DGAP-News: Hudson Global Reports 2013 Second Quarter Results
(firmenpresse) - Hudson Global, Inc.
31.07.2013 13:00
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Gaining traction with sequential quarterly improvements compared to first
quarter 2013 in revenue, gross margin and EBITDA
Attracting world-class talent, increasing emphasis on disciplined execution
NEW YORK, 2013-07-31 01:06 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, 2013.
2013 Second Quarter Summary
-- Revenue of $171.4 million, down 16.3 percent from the second quarter of
2012, or 15.5 percent in constant currency. Sequentially, revenue was up
3.4 percent or 5.4 percent in constant currency.
-- Gross margin of $60.5 million, a 21.5 percent decrease from the same period
last year, or 21.1 percent in constant currency. Sequentially, gross margin
increased 6.8 percent or 8.8 percent in constant currency.
-- Adjusted EBITDA loss* of $2.5 million, including $0.7 million of costs
related to the chief financial officer transition, as compared with
positive $3.7 million in the same period last year. Sequentially, adjusted
EBITDA improved 48.8 percent or 50.2 percent in constant currency.
-- Restructuring charges of $1.2 million in the second quarter of 2013,
compared with $5.1 million in the second quarter of 2012 and $2.0 million
in the first quarter of 2013.
-- Net loss of $5.8 million, or $0.18 per basic and diluted share, as compared
with net income of $0.4 million, or $0.01 per basic and diluted share in
the same period last year. Sequentially, net loss improved 29.5 percent.
* Adjusted EBITDA is defined in the segment tables at the end of this release.
'In the second quarter, our business began to stabilize and delivered
sequential performance improvements. These are early indicators of progress in
our efforts to return to profitability and achieve sustainable top and bottom
line growth,' said Manuel Marquez, chairman and chief executive officer at
Hudson. 'Our results this quarter remained below that of a year ago, reflecting
the challenges of implementing a transformation plan in a difficult
macroeconomic environment.
'However, we believe that we are turning the corner. We had sequential growth
in most markets, significant new RPO client wins, and positive momentum in
Legal eDiscovery. Most importantly, we have attracted world-class talent to
reinforce our leadership team. We enter the next stage of our transformation
with a well-equipped organization to drive disciplined execution and deliver on
the promise of our long-term strategy.'
Stephen Nolan, chief financial officer at Hudson, stated, 'Our priorities are
identifying opportunities to increase our top-line, improve our operating
margin, and drive more effective execution. We were pleased to unlock $2
million in annual cost savings in our European operations. We are assessing the
company's plan to put Hudson on the right path to profitability, and I am
working with the team to accelerate the company's progress.'
Regional Highlights
Americas
Hudson Americas' gross margin decreased 25 percent in the second quarter as
compared with the same period in 2012. Sequentially, gross margin increased 14
percent, led by strong advances in permanent placement in both the IT and RPO
practices.The quarterly decline versus prior year was driven primarily by a 32
percent reduction in eDiscovery gross margin, though the business grew
sequentially with contractor levels increasing 16 percent from April to June.
RPO gross margin decreased 30 percent compared with the second quarter of 2012,
which included revenue from a large client lost during that quarter, which we
expect to be offset going forward by several recent new business wins. Actions
taken to reduce costs delivered SG&A* and headcount reductions of 18 percent
and 22 percent, respectively, from the same period a year ago, offsetting a
significant portion of the gross margin decline from the same quarter a year
earlier. Adjusted EBITDA was $1.5 million for the second quarter, or 4.1
percent of revenue, compared with $2.5 million, or 5.4 percent of revenue for
same quarter a year ago and a loss of $0.4 million in the first quarter of
2013.
Asia Pacific
Continuing uncertainties and reduced hiring in Australia, along with lower
demand from and within China contributed to a gross margin decline of 23
percent in constant currency in Asia Pacific from the prior year period. On a
sequential basis, gross margin increased 17 percent in constant currency in the
second quarter, led by growth in permanent recruitment and a strong quarter in
RPO. Actions taken to reduce costs resulted in an SG&A* decline of 16 percent
and headcount decline of 13 percent from the same period last year, offsetting
62 percent of the gross margin decline. The region delivered adjusted EBITDA of
$0.7 million, or 1.1 percent of revenue, down from $3.7 million, or 4.8 percent
of revenue in the second quarter of 2012 and as compared with a loss of $0.4
million in the first quarter of this year.
Europe
European gross margin declined 18 percent in constant currency compared with
the second quarter of 2012. Sequentially, gross margin increased slightly from
the first quarter of 2013 in constant currency, with growth in most continental
European markets. Gross margin in the U.K. experienced declines from the same
quarter in the prior year in both temporary and permanent recruitment, down 16
percent and 15 percent respectively in constant currency. In continental
Europe, reduced hiring activity continued to impact permanent recruitment, down
25 percent in constant currency. The Netherlands and Spain delivered profitable
EBITDA amidst a difficult economic backdrop. The company executed a
restructuring and renegotiated its major lease agreement in France, which will
result in approximately $2 million in annual cost savings. Actions taken to
address costs across Europe resulted in SG&A* and headcount reductions of 11
percent and 16 percent, respectively, from the same period a year ago,
offsetting 59 percent of the gross margin decline. Adjusted EBITDA of $0.1
million was down from $2.4 million or 3.0 percent of revenue for the quarter a
year ago, and up slightly sequentially.
* SG&A does not include non-operating expenses and rent redundancy. Refer to
the Segment Analysis later in this document for reconciliation.
Experienced Talent Joining Hudson
Hudson has continued to attract world-class industry executives to take
leadership roles in the company.
-- Anthony Martin and Tony Caputo joined Hudson Americas in July to help
accelerate top line growth.
-- Anthony Martin joins as EVP, RPO and Talent Management Americas.
Previously, he held roles leading product development, service delivery and
global strategy for the managed services business of the SourceRight
division of Randstad.
-- Tony Caputo joins as SVP, Sales and Business Development for the Hudson
Legal eDiscovery practice. Previously, he was General Manager of the
Perceptiv and Governance divisions and led Global Sales at Recommind, one
of Hudson's technology partners.
-- Alexis de Bretteville joined to lead Hudson's French business. Previously,
he spent 20 years at Michael Page, where he was most recently a member of
their Global Executive Board and Regional Managing Director of the
Americas.
Liquidity and Capital Resources
The company ended the second quarter of 2013 with $64.1 million in liquidity,
composed of $28.3 million in cash and $35.8 million in availability under its
credit facilities. This compares with $28.9 million in cash and $51.3 million
in availability under its credit facilities at the end of the second quarter of
2012. The company used $3.4 million in cash flow from operations during the
quarter. The company had $0.7 million in outstanding borrowings at the end of
the second quarter.
Business Outlook
Given the slower seasonal period of the third quarter and current economic
conditions, the company expects third quarter 2013 revenue of between $165
million to $175 million and adjusted EBITDA to be between negative $3 million
and negative $5 million at prevailing exchange rates before restructuring
charges. The company anticipates the remaining $0.8 million of board approved
restructuring charges to be incurred in the second half of 2013. In the third
quarter of 2012, revenue was $187.9 million and adjusted EBITDA was $1.5
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.
Financial Tables Follow
HUDSON GLOBAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended June
June 30, 30,
---------------------------------------------
2013 2012 2013 2012
---------------------------------------------
Revenue $ 171,360 $ 204,838 $ 337,037 $ 405,428
Direct costs 110,856 127,770 219,857 255,152
---------------------------------------------
Gross margin 60,504 77,068 117,180 150,276
Operating expenses:
Selling, general and 63,023 73,535 124,613 147,998
administrative expenses
Depreciation and amortization 1,656 1,610 3,304 3,115
Business reorganization expenses 1,249 5,090 3,231 6,030
---------------------------------------------
Total operating expenses 65,928 80,235 131,148,000 157,143
---------------------------------------------
Operating income (loss) (5,424) (3,167) (13,968) (6,867)
Non-operating income (expense):
Interest income (expense), net (155) (189) (300) (349)
Other income (expense), net (94) (369) 177 (375)
---------------------------------------------
Income (loss) before provision for (5,673) (3,725) (14,091) (7,591)
income taxes
Provision for (benefit from) 138 (4,119) (39) (4,765)
income taxes
---------------------------------------------
Net income (loss) $ (5,811) $ 394 $ (14,052) $ (2,826)
=============================================
Earnings (loss) per share:
Basic $ (0.18) $ 0.01 $ (0.43) $ (0.09)=============================================
Diluted $ (0.18) $ 0.01 $ (0.43) $ (0.09)
=============================================
Weighted-average shares
outstanding:
Basic 32,717 32,122 32,532 31,956
Diluted 32,717 32,486 32,532 31,956
HUDSON GLOBAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, December
2013 31,
2012
---------------------
ASSETS
Current assets:
Cash and cash equivalents $ 28,307 $ 38,653
Accounts receivable, less allowance for doubtful accounts 103,586 107,216
of $1,145 and $1,167, respectively
Prepaid and other 11,549 11,543
---------------------
Total current assets 143,442 157,412
Property and equipment, net 16,675 20,050
Deferred tax assets, non-current 9,540 9,816
Other assets 5,704 6,190
---------------------
Total assets $ 175,361 $ 193,468
=====================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 9,144 $ 9,292
Accrued expenses and other current liabilities 57,110 55,960
Short-term borrowings 659 --
Accrued business reorganization expenses 3,191 1,916
---------------------
Total current liabilities 70,104 67,168
Other non-current liabilities 6,389 7,853
Deferred rent and tenant improvement contributions 6,813 8,061
Income tax payable, non-current 3,847 3,845
---------------------
Total liabilities 87,153 86,927
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 33,321 and 33,100 shares,
respectively
Additional paid-in capital 474,904 473,372
Accumulated deficit (401,079) (387,027)
Accumulated other comprehensive income 15,193 20,536
Treasury stock, 204 and 79 shares, respectively, at cost (843) (373)
---------------------
Total stockholders' equity 88,208 106,541
---------------------
Total liabilities and stockholders' equity $ 175,361 $ 193,468
=====================
HUDSON GLOBAL, INC.
SEGMENT ANALYSIS - QUARTER TO DATE
(in thousands)
(unaudited)
For The Three Months Ended Hudson Hudson Hudson Corporate Total
June 30, 2013 Americas Asia Europe
Pacific
-----------------------------------------------------
Revenue, from external $ 37,327 $ 62,869 $ 71,164 $ -- $ 171,360
customers
-----------------------------------------------------
Gross margin, from $ 9,245 $ 24,276 $ 26,983 $ -- $ 60,504
external customers
-----------------------------------------------------
Adjusted EBITDA (loss) (1) $ 1,542 $ 713 $ 87 $ (4,856) $ (2,514)
Business reorganization 325 -- 556 368 1,249
expenses (recovery)
Office integration expense 6 -- -- -- 6
and (gains) on disposal
of business
Non-operating expense 825 490 1,686 (2,908) 93
(income), including
corporate administration
charges
-----------------------------------------------------
EBITDA (loss) (1) $ 386 $ 223 $ (2,155) $ (2,316) $ (3,862)
Depreciation and 1,656
amortization expenses
Interest expense (income), 155
net
Provision for (benefit 138
from) income taxes
----------
Net income (loss) $ (5,811)
==========
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 $ 12,359 $ 31,901 $ 32,808 $ -- $ 77,068
external 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
and (gains) on disposal
of business
Non-operating expense 945 1,901 1,596 (4,071) 371
(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
==========
(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.
SEGMENT ANALYSIS - QUARTER TO DATE (continued)
(in thousands)
(unaudited)
For The Three Months Ended Hudson Hudson Hudson Corporate Total
March 31, 2013 Americas Asia EuropePacific
----------------------------------------------------
Revenue, from external $ 37,223 $ 56,201 $ 72,254 $ -- $ 165,678
customers
----------------------------------------------------
Gross margin, from external $ 8,144 $ 21,492 $ 27,041 $ -- $ 56,677
customers
----------------------------------------------------
Adjusted EBITDA (loss) (1) $ (357) $ (426) $ (112) $ (4,017) $ (4,912)
Business reorganization (17) 102 1,871 26 1,982
expenses (recovery)
Office integration expense -- -- -- -- --
and (gains) on disposal of
business
Non-operating expense 607 339 1,469 (2,685) (270)
(income), including
corporate administration
charges
----------------------------------------------------
EBITDA (loss) (1) $ (947) $ (867) $ (3,452) $ (1,358) $ (6,624)
Depreciation and 1,648
amortization expenses
Interest expense (income), 146
net
Provision for (benefit (177)
from) income taxes
----------
Net income (loss) $ (8,241)
==========
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)
and (gains) on disposal of
business
Non-operating expense 865 1,222 1,766 (4,443) (590)
(income), including
corporate administration
charges----------------------------------------------------
EBITDA (loss) (1) $ (389) $ 3,388 $ (2,165) $ (171) $ 663
Depreciation and 1,672
amortization expenses
Interest expense (income), 161
net
Provision for (benefit 995
from) income taxes
----------
Net income (loss) $ (2,165)
==========
(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.
SEGMENT ANALYSIS - YEAR TO DATE
(in thousands)
(unaudited)
For The Six Months Ended Hudson Hudson Hudson Corporate Total
June 30, 2013 Americas Asia Europe
Pacific
------------------------------------------------------
Revenue, from external $ 74,549 $ 119,070 $ 143,418 $ -- $ 337,037
customers
------------------------------------------------------
Gross margin, from $ 17,389 $ 45,768 $ 54,023 $ -- $ 117,180
external customers
------------------------------------------------------
Adjusted EBITDA (loss) $ 1,184 $ 285 $ (25) $ (8,871) $ (7,427)
(1)
Business reorganization 308 102 2,427 394 3,231
expenses (recovery)
Office integration 6 -- -- -- 6
expense and (gains) on
disposal of business
Non-operating expense 1,430 827 3,155(5,589) (177)
(income), including
corporate administration
charges
------------------------------------------------------
EBITDA (loss) (1) $ (560) $ (644) $ (5,607) $ (3,676) $ (10,487)
Depreciation and 3,304
amortization expenses
Interest expense 300
(income), net
Provision for (benefit (39)
from) income taxes
-----------
Net income (loss) $ (14,052)
===========
For The Six Months Ended Hudson Hudson Hudson Corporate Total
June 30, 2012 Americas Asia Europe
Pacific
------------------------------------------------------
Revenue, from external $ 90,656 $ 151,189 $ 163,583 $ -- $ 405,428
customers
------------------------------------------------------
Gross margin, from $ 24,189 $ 61,214 $ 64,873 $ -- $ 150,276
external customers
------------------------------------------------------
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 and (gains) on
disposal of business
Non-operating expense 1,691 3,632 3,377 (8,325) 375
(income), including
corporate administration
charges
------------------------------------------------------
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)
===========
(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 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 June 30,
2013 2012
-------------------------------------------
As As Currency Constant
reported reported translati currency
on
-------------------------------------------
Revenue:
Hudson Americas $ 37,327 $ 45,487 $ (8) $ 45,479
Hudson Asia Pacific 62,869 76,926 (989) 75,937
Hudson Europe 71,164 82,425 (1,002) 81,423
-------------------------------------------
Total $ 171,360 $ 204,838 $ (1,999) $ 202,839
===========================================
Gross margin:
Hudson Americas $ 9,245 $ 12,359 $ (7) $ 12,352
Hudson Asia Pacific 24,276 31,901 (312) 31,589
