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PRGX Global, Inc. Announces Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: PRGX

"Our New Services segment finished the year strong, delivering 51% year-over-year revenue growth for the quarter and 29% annual growth. Our Healthcare Claims Recovery Audit business grew revenue over 2011 while consistently delivering on the Medicare RAC program and winning two additional Medicaid RAC contracts. Our Profit Optimization business also finished 2012 on a positive trajectory, overcoming the weakness experienced at the start of the year. And finally, as was committed to when we initiated our investment phase in the segment, New Services delivered positive Adjusted EBITDA in 2012," concluded Bahl.

Consolidated Results for Three Months Ended December 31, 2012

Consolidated revenue for the fourth quarter of 2012 was $53.1 million compared to $49.9 million in the same prior year period. After adjusting for changes in foreign exchange rates, consolidated fourth quarter revenue in 2012 increased 6.1% compared to the same period in 2011.

Recovery Audit Services – Americas revenue for the fourth quarter of 2012 increased 7.9% to $30.0 million compared to $27.8 million in the same period in the prior year. On a constant dollar basis, adjusted for changes in foreign exchange rates, Recovery Audit Services – Americas revenue increased by 8.0% compared to 2011.

Recovery Audit Services – Europe Asia/Pacific revenue for the fourth quarter of 2012 decreased 11.4% to $14.7 million compared to $16.5 million in the same period in the prior year. On a constant dollar basis, adjusted for changes in foreign exchange rates, Recovery Audit Services – Europe Asia/Pacific revenue decreased by 12.2% compared to 2011.

New Services revenue for the fourth quarter of 2012 increased 51.4% to $8.5 million compared to $5.6 million in the same period in the prior year. The New Services segment represents Healthcare Claims Recovery Audit services and our Profit Optimization services.

Total cost of revenue for the fourth quarter of 2012 was $34.4 million compared to $34.2 million in the fourth quarter of 2011. This result included decreases in both of our recovery audit segments driven by the expanded use of our Next-Generation Recovery Audit service model, offset by an increase in our New Services segment, which primarily was due to higher costs in both our Healthcare Claims Recovery Audit business and our Profit Optimization services incurred to support the increased revenue in these areas. SG&A for the fourth quarter of 2012 was $14.0 million compared to $12.0 million in the fourth quarter of 2011. The increase in SG&A in the fourth quarter of 2012 compared to the 2011 fourth quarter was primarily due to increased equity compensation charges, information systems costs, provisions for bad debts, and wage claim costs.

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