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

Net earnings for the fourth quarter of 2012 were $1.5 million, or $0.06 per basic and diluted share, compared to net earnings of $1.3 million, or $0.05 per basic and diluted share, for the same period in 2011. The fourth quarter 2012 net earnings include a net tax benefit of $0.3 million compared to a net tax benefit of $1.2 million in the fourth quarter of 2011. The 2012 net tax benefit primarily resulted from the release of a portion of the reserves held for uncertain tax positions, while the 2011 net tax benefit primarily resulted from a reduction of the Company's valuation allowance on deferred tax assets. The 2012 release of a portion of the reserves held for uncertain tax positions also included a reversal of related interest accruals, resulting in negative interest expense of $0.6 million in the fourth quarter of 2012 compared to net interest expense of $0.4 million in the fourth quarter of 2011. Net cash provided by operating activities for the fourth quarter of 2012 was $6.5 million compared to $6.6 million in the fourth quarter of 2011.

Adjusted EBITDA for the fourth quarter of 2012 was $8.2 million compared to $6.4 million for the same period in 2011. The 2012 fourth quarter Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization (EBITDA) excluding a charge of $1.8 million related to stock-based compensation, $1.1 million of transformation severance and related expenses, a $0.1 million charge for acquisition obligations classified as compensation, $0.4 million of wage claim costs and $0.2 million of foreign currency gains on intercompany balances. The comparable Adjusted EBITDA amount for the fourth quarter of 2011 excludes from EBITDA for such period a $1.4 million charge for stock-based compensation, $0.8 million of transformation severance and related expenses, a $0.5 million charge for acquisition transaction costs and acquisition obligations classified as compensation, and $0.2 million of foreign currency losses on intercompany balances. Schedule 3 attached to this press release provides a reconciliation of net earnings to each of EBIT (earnings before interest and taxes), EBITDA and Adjusted EBITDA.

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