Hudson Europe 26,983 32,808 (98) 32,710
-------------------------------------------
Total $ 60,504 $ 77,068 $ (417) $ 76,651
===========================================
SG&A and other non-operating income
(expense) (1):
Hudson Americas $ 8,534 $ 10,846 $ (8) $ 10,838
Hudson Asia Pacific 24,033 30,263 (68) 30,195
Hudson Europe 28,615 31,979 (5) 31,974
Corporate 1,935 816 -- 816
-------------------------------------------
Total $ 63,117 $ 73,904 $ (81) $ 73,823
===========================================
Business reorganization expenses:
Hudson Americas $ 325 $ 749 $ -- $ 749
Hudson Asia Pacific -- 1,007 (73) 934
Hudson Europe 556 3,149 51 3,200
Corporate 368 185 -- 185
-------------------------------------------
Total $ 1,249 $ 5,090 $ (22) $ 5,068
===========================================
Operating income (loss):
Hudson Americas $ 961 $ 1,426 $ 1 $ 1,427
Hudson Asia Pacific (114) 1,730 (158) 1,572
Hudson Europe (888) (1,062) (62) (1,124)
Corporate (5,383) (5,261) 2 (5,259)
-------------------------------------------
Total $ (5,424) $ (3,167) $ (217) $ (3,384)
===========================================
EBITDA (loss):
Hudson Americas $ 386 $ 758 $ -- $ 758
Hudson Asia Pacific 223 622 (170) 452
Hudson Europe (2,155) (2,305) (147) (2,452)
Corporate (2,316) (1,001) -- (1,001)
-------------------------------------------
Total $ (3,862) $ (1,926) $ (317) $ (2,243)
===========================================
(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).
HUDSON GLOBAL, INC.RECONCILIATION FOR CONSTANT CURRENCY (Continued)
(in thousands)
(unaudited)
Three Months Ended
--------------------------------------------
June 30, March 31, 2013
2013
--------------------------------
As As Currency Constant
reported reported translati currency
on
--------------------------------------------
Revenue:
Hudson Americas $ 37,327 $ 37,223 $ (4) $ 37,219
Hudson Asia Pacific 62,869 56,201 (2,426) 53,775
Hudson Europe 71,164 72,254 (663) 71,591
--------------------------------------------
Total $ 171,360 $ 165,678 $ (3,093) $ 162,585
============================================
Gross margin:
Hudson Americas $ 9,245 $ 8,144 $ (3) $ 8,141
Hudson Asia Pacific 24,276 21,492 (829) 20,663
Hudson Europe 26,983 27,041 (247) 26,794
--------------------------------------------
Total $ 60,504 $ 56,677 $ (1,079) $ 55,598
============================================
SG&A and other non-operating income
(expense) (1):
Hudson Americas $ 8,534 $ 9,105 $ (5) $ 9,100
Hudson Asia Pacific 24,033 22,237 (627) 21,610
Hudson Europe 28,615 28,647 (264) 28,383
Corporate 1,935 1,330 2 1,332
--------------------------------------------
Total $ 63,117 $ 61,319 $ (894) $ 60,425
============================================
Business reorganization expenses:
Hudson Americas $ 325 $ (17) $ -- $ (17)
Hudson Asia Pacific -- 102 (6) 96
Hudson Europe 556 1,871 34 1,905
Corporate 368 26 -- 26
--------------------------------------------
Total $ 1,249 $ 1,982 $ 28 $ 2,010
============================================
Operating income (loss):
Hudson Americas $ 961 $ (592) $ 1 $ (591)
Hudson Asia Pacific (114) (1,359) (156) (1,515)
Hudson Europe (888) (2,388) 23 (2,365)
Corporate (5,383) (4,203) -- (4,203)
--------------------------------------------
Total $ (5,424)$ (8,542) $ (132) $ (8,674)
============================================
EBITDA (loss):
Hudson Americas $ 386 $ (947) $ 2 $ (945)
Hudson Asia Pacific 223 (867) (201) (1,068)
Hudson Europe (2,155) (3,452) (17) (3,469)
Corporate (2,316) (1,358) -- (1,358)
--------------------------------------------
Total $ (3,862) $ (6,624) $ (216) $ (6,840)
============================================
(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
31.07.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group 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
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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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Datum: 31.07.2013 - 13:00 Uhr
Sprache: Deutsch
News-ID 283309
Anzahl Zeichen: 2541
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Kategorie:
Business News
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