DGAP-News: Hudson Global Reports 2012 Third Quarter Results
(firmenpresse) - Hudson Global, Inc.
01.11.2012 12:00
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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 investorinformation 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
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Revenue $ 187,873 $ 245,081 $ 593,301 $ 710,998
Direct costs 120,207 152,089 375,359 441,341
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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
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Total operating expenses 69,266 86,842 226,409 257,014
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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
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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
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Net income (loss) $ (2,165) $ 3,382 $ (4,992) $ 7,600
===========================================
Earnings (loss) per share:
Basic $ (0.07) $ 0.11 $ (0.16) $ 0.24
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Diluted $ (0.07) $ 0.11 $ (0.16) $ 0.24
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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
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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
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Total assets $ 199,826 $ 216,546
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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
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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
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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)
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Total stockholders' equity 106,709 107,357
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Total liabilities and stockholders' equity $ 199,826 $ 216,546
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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
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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
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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
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EBITDA (loss) (1) $ 1,459 $ 5,223 $ 2,020 $ (1,253) $ 7,449
Depreciation and amortization 1,537
expenses
Interest expense (income), 328
netProvision 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
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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
netProvision for (benefit from) income (4,119)
taxes
----------
Net income (loss) $ 394
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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
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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
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Revenue, from external $ 129,758 $ 224,627 $ 238,916 $ -- $ 593,301
customers
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Gross margin, from $ 33,776 $ 91,067 $ 93,099 $ -- $ 217,942
external customers
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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
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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
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Gross margin, from $ 37,040 $ 113,323 $ 119,294 $ -- $ 269,657
external customers
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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
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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(at)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.
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---------------------------------------------------------------------------
Language: English
Company: Hudson Global, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US4437921061
WKN:
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