This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PRGX Global, Inc. Announces Second Quarter 2013 Financial Results

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.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs