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

Stocks in this article: PRGX

"We have also launched our Next Generation Recovery Audit service with our new PRGX AuditTrax SM auditing platform and PRGX ClaimTrax SM claims management platform, combining the latest technology with our 40 years of audit experience to streamline the entire end-to-end auditing process. In November, we announced the acquisition of The Johnsson Group to add to our core financial and procurement advisory services and add a set of top-tier clients. And we continue to add to our talent around the world, including in our new India center, where the team size nearly doubled from approximately 40 employees three months ago to around 70 today."

"In 2009 we announced our growth strategy with our plan to make 2010 our 'implementation year' and 2011 our 'execution year'. We are excited to have successfully concluded our implementation year and are already seeing revenue growth; we will keep our focus on execution in the year ahead," concluded Mr. Bahl.

Discussion of Segment Results for Three Months Ended December 31, 2010:

Recovery Audit Services - Americas revenues for the 2010 fourth quarter were $30.6 million compared to the prior year's fourth quarter revenues of $29.6 million, an increase of 3.4%. On a constant dollar basis, adjusted for changes in foreign exchange rates, Recovery Audit Services – Americas revenues increased by 2.1% compared to 2009. Gross margin for both periods was significantly impacted by investments the Company is making in its growth strategies. Significant portions of the non-capitalizable amounts of these costs are being absorbed within the Recovery Audit Services - Americas segment cost of revenues.

Recovery Audit Services - Europe Asia/Pacific revenues for the 2010 fourth quarter were $15.0 million compared to $18.3 million in the prior year's fourth quarter, a decrease of 17.9%. On a constant dollar basis, adjusted for changes in foreign exchange rates, Recovery Audit Services – Europe Asia/Pacific fourth quarter 2010 revenues decreased by 13.1% compared to 2009. The 2009 fourth quarter included significant revenue which had been delayed from previous periods. Full year 2010 Europe Asia/Pacific Recovery Audit revenues exceeded the prior year revenues by 9.7%.

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