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Hudson Global Reports 2012 Full-Year And Fourth Quarter Results

NEW YORK, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq:HSON), a leading global talent solutions company, today announced financial results for the full-year and fourth quarter ended December 31, 2012.

2012 Full-Year Summary

  • Revenue of $777.6 million, a decrease of 16.7 percent from 2011, or 15.8 percent in constant currency.  
  • Gross margin of $284.9 million, or 36.6 percent of revenue, a decrease of 19.6 percent from 2011, or 18.2 percent in constant currency.  
  • Adjusted EBITDA * of $7.5 million, compared with adjusted EBITDA of $24.4 million in 2011.  
  • Restructuring charges of $7.8 million and other income of $0.4 million in 2012.  
  • EBITDA * of $0.1 million in 2012, compared with $23.6 million in 2011.  
  • Net loss of $5.3 million, or $0.17 per basic and diluted share, compared with net income of $10.9 million, or $0.35 per basic share and $0.34 per diluted share, in 2011.

2012 Fourth Quarter Summary

  • Revenue of $184.3 million, a decrease of 17.3 percent from the fourth quarter of 2011, or 18.2 percent in constant currency.  
  • Gross margin of $66.9 million or 36.3 percent of revenue, a decrease of 20.9 percent from the same period in 2011, or 21.6 percent in constant currency.  
  • Adjusted EBITDA * of $3.2 million, compared with adjusted EBITDA of $6.3 million in the fourth quarter of 2011.  
  • Restructuring charges of $0.2 million and other income of $0.6 million in the fourth quarter of 2012.  
  • EBITDA * of $3.5 million, compared with $6.0 million in the fourth quarter of 2011.  
  • Net loss of $0.3 million, or $0.01 per basic and diluted share, compared with net income of $3.3 million, or $0.10 per basic and diluted share, for the fourth quarter of 2011. 

* EBITDA and adjusted EBITDA are defined in the segment tables at the end of this release.

"2012 proved difficult to navigate by any measure. However, despite these market conditions, we were able to deliver positive EBITDA for the full-year, including restructuring charges," said Manuel Marquez, chairman and chief executive officer at Hudson. "We took significant actions throughout the year with two goals in mind: manage through the tough economic environment and reposition the company to thrive during a global economic rebound. As no real recovery is yet in sight, we must continue to focus on strengthening our business foundation, preserving liquidity and making progress in our performance improvements. At the same time, we will continue investing in our strategic initiatives in order to keep us on the path towards long-term success."

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