DGAP-News: Hudson Global Reports 2013 Third Quarter Results
(firmenpresse) - Hudson Global, Inc.
31.10.2013 12:00
---------------------------------------------------------------------------
Results Consistent With Guidance
Company Progressing on Path Towards Sustainable Profitability Through Continued,
Disciplined Execution
NEW YORK, Oct. 31, 2013 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq:HSON),
a leading global talent solutions company, today announced financial results
for the third quarter ended September 30, 2013.
2013 Third Quarter Summary
-- Revenue of $163.6 million, down 12.9 percent from the third quarter of
2012, or 10.0 percent in constant currency. Sequentially, from the second
quarter of 2013 to the third quarter of 2013, revenue was down 4.5 percent
or 3.2 percent in constant currency, as compared with a decline of 8.3
percent for the same period in 2012.
-- Gross margin of $55.8 million, a decrease of 17.5 percent from the third
quarter of 2012, or 15.4 percent in constant currency. Sequentially, gross
margin decreased 7.8 percent or 6.7 percent in constant currency, as
compared with a decrease of 12.2 percent for the same period in 2012.
-- Adjusted EBITDA* loss of $2.9 million, as compared with positive $1.5
million in the same period last year. Sequentially, adjusted EBITDA
decreased 14.7 percent or 25.7 percent in constant currency.
-- Restructuring charges of $0.7 million in the third quarter of 2013,
compared with $1.5 million in the third quarter of 2012 and $1.2 million in
the second quarter of 2013.
-- Net loss of $5.0 million, or $0.15 per basic and diluted share, as compared
with net loss of $2.2 million, or $0.07 per basic and diluted share in the
same period last year. Sequentially, net loss decreased 13.1 percent.
* Adjusted EBITDA is defined in the segment tables at the end of this release.
'Our third quarter results were consistent with our expectations and reflect
the continuing progress we are making to put the business on a path towards
sustainable profitability and top-line growth,' said Manuel Marquez, chairman
and chief executive officer at Hudson. 'Our recently reinforced leadership is
already getting traction, working with their teams to sharpen execution
throughout our organization. Despite the anticipated difficult conditions in
several major markets, particularly Australia, we believe the business is
trending positively overall, and we are gaining momentum as we continue to
reduce our cost base while investing selectively to drive top-line growth.'
Stephen Nolan, chief financial officer at Hudson stated, 'We are working hard
to institutionalize our commitment to improving efficiencies, sustaining
operating leverage, and focusing investments in our key markets to support
revenue growth. Also, importantly, we generated strong cash flow in the
quarter, adding to our solid liquidity position.'
Regional Highlights
Americas
Americas' gross margin decreased 5 percent in the third quarter as compared
with the same period in 2012. Sequentially, gross margin decreased 2 percent,
as compared with a decrease of 22 percent for the same period in 2012. The
quarterly decline versus the third quarter of 2012 was driven primarily by an
18 percent reduction in IT gross margin, while Legal eDiscovery declined by 4
percent. RPO gross margin increased 9 percent compared with the third quarter
of 2012. Actions to reduce costs delivered SG&A* and headcount reductions of 12
percent and 17 percent, respectively, from the same period a year ago,
offsetting all of the gross margin decline from the same quarter a year
earlier. Adjusted EBITDA was $1.3 million for the third quarter, or 3.7 percent
of revenue, compared with $0.8 million, or 1.9 percent of revenue for the same
quarter a year ago and $1.5 million in the second quarter of 2013.
Asia Pacific
Weak economic conditions and reduced hiring in Australia contributed to a gross
margin decline of 23 percent in constant currency in Asia Pacific from the
prior year period. Sequentially, gross margin decreased 8 percent in constant
currency compared with a sequential decline of 9 percent in the same period of
2012. While conditions are difficult for Hudson and competitors alike, Hudson
had some areas of growth. For example, recruitment gross margin in
Australia/New Zealand in contracting and permanent placement increased 2
percent sequentially, while China gross margin increased 14 percent
sequentially. Actions to reduce costs resulted in SG&A* and headcount declines
of 6 percent and 13 percent, respectively, as compared with the same period
last year, offsetting 23 percent of the constant currency gross margin decline.
