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Hudson Global Reports 2013 Second Quarter Results

Stocks in this article: HSON

Gaining traction with sequential quarterly improvements compared to first quarter 2013 in revenue, gross margin and EBITDA

Attracting world-class talent, increasing emphasis on disciplined execution

NEW YORK, July 31, 2013 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq:HSON), a leading global talent solutions company, today announced financial results for the second quarter ended June 30, 2013.

2013 Second Quarter Summary

  • Revenue of $171.4 million, down 16.3 percent from the second quarter of 2012, or 15.5 percent in constant currency. Sequentially, revenue was up 3.4 percent or 5.4 percent in constant currency.  
  • Gross margin of $60.5 million, a 21.5 percent decrease from the same period last year, or 21.1 percent in constant currency. Sequentially, gross margin increased 6.8 percent or 8.8 percent in constant currency.  
  • Adjusted EBITDA loss* of $2.5 million, including $0.7 million of costs related to the chief financial officer transition, as compared with positive $3.7 million in the same period last year. Sequentially, adjusted EBITDA improved 48.8 percent or 50.2 percent in constant currency.   
  • Restructuring charges of $1.2 million in the second quarter of 2013, compared with $5.1 million in the second quarter of 2012 and $2.0 million in the first quarter of 2013.  
  • Net loss of $5.8 million, or $0.18 per basic and diluted share, as compared with net income of $0.4 million, or $0.01 per basic and diluted share in the same period last year. Sequentially, net loss improved 29.5 percent.

* Adjusted EBITDA is defined in the segment tables at the end of this release.

"In the second quarter, our business began to stabilize and delivered sequential performance improvements. These are early indicators of progress in our efforts to return to profitability and achieve sustainable top and bottom line growth," said Manuel Marquez, chairman and chief executive officer at Hudson. "Our results this quarter remained below that of a year ago, reflecting the challenges of implementing a transformation plan in a difficult macroeconomic environment.

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