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TheStreet Open House

PRGX Global, Inc. Announces Second Quarter 2013 Financial Results

Stock quotes in this article: PRGX

Highlights   

  • Q2 Adjusted EBITDA of $7.9M represents an increase of 3.7% over Q2 2012 and was 15.7% of Q2 2013 revenue
  • Q2 revenue of $50.2M increased 11.3% and Adjusted EBITDA increased 80.6%, compared to Q1 2013
  • New Services revenue of $10.0M represented 20% of consolidated Q2 2013 revenue, the highest share to date
  • Continue to audit under Medicare RAC Program subcontracts as company awaits refined RFQ from CMS

ATLANTA, July 29, 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 its unaudited financial results for the second quarter ended June 30, 2013.

"PRGX bounced back after a difficult first quarter. While the top line remains below where we would like, Adjusted EBITDA recovered nicely in the second quarter as the PRGX team continues to demonstrate its ability to deliver in a challenging environment," said Romil Bahl, president and chief executive officer.

"In our Recovery Audit Services segments, the Americas resolved the majority of issues that negatively impacted our retail and commercial businesses in Q1. In addition, the Americas business continued to drive out costs, growing gross profits 4.9% over Q2 2012 on comparable revenue; this represents an increase of 256 basis points in gross margin percentage. We believe that our Europe/Asia-Pacific business troughed in the first half of 2013, and expect the team's actions will drive improved performance in this segment in the second half of the year," continued Bahl.

"Positive New Services segment performance was headlined by our Healthcare Claims Recovery Audit business which performed well and also benefitted from processing of claims delayed in prior periods. While we are not yet ready to suggest that the double-digit million-dollar quarterly revenue from this segment is sustainable, we are pleased to have achieved our first ever $10 million New Services revenue quarter, and remain excited about the potential of our growth businesses," concluded Bahl.

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