This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

"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.

2 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,063.12 +5.48 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs