DGAP-News: Hudson Global Reports 2012 Second Quarter Results
(firmenpresse) - Hudson Global, Inc.
31.07.2012 13:00
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NEW YORK, 2012-07-31 13:00 CEST (GLOBE NEWSWIRE) --
Hudson Global, Inc. (Nasdaq:HSON), a leading global talent solutions company,
today announced financial results for the second quarter ended June 30, 2012.
2012 Second Quarter Summary
-- Revenue of $204.8 million, a decrease of 17.2 percent from the second
quarter of 2011, or 13.8 percent in constant currency.
-- Gross margin of $77.1 million or 37.6 percent of revenue, representing a
19.3 percent decrease from the same period last year, or 15.3 percent in
constant currency.
-- Adjusted EBITDA* of $3.7 million, compared with adjusted EBITDA of $8.1
million in the second quarter of 2011.
-- Restructuring charges of $5.1 million in the second quarter of 2012.
-- EBITDA* loss of $1.9 million, compared with EBITDA of $7.7 million in the
second quarter of 2011.
-- Net income of $0.4 million, or $0.01 per basic and diluted share, compared
with net income of $4.2 million, or $0.13 per basic and diluted share, for
the second quarter of 2011. Net income included $3.0 million of tax benefit
resulting from the settlement of the company's state tax appeal.
* EBITDA and adjusted EBITDA are defined in the segment tables at the end of
this release.
'Our second quarter performance continued to be challenged by deteriorating
global economic conditions,' said Manuel Marquez, chairman and chief executive
officer at Hudson. 'During the quarter, we took substantive actions to
accelerate our strategic transformation and better navigate the economic
environment we face today. We focused on key businesses and made important
progress in streamlining our operations. Our teams around the world made a
concerted effort to execute on our plan, allowing us to advance our long-term
goals while meeting our expected second quarter financial results.'
'The actions implemented in the second quarter significantly helped offset the
impact of our gross margin decline and preserve our liquidity,' said Mary Jane
Raymond, Hudson's chief financial officer. 'The most important element of our
actions has been to advance a leaner front office model, allowing progress
toward an overall more efficient operating structure.'
Strategic Transformation
The company announced in May that the strategic transformation 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, and
establishing a shared services operation and global centers of excellence,
to gain significant efficiencies of operation.
The actions during the second quarter consolidated five offices around the
globe and eliminated 160 positions, resulting in a restructuring charge of $5
million. Year to date, the company has eliminated 180 positions, or 8 percent
of the company's total employee base, resulting in a $6 million charge. During
2012, the total restructuringcharge is expected to be $8 million to $10
million, including $1 million to $2 million in the third quarter. Cost savings
are expected to offset 50 percent of the charge in 2012, with annualized cost
savings of twice the charge expected.
As part of that plan to reposition the business, the company took these
specific actions in the second quarter:
-- Moved leaders into key positions in high potential businesses and markets
including RPO, Legal eDiscovery and Asia.
-- Re-focused field operations on its largest clients around the globe,
shifting responsibilities and streamlining the delivery model.
-- Sharpened the focus of the IT Practice in the Americas on its largest
markets and clients, consolidating offices and reducing headcount.
-- Reduced management and support services in underperforming markets in
France, U.K., Middle East and Financial Solutions in the Americas.
-- Removed organizational layers and associated support positions in Asia
Pacific to get management closer to the client.
-- Streamlined back office operations in the Americas and Asia Pacific.
-- Established shared services in select locations around the world.
-- Consolidated offices to more efficiently support the business and back
office needs through the closing of 5 properties and vacating 14,000 square
feet in the London office.
Regional Highlights
Americas
Hudson Americas' gross margin decreased 5 percent in the second quarter
compared with the prior year period. Permanent recruitment gross margin grew by
41 percent, driven by strong, double-digit growth in RPO. Temporary contracting
gross margin declined by 16 percent, primarily due to reduced project demand in
Legal eDiscovery, compared with a strong second quarter a year ago. SG&A
expenses were tightly controlled through both restructuring and strong cost
management, resulting in a year-over-year reduction of 11 percent, more than
double that of the decline in gross margin. As a result, adjusted EBITDA
increased 33 percent from a year ago, reaching $2.5 million for the second
quarter, or 5.4 percent of revenue, compared with $1.8 million a year ago.
