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PRGX Global, Inc. Announces Third Quarter 2013 Financial Results

Operating Highlights

  • Q3 2013 revenue of $53.4M, an increase of 2.5% over Q3 2012 and 6.4% over Q2 2013
  • Q3 2013 Adjusted EBITDA of $10.8M, an increase of 21.9% over Q3 2012 and 34.1% over Q2 2013
  • Q3 2013 gross margin improved 450 basis points over Q3 2012 and 496 basis points over Q2 2013
  • Global Recovery Audit Services achieved gross margin of 45% as cost-to-serve reduction program continues

ATLANTA, Oct. 28, 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 third quarter and nine months ended September 30, 2013.

"I am pleased to report our best quarter for revenue and Adjusted EBITDA since we launched our growth strategy in late 2009. I couldn't be more proud that the PRGX team continues to deliver with excellence to clients while simultaneously transforming our service delivery model," said Romil Bahl, president and chief executive officer. "In our core business of recovery audit, driven by our Service Delivery Model Redesign program, we achieved 45% gross margin. And as a part of our current strategy refresh effort, PRGX 2.0, we are setting even higher targets for the next five years."

"Our Recovery Audit Services – Americas segment continued reducing costs in Q3 2013, driving gross margin above 50% and achieving the highest quarterly Adjusted EBITDA, $12.1 million, since we realigned our segments in 2009. On the revenue side, the segment delivered sequential quarterly growth for the second straight quarter, led by the Canadian team, which continues to ramp up a key win from last year. Successful retention of our existing clients and multiple new client wins also help bolster our confidence in this segment," continued Bahl.

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