The region delivered an adjusted EBITDA loss of $0.5 million, or 0.8 percent of
revenue, down from positive adjusted EBITDA of $4.7 million, or 6.4 percent of
revenue in the third quarter of 2012 and $0.7 million in the second quarter of
this year.
Europe
Europe's gross margin declined 12 percent in constant currency compared with
the third quarter of 2012. Sequentially, gross margin declined 7 percent in
constant currency compared with a 13 percent sequential decline a year ago.
Against prior year, gross margin declines were driven primarily by softness in
temporary contracting in the U.K. and talent management in continental Europe.
Sequentially, gross margin in the U.K. increased slightly, as did temporary
contracting in continental Europe, with talent management driving the overall
sequential decline. Actions to address costs across Europe resulted in SG&A*
and headcount reductions of 11 percent and 12 percent, respectively, from the
same period a year ago, offsetting 96 percent of the constant currency gross
margin decline. Adjusted EBITDA of $0.4 million, or 0.6 percent of revenue, was
down from $0.6 million or 0.9 percent of revenue for the quarter a year ago,
and up from $0.1 million in the second quarter of 2013.
* SG&A does not include non-operating expenses and rent redundancy. Refer to
the Segment Analysis later in this document for reconciliation.
Liquidity and Capital Resources
The company ended the third quarter of 2013 with $72.1 million in liquidity,
composed of $33.2 million in cash and $38.8 million in availability under its
credit facilities. This compares with $34.9 million in cash and $49.9 million
in availability under its credit facilities at the end of the third quarter of
2012. The company generated $5.6 million in cash flow from operations during
the quarter and had no outstanding borrowings at the end of the third quarter.
Business Outlook
Given current economic conditions, the company expects fourth quarter 2013
revenue of between $155 million to $165 million and adjusted EBITDA of between
negative $1 million and negative $3 million at prevailing exchange rates. In
the fourth quarter of 2012, revenue was $184.3 million and adjusted EBITDA was
$3.2 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, talentmanagement and eDiscovery. We help our clients and
candidates succeed by leveraging our expertise, deep industry and market
knowledge, and proprietary assessment tools and techniques. Operating in 20
countries through 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 dependence on key management
personnel; the company's ability to attract and retain highly skilled
professionals; the company's ability to collect accounts receivable; the
negative cash flows and operating losses that the company has experienced in
recent periods and may experience from time to time in the future; restrictions
on the company's operating flexibility due to the terms of its credit
facilities; the company's ability to achieve anticipated cost savings through
its cost reduction initiatives; the company's heavy reliance on information
systems and the impact of potentially losing or failing to develop technology;
risks related to providing uninterrupted service to clients; the company's
exposure to employment-related claims from clients, employers and regulatory
authorities, current and former employees in connection with the company's
business reorganization initiatives and limits on related insurance coverage;
the company's ability to utilize net operating loss carry-forwards; 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 Nine Months Ended
September 30, September 30,
--------------------------------------------
2013 2012 2013 2012
--------------------------------------------
Revenue $ 163,587 $ 187,873 $ 500,624 $ 593,301
Direct costs 107,791 120,207 327,648 375,359
--------------------------------------------
Gross margin 55,796 67,666 172,976 217,942
Operating expenses:
Selling, general and 58,679 66,074 183,291 214,070
administrative expenses
Depreciation and amortization 1,529 1,672 4,833 4,788
Business reorganization expenses 728 1,520 3,959 7,551
--------------------------------------------
Total operating expenses 60,936 69,266 192,083 226,409
--------------------------------------------
Operating income (loss) (5,140) (1,600) (19,107) (8,467)
Non-operating income (expense):
Interest income (expense), net (158) (161) (458) (510)
Other income (expense), net 296 591 472 215
--------------------------------------------
Income (loss) before provision for (5,002) (1,170) (19,093) (8,762)
income taxes
Provision for (benefit from) income 45 995 6 (3,770)
taxes
--------------------------------------------
Net income (loss) $ (5,047) $ (2,165) $ (19,099) $ (4,992)
============================================
Earnings (loss) per share:
Basic $ (0.15) $ (0.07) $ (0.59) $ (0.16)
--------------------------------------------
Diluted $ (0.15) $ (0.07) $ (0.59) $ (0.16)
--------------------------------------------
Weighted-average shares
outstanding:
Basic 32,600 32,156 32,468 32,024
Diluted 32,600 32,156 32,468 32,024
HUDSON GLOBAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
September December
30, 31,
2013 2012
---------------------
ASSETS
Current assets:
Cash and cash equivalents $ 33,237 $ 38,653
Accounts receivable, less allowance for doubtful accounts 98,317 107,216
of $1,180 and $1,167, respectively
Prepaid and other 10,676 11,543
---------------------
Total current assets 142,230 157,412
Property and equipment, net 16,389 20,050
Deferred tax assets, non-current 10,495 9,816
Other assets 5,791 6,190
---------------------
Total assets $ 174,905 $ 193,468
=====================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,745 $ 9,292
Accrued expenses and other current liabilities 62,653 55,960
Accrued business reorganization expenses 2,920 1,916
---------------------
Total current liabilities 72,318 67,168
Other non-current liabilities 6,228 7,853
Deferred rent and tenant improvement contributions 6,556 8,061
Income tax payable, non-current 3,956 3,845
---------------------
Total liabilities 89,058 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 33,566 and 33,100 shares,
respectively
Additional paid-in capital 475,325 473,372
Accumulated deficit (406,126) (387,027)
Accumulated other comprehensive income 17,468 20,536
Treasury stock, 208 and 79 shares, respectively, at cost (853) (373)
---------------------
Total stockholders' equity 85,847 106,541
---------------------
Total liabilities and stockholders' equity $ 174,905 $ 193,468
=====================
HUDSON GLOBAL, INC.
SEGMENT ANALYSIS - QUARTER TO DATE
(in thousands)
(unaudited)
For The Three Months Ended Hudson Hudson Hudson Corporate Total
September 30, 2013 Americas Asia Europe
Pacific
----------------------------------------------------
Revenue, from external $ 34,842 $ 58,274 $ 70,471 $ -- $ 163,587
customers----------------------------------------------------
Gross margin, from external $ 9,073 $ 21,348 $ 25,375 $ -- $ 55,796
customers
----------------------------------------------------
Adjusted EBITDA (loss) (1) $ 1,295 $ (460) $ 440 $ (4,158) $ (2,883)
Business reorganization 208 -- 152 368 728
expenses (recovery)
Non-operating expense 433 (335) 913 (1,307) (296)
(income), including
corporate administration
charges
----------------------------------------------------
EBITDA (loss) (1) $ 654 $ (125) $ (625) $ (3,219) $ (3,315)
Depreciation and 1,529
amortization expenses
Interest expense (income), 158
net
Provision for (benefit 45
from) income taxes
----------
Net income (loss) $ (5,047)
==========
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 (4,444) (591)
(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 - QUARTER TO DATE (continued)
(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 external $ 9,245 $ 24,276 $ 26,983 $ -- $ 60,504
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
December 31, 2012 Americas Asia Europe
Pacific
----------------------------------------------------
Revenue, from external $ 39,458 $ 63,517 $ 81,301 $ -- $ 184,276
customers
----------------------------------------------------
Gross margin, from external $ 9,388 $ 26,361 $ 31,175 $ -- $ 66,924
customers
----------------------------------------------------
Adjusted EBITDA (loss) (1) $ 1,379 $ 2,334 $ 3,455 $ (4,017) $ 3,151
Business reorganization (44) 22 213 40 231
expenses (recovery)
Office integration expense (558) -- -- -- (558)
and (gains) on disposal of
business
Non-operating expense 593 975 641 (2,249) (40)
(income), including
corporate administration
charges
----------------------------------------------------
EBITDA (loss) (1) $ 1,388 $ 1,337 $ 2,601 $ (1,808) $ 3,518
Depreciation and 1,650
amortization expenses
Interest expense (income), 124
net
Provision for (benefit 2,086
from) income taxes
----------
Net income (loss) $ (343)
==========
(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 Nine Months Hudson Hudson Hudson Corporate Total
Ended September 30, Americas Asia Europe
2013 Pacific
--------------------------------------------------------
Revenue, from external $ 109,391 $ 177,344 $ 213,889 $ -- $ 500,624
customers
--------------------------------------------------------
Gross margin, from $ 26,462 $ 67,117 $ 79,397 $ -- $ 172,976
external customers
--------------------------------------------------------
Adjusted EBITDA (loss) $ 2,479 $ (175) $ 415 $ (13,028) $ (10,309)
(1)
Business reorganization 516 102 2,579 762 3,959
expenses (recovery)
Office integration 6 -- -- -- 6
expense and (gains) on
disposal of business
Non-operating expense 1,863 495 4,070 (6,900) (472)
(income), including
corporate
administration charges
--------------------------------------------------------
EBITDA (loss) (1) $ 94 $ (772) $ (6,234) $ (6,890) $ (13,802)
Depreciation and 4,833
amortization expenses
Interest expense 458
(income), net
Provision for (benefit 6
from) income taxes
-----------
Net income (loss) $ (19,099)
===========
For The Nine Months Hudson Hudson Hudson Corporate Total
Ended September 30, Americas Asia Europe
2012 Pacific
--------------------------------------------------------
Revenue, from external $ 129,758 $ 224,627 $ 238,916 $ -- $ 593,301
customers
--------------------------------------------------------
Gross margin, from $ 33,776 $ 91,067 $ 93,099 $ -- $ 217,942
external customers
--------------------------------------------------------
Adjusted EBITDA (loss) $ 3,485 $ 10,577 $ 4,505 $ (14,254) $ 4,313
(1)
Business reorganization 1,051 1,264 4,917 319 7,551
expenses (recovery)
Office integration -- 441 -- -- 441
expense and (gains) on
disposal of business
Non-operating expense 2,556 4,855 5,144 (12,770) (215)
(income), including
corporate
administration charges
--------------------------------------------------------
EBITDA (loss) (1) $ (122) $ 4,017 $ (5,556) $ (1,803) $ (3,464)
Depreciation and 4,788
amortization expenses
Interest expense 510
(income), net
Provision for (benefit (3,770)
from) income taxes
-----------
Net income (loss) $ (4,992)
===========
(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 September 30,
2013 2012
-------------------------------------------
As As Currency Constant
reported reported translati currency
on
-------------------------------------------
Revenue:
Hudson Americas $ 34,842 $ 39,102 $ (27) $ 39,075
Hudson Asia Pacific 58,274 73,437 (6,452) 66,985
Hudson Europe 70,471 75,334 348 75,682
-------------------------------------------
Total $ 163,587 $ 187,873 $ (6,131) $ 181,742
===========================================
Gross margin:
Hudson Americas $ 9,073 $ 9,587 $ (26) $ 9,561
Hudson Asia Pacific 21,348 29,852 (2,157) 27,695
Hudson Europe 25,375 28,227 460 28,687
-------------------------------------------
Total $ 55,796 $ 67,666 $ (1,723) $ 65,943
===========================================
SG&A and other non-operating income
(expense) (1):
Hudson Americas $ 8,210 $ 9,692 $ (15) $ 9,677
Hudson Asia Pacific 21,446 26,272 (2,051) 24,221
Hudson Europe 25,876 29,345 625 29,970
Corporate 2,851 174 (1) 173
-------------------------------------------
Total $ 58,383 $ 65,483 $ (1,442) $ 64,041
===========================================
Business reorganization expenses:
Hudson Americas $ 208 $ 282 $ -- $ 282
Hudson Asia Pacific -- 190 13 203
Hudson Europe 152 1,048 (10) 1,038
Corporate 368-- -- --
-------------------------------------------
Total $ 728 $ 1,520 $ 3 $ 1,523
===========================================
Operating income (loss):
Hudson Americas $ 843 $ 221 $ (16) $ 205
Hudson Asia Pacific (1,217) 3,746 (205) 3,541
Hudson Europe (78) (791) (86) (877)
Corporate (4,688) (4,776) -- (4,776)
-------------------------------------------
Total $ (5,140) $ (1,600) $ (307) $ (1,907)
===========================================
EBITDA (loss):
Hudson Americas $ 654 $ (389) $ (10) $ (399)
Hudson Asia Pacific (125) 3,388 (119) 3,269
Hudson Europe (625) (2,165) (153) (2,318)
Corporate (3,219) (171) (1) (172)
-------------------------------------------
Total $ (3,315) $ 663 $ (283) $ 380
===========================================
(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
--------------------------------------------
September June 30, 2013
30,
2013
--------------------------------
As As Currency Constant
reported reported translati currency
on
--------------------------------------------
Revenue:
Hudson Americas $ 34,842 $ 37,327 $ (3) $ 37,324
Hudson Asia Pacific 58,274 62,869 (3,216) 59,653
Hudson Europe 70,471 71,164 821 71,985
--------------------------------------------
Total $ 163,587 $ 171,360 $ (2,398) $ 168,962
============================================
Gross margin:
Hudson Americas $ 9,073 $ 9,245 $ (2) $ 9,243
Hudson Asia Pacific 21,348 24,276 (1,014) 23,262
Hudson Europe 25,375 26,983 345 27,328
--------------------------------------------
Total $ 55,796 $ 60,504 $ (671) $ 59,833
============================================
SG&A and other non-operating income
(expense) (1):
Hudson Americas $ 8,210 $ 8,534 $ (7) $ 8,527
Hudson Asia Pacific 21,446 24,033 (1,192) 22,841
Hudson Europe 25,876 28,615 334 28,949
Corporate 2,851 1,935 (1) 1,934
--------------------------------------------
Total $ 58,383 $ 63,117 $ (866) $ 62,251
============================================
Business reorganization expenses:
Hudson Americas $ 208 $ 325 $ -- $ 325
Hudson Asia Pacific -- -- -- --
Hudson Europe 152 556 5 561
Corporate 368 368 -- 368
--------------------------------------------
Total $ 728 $ 1,249 $ 5 $ 1,254
============================================
Operating income (loss):
Hudson Americas $ 843 $ 961 $ 3 $ 964
Hudson Asia Pacific (1,217) (114) 230 116
Hudson Europe (78) (888) 27 (861)
Corporate (4,688) (5,383) (1) (5,384)
--------------------------------------------
Total $ (5,140) $ (5,424) $ 259 $ (5,165)
============================================
EBITDA (loss):
Hudson Americas $ 654 $ 386 $ 4 $ 390
Hudson Asia Pacific (125) 223 180 403
Hudson Europe (625) (2,155) (4) (2,159)
Corporate (3,219) (2,316) 1 (2,315)
--------------------------------------------
Total $ (3,315) $ (3,862) $ 181 $ (3,681)
============================================
(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
31.10.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group AG.
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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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Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 31.10.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 311290
Anzahl Zeichen: 9482
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 284 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Hudson Global Reports 2013 Third Quarter Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Hudson Global, Inc. (Nachricht senden)
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