets 163,418 181,923 Property and equipment, net 20,735 17,838 Deferred tax assets, non-current 10,593 8,628 Other assets 5,080 8,157 --------------------- Total assets $ 199,826 $ 216,546 ===================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,529 $ 12,025 Accrued expenses and other current liabilities 62,140 74,248 Short-term borrowings -- 3,384 Accrued business reorganization expenses 2,996 858 --------------------- Total current liabilities 73,665 90,515 Other non-current liabilities 6,790 6,388 Deferred rent and tenant improvement contributions 8,564 4,479 Income tax payable, non-current 4,098 7,807 --------------------- Total liabilities 93,117 109,189 Stockholders' equity: Preferred stock, $0.001 par value, 10,000 shares -- -- authorized; none issued or outstanding Common stock, $0.001 par value, 100,000 shares 33 33 authorized; issued 33,257 and 32,776 shares, respectively Additional paid-in capital 473,184 470,786 Accumulated deficit (402,282) (397,290) Accumulated other comprehensive income-translation 36,089 34,255 adjustments Treasury stock, 65 and 79 shares, respectively, at cost (315) (427) --------------------- Total stockholders' equity 106,709 107,357 --------------------- Total liabilities and stockholders' equity $ 199,826 $ 216,546 ===================== HUDSON GLOBAL, INC. SEGMENT ANALYSIS - QUARTER TO DATE (in thousands) (unaudited) For The Three Months Ended Hudson Hudson Hudson Corporate Total September 30, 2012 Americas Asia Europe Pacific ---------------------------------------------------- Revenue, from external $ 39,102 $ 73,437 $ 75,334 $ -- $ 187,873 customers ---------------------------------------------------- Gross margin, from external $ 9,587 $ 29,852 $ 28,227 $ -- $ 67,666 customers ---------------------------------------------------- Adjusted EBITDA (loss) (1) $ 758 $ 4,736 $ 649 $ (4,614) $ 1,529 Business reorganization 282 190 1,048 -- 1,520 expenses (recovery) Office integration expense -- (64) -- -- (64) Non-operating expense 865 1,222 1,766 (4,444) (591) (income), including corporate administration charges ---------------------------------------------------- EBITDA (loss) (1) (389) 3,388 (2,165) (171) 663 Depreciation and amortization 1,672 expenses Interest expense (income), 161 net Provision for (benefit from) income 995 taxes ---------- Net income (loss) $ (2,165) ========== For The Three Months Ended Hudson Hudson Hudson Corporate Total September 30, 2011 Americas Asia Europe Pacific ---------------------------------------------------- Revenue, from external $ 47,691 $ 100,637 $ 96,753 $ -- $ 245,081 customers ---------------------------------------------------- Gross margin, from external $ 13,662 $ 41,201 $ 38,129 $ -- $ 92,992 customers ---------------------------------------------------- Adjusted EBITDA (loss) (1) $ 1,956 $ 7,071 $ 3,893 $ (5,233) $ 7,687 Business reorganization -- -- -- -- -- expenses (recovery) Office integration expense -- -- -- -- -- Non-operating expense 497 1,848 1,873 (3,980) 238 (income), including corporate administration charges ---------------------------------------------------- EBITDA (loss) (1) $ 1,459 $ 5,223 $ 2,020 $ (1,253) $ 7,449 Depreciation and amortization 1,537 expenses Interest expense (income), 328 net Provision for (benefit from) income 2,202 taxes ---------- Net income (loss) $ 3,382 ========== 1. Non-GAAP earnings before interest, income taxes, and depreciation and amortization ('EBITDA') and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income, goodwill and other impairment charges, business reorganization expenses and other charges ('Adjusted EBITDA') are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, EBITDA and adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies. HUDSON GLOBAL, INC. SEGMENT ANALYSIS - QUARTER TO DATE (continued) (in thousands) (unaudited) For the Three Months Ended Hudson Hudson Hudson Corporate Total June 30, 2012 Americas Asia Europe Pacific ---------------------------------------------------- Revenue, from external $ 45,487 $ 76,926 $ 82,425 $ -- $ 204,838 customers ---------------------------------------------------- Gross margin, from external $ 12,359 $ 31,901 $ 32,808 $ -- $ 77,068 customers ---------------------------------------------------- Adjusted EBITDA (loss) (1) $ 2,452 $ 3,720 $ 2,440 $ (4,887) $ 3,725 Business