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

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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