Hudson Global, Inc.
Hudson Highland Group Reports 2011 Full Year and Fourth Quarter Results
Hudson Highland Group, Inc. 23.02.2012 22:00 --------------------------------------------------------------------------- Full Year Revenue Grew 17.5 Percent, 10.9 Percent in Constant Currency; EBITDA Grew 264 Percent to $23.6 Million NEW YORK, 2012-02-23 22:00 CET (GLOBE NEWSWIRE) -- Hudson Highland Group, Inc. (Nasdaq:HHGP), a leading global provider of professional recruitment and related talent solutions, today announced financial results for the full year and fourth quarter ended December 31, 2011. 'During 2011, we launched new strategic initiatives to maximize the value of Hudson's global platform and achieve greater operating efficiencies. In more than 20 countries, our teams placed over 16,000 professionals and managed on average 5,800 highly skilled contract consultants per day to deliver solutions that helped our clients grow and address these uncertain times,' said Manuel Marquez, chairman and chief executive officer of Hudson Highland Group. 'Despite headwinds in the fourth quarter, we achieved double digit revenue growth, generated positive cash flow and realized record net income from continuing operations in 2011. We believe we are now better positioned to confront the market contraction in Europe and its ripple effect in Asia Pacific.' 2011 Full Year Summary -- Revenue of $933.7 million, an increase of 17.5 percent from 2010, or 10.9 percent in constant currency. -- Gross margin of $354.3 million, or 37.9 percent of revenue, grew 18.7 percent in 2011, or 11.9 percent in constant currency. -- EBITDA* of $23.6 million, or 2.5 percent of revenue in 2011, compared with $6.5 million, or 0.8 percent of revenue, in 2010. -- Net income of $10.9 million, or $0.35 per basic share and $0.34 per diluted share, compared with net loss of $4.7 million, or $0.16 per basic and diluted share, in 2010. 'Improvements in our earnings and cash position in 2011 resulted from our global commitment to move our company to solid profitability and liquidity,' said Mary Jane Raymond, the company's chief financial officer. 'In the fourth quarter, we took steps to further optimize our operations by moving from four to three regional units. This structure helped us weather the deteriorating conditions at the end of the year. We expect to generate additional synergies in 2012 to drive our earnings.' 2011 Fourth Quarter Summary -- Revenue of $222.7 million, an increase of 1.7 percent over the fourth quarter of 2010, or 1.0 percent in constant currency. -- Gross margin increased to $84.6 million in the fourth quarter, or 38.0 percent of revenue, representing a 2.1 percent increase from the same period last year, or 1.4 percent in constant currency. -- EBITDA* of $6.0 million, or 2.7 percent of revenue in the fourth quarter, improved from $3.6 million, or 1.6 percent of revenue, for the fourth quarter of 2010. -- Net income of $3.3 million, or $0.10 per basic and diluted share, compared with net income of $1.2 million, or $0.04 per basic and diluted share, for the fourth quarter of 2010. -- Cash flow from operations was $20.4 million in the fourth quarter. Liquidity increased to $89.1 million, composed of $37.3 million in cash and $51.8 million in available borrowings. * EBITDA and adjusted EBITDA are defined in the segment tables at the end of this release. Key Strategic Initiatives During 2011, the company launched a new global strategy focused on four key initiatives which were instrumental in delivering the full year results: -- Reap the value of Hudson's global business To further align operations with the needs of its global clients, Hudson established global practices for two of its fastest growing businesses, Legal eDiscovery and RPO, which represented 70 percent of constant currency gross margin growth in 2011. In addition, the company simplified its operating platform, organizing operations into three regions, which it believes will facilitate greater alignment with its global clients' needs, better coordination of global activities and more efficient utilization of resources. -- Attract, develop and retain the right people Following the appointment of a new chief people officer, the company started to deploy best-practice processes to help its teams be more successful. These efforts contributed to Hudson's adjusted EBITDA leverage on incremental gross margin of 49 percent in constant currency in 2011. -- Focus on selected clients and services in the market The company further developed its professional recruitment and talent solutions services to bring more value to clients. Higher value solutions helped improve the gross margin on contract talent and interim management by 100 basis points in constant currency to 18.5 percent. In permanent recruitment, Hudson's RPO clients increasingly use the company's talent management offerings to further align recruitment processes with their business needs. -- Create a compelling digital presence To deliver a more compelling digital presence for its clients and candidates - critical to the company's future - Hudson began integrating its existing technology, information, social media and branding efforts. Under the direction of its chief knowledge officer, in December 2011, Hudson launched a new search engine optimized web site in more than 20 countries. The new web platform is already generating an increasing flow of targeted candidates and business leads. Regional Highlights Americas In 2011, Hudson Americas delivered one of its best-performing years. Gross margin increased 29 percent compared with 2010, while adjusted EBITDA reached $6.4 million compared with $0.2 million in 2010. A 19 percent increase in contracting gross margin was driven primarily by the company's Legal eDiscovery practice. This business provides end-to-end eDiscovery solutions, process management and managed review services tailored to meet client needs. Temporary contracting gross margin increased 60 basis points to 22.2 percent in 2011, driven primarily by higher margins in eDiscovery. Permanent recruiting gross margin grew by 95 percent, attributable to the early success of RPO in the Americas, a strategic service that allows clients to transfer all or part of their recruitment process to Hudson. For the fourth quarter, Hudson Americas' gross margin increased 27 percent compared with the prior year period, driven by 14 percent gross margin growth in temporary contracting, including eDiscovery. Permanent recruitment more than doubled due to growth in RPO. Adjusted EBITDA reached $2.4 million for the fourth quarter, more than doubling from the prior year period. Asia Pacific Asia Pacific delivered strong adjusted EBITDA gains in 2011 on 10 percent gross margin growth in constant currency, driven by the expansion of RPO and efficient leverage. Gross margin growth was driven by 14 percent growth in permanent recruitment and 5 percent growth in temporary contracting. Permanent recruitment growth was led by 35 percent growth in RPO across the region as well as 23 percent growth in China. Adjusted EBITDA was $21.3 million, or 5.9 percent of revenue, an increase of 56 percent or $7.6 million from 2010. Asia Pacific continued to be the most profitable region in the organization, and benefitted from 51 percent constant currency leverage in 2011. During the fourth quarter, European economic conditions created a ripple effect in Asia Pacific as some multi-national clients delayed hiring decisions. Gross margin was down 5 percent in constant currency in the fourth quarter from prior year, but despite this, adjusted EBITDA reached $5.0 million, or 6.0 percent of revenue, an increase of 24 percent or $1.0 million from the fourth quarter of 2010. Europe For the full year 2011, Hudson Europe's gross margin increased 9 percent in constant currency compared with the prior year. Adjusted EBITDA of $16.5 million increased 79 percent from $9.2 million in 2010. Temporary contracting gross margin increased 30 percent in constant currency, driven by the expansion of Legal eDiscovery in the U.K., as well as growth in the Netherlands professional contracting business and Belgium's interim management business. The temporary contracting gross margin increased to 18.9 percent, up from 16.9 percent in 2010, driven primarily by higher margins in eDiscovery. Permanent recruitment delivered modest growth in 2011, a combination of growth in retained search in Belgium and France, and declines in the U.K. The second half of 2011 was notable for volatile economic conditions in Europe, marked by the sovereign debt crisis and the contraction of the banking and finance industry. During the fourth quarter, several clients delayed permanent hiring decisions. Nonetheless, the balanced service portfolio helped maintain gross margin flat compared with the fourth quarter of 2010 in constant currency. Adjusted EBITDA of $3.0 million increased 18 percent over the fourth quarter of 2010. Business Outlook The company remains optimistic about 2012, but the European debt situation has persisted and the weaker economic conditions witnessed in the fourth quarter have continued into the first quarter. Given the current environment, the company expects first quarter 2012 revenue to be down between 4 - 8 percent to prior year at prevailing exchange rates, and EBITDA about breakeven from operations. This compares with revenue of $218.5 million and EBITDA of $2.5 million in the first quarter of 2011. Conference Call/Webcast Hudson Highland Group will conduct a conference call today at 5:00 p.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 www.hudson.com. The archived call will be available on the investor information section of the company's web site at www.hudson.com. About Hudson Highland Group Hudson Highland Group, Inc. is a leading provider of permanent recruitment, contract professionals and talent management services worldwide. From single placements to total outsourced solutions, Hudson helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses. The company employs more than 2,000 professionals serving clients and candidates in approximately 20 countries. More information is available at www.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 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 company's history of negative cash flows and operating losses may continue; restrictions on the company's operating flexibility due to the terms of its credit facilities; the company's ability to implement cost reduction initiatives effectively; 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. Financial Tables Follow HUDSON HIGHLAND GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Year Ended December 31, December 31, ------------------------------------------- 2011 2010 2011 2010 ------------------------------------------- Revenue $ 222,738 $ 219,061 $ 933,736 $ 794,542 Direct costs 138,090 136,137 579,431 495,969 ------------------------------------------- Gross margin 84,648 82,924 354,305 298,573 ------------------------------------------- Operating expenses: Selling, general and 78,379 80,192 329,899 294,313 administrative expenses Depreciation and amortization 1,501 1,730 6,251 8,184 Business reorganization and (27) 988 720 1,694 integration expenses ------------------------------------------- Total operating expenses 79,853 82,910 336,870 304,191 ------------------------------------------- Operating income (loss) 4,795 14 17,435 (5,618) Other income (expense): Interest income (expense), net (234) (306) (1,143) (1,278) Other income (expense), net (290) 1,812 (44) 4,500 Fee for early extinguishment of -- -- -- (563) credit facility ------------------------------------------- Income (loss) from continuing 4,271 1,520 16,248 (2,959) operations before provision for income taxes Provision for (benefit from) income 962 116 5,339 1,482 taxes ------------------------------------------- Income (loss) from continuing 3,309 1,404 10,909 (4,441) operations Income (loss) from discontinued -- (213) -- (244) operations, net of income taxes ------------------------------------------- Net income (loss) $ 3,309 $ 1,191 $ 10,909 $ (4,685) =========================================== Basic earnings (loss) per share: Income (loss) from continuing $ 0.10 $ 0.04 $ 0.35 $ (0.15) operations Income (loss) from discontinued -- (0.01) -- (0.01) operations ------------------------------------------- Net income (loss) $ 0.10 $ 0.04 $ 0.35 $ (0.16) =========================================== Diluted earnings (loss) per share: Income (loss) from continuing $ 0.10 $ 0.04 $ 0.34 $ (0.15) operations Income (loss) from discontinued -- (0.01) -- (0.01) operations ------------------------------------------- Net income (loss) $ 0.10 $ 0.04 $ 0.34 $ (0.16) =========================================== Weighted average shares outstanding: Basic 31,639 31,234 31,566 29,931 Diluted 32,118 31,754 31,989 29,931 -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - HUDSON HIGHLAND GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) December 31, 2011 2010 --------------------- ASSETS Current assets: Cash and cash equivalents $ 37,302 $ 29,523 Accounts receivable, less allowance for doubtful accounts 131,489 128,576 of $1,772 and $2,145, respectively Prepaid and other 13,132 13,988 --------------------- Total current assets 181,923 172,087 Property and equipment, net 17,838 16,593 Other assets 16,785 17,154 --------------------- Total assets $ 216,546 $ 205,834 ===================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 12,025 $ 14,812 Accrued expenses and other current liabilities 74,248 74,990 Short-term borrowings 3,384 1,339 Accrued business reorganization expenses 858 2,619 --------------------- Total current liabilities 90,515 93,760 Other non-current liabilities 10,867 10,493 Income tax payable, non-current 7,807 8,303 --------------------- Total liabilities 109,189 112,556 ===================== 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 authorized; 33 32 issued 32,776 and 32,181 shares, respectively Additional paid-in capital 470,786 466,582 Accumulated deficit (397,290) (408,199) Accumulated other comprehensive income-translation 34,255 34,902 adjustments Treasury stock, 79 and 9 shares, respectively, at cost (427) (39) --------------------- Total stockholders' equity 107,357 93,278 --------------------- Total liabilities and stockholders' equity $ 216,546 $ 205,834 ===================== -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - HUDSON HIGHLAND GROUP, INC. SEGMENT ANALYSIS - QUARTER TO DATE (in thousands) (unaudited) 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 and $ -- $ -- $ (27) $ -- $ (27) integration expenses (recovery) 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 962 from) income taxes Loss (income) from -- discontinued operations, net of taxes ---------- Net income (loss) $ 3,309 ========== For The Three Months Ended Hudson Hudson Hudson Corporate Total December 31, 2010 Americas Asia Europe Pacific ---------------------------------------------------- Revenue, from external $ 44,268 $ 84,177 $ 90,616 $ -- $ 219,061 customers ==================================================== Gross margin, from external $ 10,775 $ 34,681 $ 37,468 $ -- $ 82,924 customers ==================================================== Adjusted EBITDA (loss) (1) $ 1,109 $ 4,009 $ 2,516 $ (4,902) 2,732 Business reorganization and $ 21 $ 102 $ 865 $ -- $ 988 integration expenses (recovery) Non-operating expense (1,298) 1,129 1,337 (2,980) (1,812) (income), including corporate administration charges ---------------------------------------------------- EBITDA (loss) (1) $ 2,386 $ 2,778 $ 314 $ (1,922) $ 3,556 Depreciation and 1,730 amortization expenses Interest expense (income), 306 net Provision for (benefit 116 from) income taxes Loss (income) from 213 discontinued operations, net of taxes ---------- Net income (loss) $ 1,191 ========== For the Three Months Ended Hudson Hudson Hudson Corporate Total March 31, 2011 Americas Asia Europe Pacific ---------------------------------------------------- Revenue, from external $ 45,812 $ 79,017 $ 93,710 $ -- $ 218,539 customers ==================================================== Gross margin, from external $ 10,357 $ 31,903 $ 38,938 $ -- $ 81,198 customers ==================================================== Adjusted EBITDA (loss) (1) $ 204 $ 3,151 $ 4,136 $ (5,100) $ 2,391 Business reorganization and $ -- $ -- $ 351 $ -- $ 351 integration expenses (recovery) Non-operating expense 583 1,137 1,610 (3,816) (486) (income), including corporate administration charges ---------------------------------------------------- EBITDA (loss) (1) $ (379) $ 2,014 $ 2,175 $ (1,284) $ 2,526 Depreciation and 1,576 amortization expenses Interest expense (income), 206 net Provision for (benefit 750 from) income taxes Loss (income) from -- discontinued operations, net of taxes ---------- Net income (loss) $ (6) ========== 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 $ 7,069 $ 3,893 $ (5,232) $ 7,686 Business reorganization and $ -- $ -- $ -- $ -- $ -- integration expenses (recovery) Non-operating expense 497 1,848 1,873 (3,982) 236 (income), including corporate administration charges ---------------------------------------------------- EBITDA (loss) (1) $ 1,459 $ 5,221 $ 2,020 $ (1,252) $ 7,450 Depreciation and 1,537 amortization expenses Interest expense (income), 328 net Provision for (benefit 2,202 from) income taxes Loss (income) from -- discontinued operations, net of 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 acquisition-related expenses ('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 HIGHLAND GROUP, INC. SEGMENT ANALYSIS - YEAR TO DATE (in thousands) (unaudited) For The Year Ended Hudson Hudson Hudson Corporate Total December 31, 2011 Americas Asia Europe Pacific ------------------------------------------------------- Revenue, from external $ 192,217 $ 359,108 $ 382,411 $ -- $ 933,736 customers ======================================================= Gross margin, from $ 50,778 $ 146,917 $ 156,610 $ -- $ 354,305 external customers ======================================================= Adjusted EBITDA (loss) $ 6,442 $ 21,306 $ 16,517 $ (19,860) $ 24,405 (1) Business reorganization $ -- $ -- $ 720 $ -- $ 720 and integration expenses (recovery) Non-operating expense 2,962 7,126 7,727 (17,771) 44 (income), including corporate administration charges ------------------------------------------------------- EBITDA (loss) (1) $ 3,482 $ 14,180 $ 8,071 $ (2,091) $ 23,642 Depreciation and 6,251 amortization expenses Interest expense 1,143 (income), net Provision for (benefit 5,339 from) income taxes Loss (income) from -- discontinued operations, net of taxes ---------- Net income (loss) $ 10,909 ========== For The Year Ended Hudson Hudson Hudson Corporate Total December 31, 2010 Americas Asia Europe Pacific ------------------------------------------------------- Revenue, from external $ 162,432 $ 303,619 $ 328,491 $ -- $ 794,542 customers ======================================================= Gross margin, from $ 39,417 $ 121,965 $ 137,191 $ -- $ 298,573 external customers ======================================================= Adjusted EBITDA (loss) $ 172 $ 13,695 $ 9,239 $ (18,845) $ 4,261 (1) Business reorganization 307 (15) 1,402 -- 1,694 and integration expenses (recovery) Non-operating expense (1,822) 4,863 6,751 (13,729) (3,937) (income), including corporate administration charges (2) ------------------------------------------------------- EBITDA (loss) (1) $ 1,687 $ 8,847 $ 1,086 $ (5,117) $ 6,503 Depreciation and 8,184 amortization expenses Interest expense 1,278 (income), net Provision for (benefit 1,482 from) income taxes Loss (income) from 244 discontinued operations, net of taxes ---------- Net income (loss) $ (4,685) ========== -------------------------------------------------------------------------------- - (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 acquisition-related expenses ('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. (2) Includes $563 credit facility termination fee. HUDSON HIGHLAND GROUP, INC. Reconciliation for Constant Currency (in thousands) (unaudited) The company operates on a global basis, with the majority of our gross margin generated outside of the United States. Accordingly, fluctuations in foreign currency exchange rates can affect our 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') 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 December 31, ------------------------------------------- 2011 2010 ------------------------------------------- As As Currency Constant reported reported translati currency on ------------------------------------------- Revenue: Hudson Americas $ 47,802 $ 44,268 $ (5) $ 44,263 Hudson Asia Pacific 83,185 84,177 2,019 86,196 Hudson Europe 91,751 90,616 (583) 90,033 ------------------------------------------- Total $ 222,738 $ 219,061 $ 1,431 $ 220,492 ------------------------------------------- Gross margin: Hudson Americas $ 13,738 $ 10,775 $ (5) $ 10,770 Hudson Asia Pacific 33,598 34,681 807 35,488 Hudson Europe 37,312 37,468 (279) 37,189 ------------------------------------------- Total $ 84,648 $ 82,924 $ 523 $ 83,447 ------------------------------------------- SG&A and other non-operating income (expense) (1): Hudson Americas $ 12,517 $ 8,254 $ 11 $ 8,265 Hudson Asia Pacific 30,460 31,845 660 32,505 Hudson Europe 36,205 36,359 (291) 36,068 Corporate (513) 1,922 (5) 1,917 ------------------------------------------- Total $ 78,669 $ 78,380 $ 375 $ 78,755 ------------------------------------------- Operating income (loss): Hudson Americas $ 2,122 $ 737 $ (10) $ 727 Hudson Asia Pacific 4,354 3,176 21 3,197 Hudson Europe 2,595 1,040 (4) 1,036 Corporate (4,276) (4,939) 3 (4,936) ------------------------------------------- Total $ 4,795 $ 14 $ 10 $ 24 ------------------------------------------- EBITDA (loss): Hudson Americas $ 1,241 $ 2,386 $ (15) $ 2,371 Hudson Asia Pacific 3,141 2,778 144 2,922 Hudson Europe 1,140 314 10 324 Corporate 484 (1,922) -- (1,922) ------------------------------------------- Total $ 6,006 $ 3,556 $ 139 $ 3,695 ------------------------------------------- (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 Highland Group 212-351-7216 david.kirby@hudson.com News Source: NASDAQ OMX 23.02.2012 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 Highland Group, Inc. United States Phone: Fax: E-mail: Internet: ISIN: US4437921061 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found