- Third consecutive year of revenue growth since launching growth strategy
- Year-over-year revenue growth for the fourth consecutive quarter and 12 of last 13 quarters
- 2012 Adjusted EBITDA increased 28% over 2011
- Q4 2012 Adjusted EBITDA represents the fourth consecutive quarter of year-over-year increase
- 2012 New Services revenue increased 29% over 2011, delivering positive Adjusted EBITDA
ATLANTA, Feb. 25, 2013 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), the world's leading provider of recovery audit services and the pioneer in Profit Discovery™, today announced its unaudited financial results for the fourth quarter and year ended December 31, 2012.
"I am pleased to report our third consecutive year of revenue growth following the launch of our growth strategy in late 2009. The global PRGX team demonstrated year-over-year and sequential revenue growth for each quarter in 2012, but even more impressive was our 28.3% growth in Adjusted EBITDA over 2011, on top of 13% growth in 2011 over 2010. Clearly, PRGX is delivering on the promise of Profit Discovery," said Romil Bahl, president and chief executive officer.Continued Bahl, "In our core recovery audit business, we continue to reap the benefits of our focus on client services and our service delivery model improvements. The positive results of our Americas business reflect the investments we have made in our core business over the past few years. Despite serving some of our more competitive and mature markets, our Americas team achieved 100% client retention and grew annual revenue by 5% over 2011. In addition, the Americas team lowered total cost of revenue from 2011 while delivering almost $6 million in incremental revenue growth. The fact that our gross margin improvements accelerated in the second half over the first half of 2012 bodes well for the future." "Our Recovery Audit Services – Europe/Asia-Pacific (EAP) team showed stabilization in the fourth quarter with a rebound in revenue and Adjusted EBITDA compared to earlier in the year. While there are continuing economic challenges throughout the region, we believe that as we deploy our global delivery model and invest in our client relationships across the region, our results will improve," said Bahl.