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PRGX Global, Inc. Announces Preliminary First Quarter 2013 Financial Results And Provides Outlook For HCRA Services For Remainder Of 2013

Stocks in this article: PRGX

ATLANTA, April 18, 2013 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), the world's leading provider of recovery audit services and the pioneer in Profit Discovery™, today announced certain information relevant to its financial performance in 2013, including preliminary financial results for the quarter ended March 31, 2013 and information pertaining to its Healthcare Claims Recovery Audit (HCRA) service line.

Preliminary Financial Results for Quarter Ended March 31, 2013

  • As indicated during the fourth quarter and full year 2012 earnings call, HCRA results (reported as part of the Company's New Services segment) were negatively impacted in the first quarter of 2013 due to delays in claims processing resulting from changes to Medicare claims processing systems and a temporary drop in findings rates in the first half of the quarter.
  • Recovery Audit (RA) Services – Europe/Asia Pacific (EAP) continued to suffer in the first quarter from macro-economic issues and the loss and bankruptcy (administration) of several clients in Europe.
  • Both RA-EAP and RA-Americas were negatively impacted by delays of large claims at a few clients and certain other audit delays. Revenue related to these claims and delays is expected to be recognized over the balance of the year.
  • Profit Optimization (PO) revenue grew in the first quarter of 2013 compared to the first quarter of 2012 as the Company's PO services continue to gain momentum.
  • For the first quarter of 2013, the Company expects revenue to be in the range of 12% to 14% lower than revenue in the first quarter of 2012, net loss per share to be $(0.01) to ($0.03), and adjusted EBITDA to be in the range of 35% to 45% lower than the same period last year.

The Company's expected results for the first quarter of 2013 are preliminary and subject to completion of the Company's quarterly closing review procedures.

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