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Achieved fifth consecutive quarter of year-over-year revenue growth
Achieved fourth consecutive quarter of sequential revenue and adjusted EBITDA growth
Awarded first new state Medicaid healthcare audit contract
Increased client count reflects traction of new sales and services investments
ATLANTA, Feb. 28, 2011 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), the world's leader in recovery auditing and the pioneer in profit discovery services, today announced its unaudited financial results for the fourth quarter and year ended December 31, 2010.
"I am pleased to report our fifth consecutive quarter of year-over-year revenue growth. This building momentum reflects our team's ability to successfully execute our transformation and growth strategy. The business transformation that has been taking place includes reinvesting in our core recovery audit capabilities and adding four new adjacent services. Recent wins across all of our service lines reinforce our belief in the strategy. As we complete our investment program over 2011, we are confident that the results will drive top and bottom-line growth," said Romil Bahl, president and chief executive officer.
"Healthcare recovery audit continues to be an exciting growth area for us and the industry. Last year's federal legislation requiring each state to implement a Recovery Audit Contractor (RAC) program has generated a flurry of activity at the state level. We are very pleased to announce that we have been awarded our first new state Medicaid RAC contract – by the State of Mississippi – and are continuing to evaluate and bid for Medicaid RAC opportunities in additional states that meet our criteria. We look forward to leveraging our experience with both Medicare and state Medicaid RAC programs to compete successfully in the upcoming state Medicaid RAC opportunities," continued Mr. Bahl.
Discussion of Consolidated Results for Three Months Ended December 31, 2010:
Consolidated revenue for the 2010 fourth quarter amounted to $50.3 million compared to $49.5 million in the same prior year period, reflecting a 1.6% increase. After adjustment for changes in foreign exchange rates, consolidated fourth quarter revenues in 2010 increased 2.3% compared to the same period in 2009. Reported revenue for the 2010 fourth quarter increased by $3.4 million, or 7.3%, compared to the third quarter of 2010.