reorganization 749 1,007 3,149 185 5,090 expenses (recovery) Office integration expense -- 190 -- -- 190 Non-operating expense 945 1,901 1,596 (4,073) 369 (income), including corporate administration charges ---------------------------------------------------- EBITDA (loss) (1) $ 758 $ 622 $ (2,305) $ (1,001) $ (1,926) Depreciation and 1,610 amortization expenses Interest expense (income), 189 net Provision for (benefit from) income (4,119) taxes ---------- Net income (loss) $ 394 ========== For the Three Months Ended Hudson Hudson Hudson Corporate Total December 31, 2011 Americas Asia Europe Pacific ---------------------------------------------------- Revenue, from external $ 47,802 $ 83,185 $ 91,751 $ -- $ 222,738 customers ---------------------------------------------------- Gross margin, from external $ 13,738 $ 33,598 $ 37,312 $ -- $ 84,648 customers ---------------------------------------------------- Adjusted EBITDA (loss) (1) $ 2,445 $ 4,988 $ 2,967 $ (4,131) $ 6,269 Business reorganization -- -- (27) -- (27) expenses (recovery) Office integration expense -- -- -- -- -- Non-operating expense 1,204 1,847 1,854 (4,615) 290 (income), including corporate administration charges ---------------------------------------------------- EBITDA (loss) (1) $ 1,241 $ 3,141 $ 1,140 $ 484 $ 6,006 Depreciation and 1,501 amortization expenses Interest expense (income), 234 net Provision for (benefit from) income 962 taxes ---------- Net income (loss) $ 3,309 ========== 1. Non-GAAP earnings before interest, income taxes, and depreciation and amortization ('EBITDA') and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income, goodwill and other impairment charges, business reorganization expenses and other charges ('Adjusted EBITDA') are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, EBITDA and adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies. HUDSON GLOBAL, INC. SEGMENT ANALYSIS - YEAR TO DATE (in thousands) (unaudited) For The Nine Months Hudson Hudson Hudson Corporate Total Ended September 30, Americas Asia Europe 2012 Pacific ------------------------------------------------------- Revenue, from external $ 129,758 $ 224,627 $ 238,916 $ -- $ 593,301 customers ------------------------------------------------------- Gross margin, from $ 33,776 $ 91,067 $ 93,099 $ -- $ 217,942 external customers ------------------------------------------------------- Adjusted EBITDA (loss) $ 3,485 $10,577 $4,505 $ (14,254) $ 4,313 (1) Business reorganization $ 1,051 $ 1,264 $ 4,917 $ 319 $ 7,551 expenses (recovery) Office integration -- 441 -- -- 441 expense Non-operating expense 2,556 4,855 5,143 (12,769) (215) (income), including corporate administration charges ------------------------------------------------------- EBITDA (Loss) (1) $ (122) $ 4,017 $ (5,555) $ (1,804) $ (3,464) Depreciation and amortization 4,788 expenses Interest expense 510 (income), net Provision for (benefit from) income (3,770) taxes ---------- Net income (loss) $ (4,992) ========== For The Nine Months Hudson Hudson Hudson Corporate Total Ended September 30, Americas Asia Europe 2011 Pacific ------------------------------------------------------- Revenue, from external $ 144,415 $ 275,927 $ 290,656 $ -- $ 710,998 customers ------------------------------------------------------- Gross margin, from $ 37,040 $ 113,323 $ 119,294 $ -- $ 269,657 external customers ------------------------------------------------------- Adjusted EBITDA (loss) $ 3,998 $ 16,325 $ 13,550 $ (15,733) $ 18,140 (1) Business reorganization -- -- 747 -- 747 expenses (recovery) Office integration -- -- -- -- -- expense Non-operating expense 1,756 5,280 5,873 (13,153) (244) (income), including corporate administration charges ------------------------------------------------------- EBITDA (Loss) (1) $ 2,242 $ 11,045 $ 6,930 $ (2,580) $ 17,637 Depreciation and amortization 4,750 expenses Interest expense 910 (income), net Provision for (benefit from) income 4,377 taxes ---------- Net income (loss) $ 7,600 ========== 1. Non-GAAP earnings before interest, income taxes, and depreciation and amortization ('EBITDA') and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income, goodwill and other impairment charges, business reorganization expenses and other charges ('Adjusted EBITDA') are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, EBITDA and adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies. HUDSON GLOBAL, INC. RECONCILIATION FOR CONSTANT CURRENCY (in thousands) (unaudited) The company operates on a global basis, with the majority of its gross margin generated outside of the United States. Accordingly, fluctuations in foreign currency exchange rates can affect its results of operations. Constant currency information compares financial results between periods as if exchange rates had remained constant period-over-period. The company currently defines the term 'constant currency' to mean that financial data for a previously reported period are translated into U.S. dollars using the same foreign currency exchange rates that were used to translate financial data for the current period. Changes in revenue, gross margin, selling, general and administrative expenses ('SG&A'), business reorganization expenses and other non-operating income (expense), operating income (loss) and EBITDA (loss) include the effect of changes in foreign currency exchange rates. Variance analysis usually describes period-to-period variances that are calculated using constant currency as a percentage. The company's management reviews and analyzes business results in constant currency and believes these results better represent the company's underlying business trends. The company believes that these calculations are a useful measure, indicating the actual change in operations. There are no significant gains or losses on foreign currency transactions between subsidiaries. Therefore, changes in foreign currency exchange rates generally impact only reported earnings. Three Months Ended September 30, 2012 2011 ------------------------------------------- As As Currency Constant reported reported translati currency on ------------------------------------------- Revenue: Hudson Americas $ 39,102 $ 47,691 $ (18) $ 47,673 Hudson Asia Pacific 73,437 100,637 (2,169) 98,468 Hudson Europe 75,334 96,753 (5,226) 91,527 ------------------------------------------- Total $ 187,873 $ 245,081 $ (7,413) $ 237,668 =========================================== Gross margin: Hudson Americas $ 9,587 $ 13,662 $ (17) $ 13,645 Hudson Asia Pacific 29,852 41,201 (718) 40,483 Hudson Europe 28,227 38,129 (2,633) 35,496 ------------------------------------------- Total $ 67,666 $ 92,992 $ (3,368) $ 89,624 =========================================== SG&A and other non-operating income (expense) (1): Hudson Americas $ 9,692 $ 12,200 $ (14) $ 12,186 Hudson Asia Pacific 26,272 35,943 (673) 35,270 Hudson Europe 29,345 36,147 (2,745) 33,402 Corporate 174 1,253 (2) 1,251 ------------------------------------------- Total $ 65,483 $ 85,543 $ (3,434) $ 82,109 =========================================== Business reorganization expenses: Hudson Americas $ 282 $ -- $ -- $ -- Hudson Asia Pacific 190 -- -- -- Hudson Europe 1,048 -- -- -- Corporate -- -- -- -- ------------------------------------------- Total $ 1,520 $ -- $ -- $ -- =========================================== Operating income (loss): Hudson Americas $ 221 $ 1,689 $ (2) $ 1,687 Hudson Asia Pacific 3,746 6,293 (47) 6,246 Hudson Europe (791) 3,537 (77) 3,460 Corporate (4,776) (5,369) -- (5,369) ------------------------------------------- Total $ (1,600) $ 6,150 $ (126) $ 6,024 =========================================== EBITDA (loss): Hudson Americas $ (389) $ 1,459 $ (26) $ 1,433 Hudson Asia Pacific 3,388 5,223 (47) 5,176 Hudson Europe (2,165) 2,020 112 2,132 Corporate (171) (1,253) 5 (1,248) ------------------------------------------- Total $ 663 $ 7,449 $ 44 $ 7,493 =========================================== 1. SG&A and other non-operating income (expense) is a measure that management uses to evaluate the segments' expenses, which include the following captions on the Condensed Consolidated Statements of Operations: Selling, general and administrative expenses and other income (expense), net. Corporate management service allocations are included in the segments' other income (expense). CONTACT: David F. Kirby Hudson 212-351-7216 david.kirby@hudson.com News Source: NASDAQ OMX 01.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Hudson Global, Inc. United States Phone: Fax: E-mail: Internet: ISIN: US4437921061 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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