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

Stocks in this article: PRGX

Consolidated Results for the Year Ended December 31, 2012

Consolidated revenue for the year ended December 31, 2012 increased 2.7% to $208.5 million, compared to $203.1 million in the prior year. After adjusting for changes in foreign exchange rates, 2012 revenue increased 4.2% compared to 2011.

Recovery Audit Services – Americas revenue for the year ended December 31, 2012 increased 5.0% to $121.6 million compared to $115.8 million in the prior year. On a constant dollar basis, adjusted for changes in foreign exchange rates, Recovery Audit Services – Americas revenue increased by 6.4% compared to 2011.

Recovery Audit Services – Europe Asia/Pacific revenue for the year ended December 31, 2012 decreased 12.6% to $53.8 million compared to $61.6 million 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 10.0% compared to 2011.

New Services revenue for the year ended December 31, 2012 increased 28.5% to $33.1 million compared to $25.7 million in the prior year. Revenue from New Services represented 15.9% of consolidated revenue in the year ended December 31, 2012 compared to 12.7% of consolidated revenue in 2011.

Total cost of revenue for the year ended December 31, 2012 was $134.4 million compared to $137.5 million in 2011. Cost of revenue was 64.5% of revenue for the year, an improvement from 67.7% in 2011. Cost of revenue as a percentage of revenue in the Recovery Audit Services – Americas segment improved from 56.1% in 2011 to 52.8% in 2012 and in the Recovery Audit Services – Europe/Asia-Pacific segment deteriorated slightly from 76.5% in 2011 to 77.6% in 2012 due primarily to higher transformation severance costs and lower revenue in 2012. The New Services segment posted a gross margin of $4.6 million in 2012 compared to $0.3 million in 2011, resulting primarily from the ramp up of revenue.

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