Hudson's IT business in the Americas was named Best in Staffing by the American
Staffing Association for the third consecutive year.
Asia Pacific
Asia Pacific's gross margin was down 18 percent in constant currency in the
second quarter from the prior year period, driven by a 24 percent decline in
permanent recruitment gross margin. Talent Management continued to outperform,
with double-digit gross margin growth in the quarter on increases in assessment
services. SG&A decreased by 14 percent over the same period last year and
headcount was reduced by 16 percent since the second quarter of 2011. Adjusted
EBITDA declined to $3.7 million, or 4.8 percent of revenue, from $6.1 million
in the second quarter of 2011.
Europe
Gross margin in Europe was down 16 percent in constant currency in the second
quarter compared with the second quarter of 2011, as the European economic
crisis continues to impact business across the region. Slower 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
drove continental Europe gross margin lower. Despite the debt crisis in Europe,
the Netherlands continued to grow its contract solutions business and Belgium's
business remained resilient. Overall SG&A and headcount were driven down 11
percent and 13 percent, respectively, from the same period a year ago. Adjusted
EBITDA of $2.4 million, or 3.0 percent of revenue, was down from $5.5 million a
year ago.
Liquidity and Capital Resources
The company ended the second quarter of 2012 with $80.3 million in liquidity,
composed of $28.9 million in cash and $51.3 million in availability under its
credit facilities. The company generated $8.2 million in cash flow from
operations during the quarter including $3.9 million of landlord-funded
leasehold improvements in Asia Pacific. The company had$1.5 million in
outstanding borrowings at the end of the second quarter, compared with no
borrowings at the end of the first quarter of 2012.
Business Outlook
Given deteriorating economic conditions and the continuing weakness in the
financial services sector, the company expects sequential third quarter 2012
revenue to decline by as much as 7 percent. Against prior year, revenue may
decline by more than 20 percent at prevailing exchange rates. The company
expects third quarter 2012 adjusted EBITDA between $0 and $2 million before
restructuring charges and anticipates the charge in the quarter will range from
$1 million to $2 million. This compares with revenue of $245.1 million and
adjusted EBITDA of $7.7 million in the third quarter of 2011.
Conference Call/Webcast
Hudson will conduct a conference call today at 9:00 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 more than
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 Six Months Ended
June 30, June 30,
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2012 2011 2012 2011
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Revenue $ 204,838 $ 247,378 $ 405,428 $ 465,917
Direct costs 127,770 151,911 255,152 289,252
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Gross margin 77,068 95,467 150,276 176,665
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Operating expenses:
Selling, general and administrative 73,535 87,405 147,998 166,213
expenses
Depreciation and amortization 1,610 1,636 3,115 3,213
Business reorganization and 5,090 396 6,030 747
integration expenses
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Total operating expenses 80,235 89,437 157,143 170,173
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Operating income (loss) (3,167) 6,030 (6,867) 6,492
Non-operating income (expense):
Interest income (expense), net (189) (375) (349) (581)
Other income (expense), net (369) (5) (375) 482
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Income (loss) before provision for (3,725) 5,650 (7,591) 6,393
income taxes
Provision for (benefit from) income (4,119) 1,426 (4,765) 2,175
taxes
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Net income (loss) $ 394 $ 4,224 $ (2,826) $ 4,218
===========================================
Earnings (loss) per share:
Basic $ 0.01 $ 0.13 $ (0.09) $ 0.13
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Diluted $ 0.01 $ 0.13 $ (0.09) $ 0.13
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Weighted average shares outstanding:Basic 32,122 31,593 31,956 31,501
Diluted 32,486 32,039 31,956 31,939
HUDSON GLOBAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
June 30, December
31,
2012 2011
---------------------
ASSETS
Current assets:
Cash and cash equivalents $ 28,935 $ 37,302
Accounts receivable, less allowance for doubtful 126,026 131,489
accounts of $1,613 and $1,772, respectively
Prepaid and other 13,394 13,132
---------------------
Total current assets 168,355 181,923
Property and equipment, net 21,189 17,838
Deferred tax assets, non-current 11,499 8,628
Other assets 5,608 8,157
---------------------
Total assets $ 206,651 $ 216,546
=====================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,995 $ 12,025
Accrued expenses and other current liabilities 63,724 74,248
Short-term borrowings 1,460 3,384
Accrued business reorganization expenses 4,105 858
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Total current liabilities 80,284 90,515
Other non-current liabilities 6,131 6,388
Deferred rent and tenant improvement contributions 8,666 4,479
Income tax payable, non-current 4,581 7,807
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Total liabilities 99,662 109,189
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 33,280 and 32,776 shares,
respectively
Additional paid-in capital 472,674 470,786
Accumulated deficit (400,116) (397,290)
Accumulated other comprehensive income--translation 34,694 34,255
adjustments
Treasury stock, 61 and 79 shares, respectively, at cost (296) (427)
---------------------
Total stockholders' equity 106,989 107,357
---------------------
Total liabilities and stockholders' equity $ 206,651 $ 216,546
=====================
HUDSON GLOBAL, INC.
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SEGMENT ANALYSIS - QUARTER TO DATE
(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 (4,119)
from) income taxes
----------
Net income (loss) $ 394
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For The Three Months Ended Hudson Hudson Hudson Corporate Total
June 30, 2011 Americas Asia Europe
Pacific
----------------------------------------------------
Revenue, from external $ 50,912 $ 96,275 $ 100,191 $ -- $ 247,378
customers----------------------------------------------------
Gross margin, from external $ 13,022 $ 40,216 $ 42,229 $ -- $ 95,467
customers
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Adjusted EBITDA (loss) (1) $ 1,838 $ 6,099 $ 5,522 $ (5,397) $ 8,062
Business reorganization -- -- 396 -- 396
expenses (recovery)
Office integration expense -- -- -- -- --
Non-operating expense 678 2,289 2,391 (5,353) 5
(income), including
corporate administration
charges
----------------------------------------------------
EBITDA (loss) (1) $ 1,160 $ 3,810 $ 2,735 $ (44) $ 7,661
Depreciation and 1,636
amortization expenses
Interest expense (income), 375
net
Provision for (benefit 1,426
from) income taxes
----------
Net income (loss) $ 4,224
==========
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
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 GLOBAL, INC.
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SEGMENT ANALYSIS - QUARTER TO DATE (continued)
(in thousands)
(unaudited)
For the Three Months Ended Hudson Hudson Hudson Corporate Total
March 31, 2012 Americas Asia Europe
Pacific
-----------------------------------------------------
Revenue, from external $ 45,170 $ 74,263 $ 81,157 $ -- $ 200,590
customers
-----------------------------------------------------
Gross margin, from $ 11,831 $ 29,313 $ 32,064 $ -- $ 73,208
external customers
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Adjusted EBITDA (loss) (1) $ 275 $ 2,124 $ 1,415 $ (4,754) $ (940)
Business reorganization 20 67 720 133 940
expenses (recovery)
Office integration expense -- 316 -- -- 316
Non-operating expense 746 1,733 1,782 (4,256) 5
(income), including
corporate administration
charges
-----------------------------------------------------
EBITDA (loss) (1) $ (491) $ 8 $ (1,087) $ (631) $ (2,201)
Depreciation and amortization 1,505
expenses
Interest expense (income), 160
net
Provision for (benefit from) income (646)
taxes
----------
Net income (loss) $ (3,221)
==========
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 $ 13,662 $ 41,201 $ 38,129 $ -- $ 92,992
external customers
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Adjusted EBITDA (loss) (1) $ 1,956 $ 7,069 $ 3,893 $ (5,233) $ 7,685
Business reorganization -- -- -- -- --
expenses (recovery)
Office integration expense -- -- -- -- --
Non-operating expense 497 1,846 1,873 (3,980) 236
(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
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 GLOBAL, INC.
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SEGMENT ANALYSIS - YEAR TO DATE
(in thousands)
(unaudited)
For The Six Months Ended Hudson Hudson Hudson Corporate Total
June 30, 2012 Americas Asia Europe
Pacific
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Revenue, from external $ 90,656 $ 151,189 $ 163,583 $ -- $ 405,428
customers
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Gross margin, from $ 24,189 $ 61,214 $ 64,873 $ -- $ 150,276
external customers
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Adjusted EBITDA (loss) $ 2,727 $ 5,842 $ 3,855 $ (9,640) $ 2,784
(1)
Business reorganization 769 1,074 3,869 318 6,030
expenses (recovery)
Office integration -- 506 -- -- 506
expense
Non-operating expense 1,691 3,632 3,377 (8,325) 375
(income), including
corporate administration
charges
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EBITDA (Loss) (1) $ 267 $ 630 $ (3,391) $ (1,633) $ (4,127)
Depreciation and 3,115
amortization expenses
Interest expense 349
(income), net
Provision for (benefit (4,765)
from) income taxes
----------
Net income (loss) $ (2,826)
==========
For The Six Months Ended Hudson Hudson Hudson Corporate Total
June 30, 2011 Americas Asia Europe
Pacific
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Revenue, from external $ 96,725 $ 175,291 $ 193,901 $ -- $ 465,917
customers
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Gross margin, from $ 23,379 $ 72,122 $ 81,164 $ -- $ 176,665
external customers
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Adjusted EBITDA (loss) $ 2,046 $ 9,246 $ 9,658 $ (10,498) $ 10,452
(1)
Business reorganization -- -- 747 -- 747
expenses (recovery)
Office integration -- -- -- -- --
expense
Non-operating expense 1,261 3,428 4,001 (9,172) (482)
(income), including
corporate administration
charges
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EBITDA (Loss) (1) $ 781 $ 5,822 $ 4,910 $ (1,326) $ 10,187
Depreciation and 3,213
amortization expenses
Interest expense 581
(income), net
Provision for (benefit 2,175
from) income taxes
----------
Net income (loss) $ 4,218
==========
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
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 GLOBAL, 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'), 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
June 30,
-------------------------------------------
2012 2011
-------------------------------------------
As As Currency Constant
reported reported translati currency
on
-------------------------------------------
Revenue:
Hudson Americas $ 45,487 $ 50,912 $ (19) $ 50,893
Hudson Asia Pacific 76,926 96,275 (4,038) 92,237
Hudson Europe 82,425 100,191 (5,554) 94,637
-------------------------------------------
Total $ 204,838 $ 247,378 $ (9,611) $ 237,767
===========================================
Gross margin:
Hudson Americas $ 12,359 $ 13,021 $ (19) $ 13,002
Hudson Asia Pacific 31,901 40,218 (1,477) 38,741
Hudson Europe 32,808 42,228 (2,952) 39,276
-------------------------------------------
Total $ 77,068 $ 95,467 $ (4,448) $ 91,019
===========================================
SG&A and other non-operating income
(expense) (1):
Hudson Americas $ 10,846 $ 11,856 $ (24) $ 11,832
Hudson Asia Pacific 30,263 36,361 (1,220) 35,141
Hudson Europe 31,979 39,149(2,790) 36,359
Corporate 816 44 (2) 42
-------------------------------------------
Total $ 73,904 $ 87,410 $ (4,036) $ 83,374
===========================================
Business reorganization expenses:
Hudson Americas $ 749 $ -- $ -- $ --
Hudson Asia Pacific 1,007 -- -- --
Hudson Europe 3,149 396 (15) 381
Corporate 185 -- -- --
-------------------------------------------
Total $ 5,090 $ 396 $ (15) $ 381
===========================================
Operating income (loss):
Hudson Americas $ 1,426 $ 1,658 $ 1 $ 1,659
Hudson Asia Pacific 1,730 5,311 (285) 5,026
Hudson Europe (1,062) 4,705 (298) 4,407
Corporate (5,261) (5,644) 6 (5,638)
-------------------------------------------
Total $ (3,167) $ 6,030 $ (576) $ 5,454
===========================================
EBITDA (loss):
Hudson Americas $ 758 $ 1,160 $ 3 $ 1,163
Hudson Asia Pacific 622 3,810 (260) 3,550
Hudson Europe (2,305) 2,735 (149) 2,586
Corporate (1,001) (44) 5 (39)
-------------------------------------------
Total $ (1,926) $ 7,661 $ (401) $ 7,260
===========================================
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).
David F. Kirby
Hudson
212-351-7216
david.kirby(at)hudson.com
News Source: NASDAQ OMX
31.07.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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---------------------------------------------------------------------------
Language: English
Company: Hudson Global, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US4437921061
WKN:
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