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PRGX Global, Inc. Announces Fourth Quarter And Fiscal Year 2010 Financial Results

Stocks in this article: PRGX

Total cost of revenues amounted to $34.0 million in the 2010 fourth quarter compared to $33.0 million in the same prior year period. The increase in cost of revenues exceeded the growth in revenues due to the additional investments the Company is making in its previously announced growth strategies, particularly in healthcare. SG&A for the 2010 fourth quarter was $12.3 million compared to $12.4 million in the fourth quarter of 2009.

Net earnings for the 2010 fourth quarter were $4.1 million, or $0.17 per basic and diluted share, compared to net earnings of $2.0 million, or $0.09 per basic and $0.08 per diluted share for the same period in 2009. The 2010 fourth quarter includes a net tax benefit of $0.4 million. This net benefit resulted from the recognition of a $1.2 million tax credit arising from the purchase accounting entries recorded for a 2010 business acquisition. Without the recognition of the tax credit, fourth quarter 2010 net income would have been $2.9 million, or approximately $0.12 per basic and diluted share.

Adjusted EBITDA for the 2010 fourth quarter was $7.4 million compared to $7.0 million of adjusted EBITDA for the same period in 2009. The 2010 fourth quarter adjusted EBITDA is earnings before interest, taxes, depreciation and amortization (EBITDA) excluding a charge of $0.9 million related to stock-based compensation and a $0.1 million charge for acquisition obligations classified as compensation. The comparable adjusted EBITDA amount for the fourth quarter of 2009 excludes from EBITDA for such period a $0.8 million charge for stock-based compensation and $0.2 million of foreign currency losses on intercompany balances. (Schedule 3 attached to this press release provides a reconciliation of net earnings (loss) to each of EBITDA and adjusted EBITDA.)

Added Mr. Bahl, "Our client services teams are growing our relationships at our current clients to address their needs in the areas of spend optimization, fraud prevention and detection, and profit performance. We have launched a new business development team to focus solely on breaking into new accounts. Our growing client count and our increasing customer satisfaction scores are proof that our client engagement activities are having an impact in the market."

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