Results Consistent With Guidance
Company Progressing on Path Towards Sustainable Profitability Through Continued, Disciplined Execution
NEW YORK, Oct. 31, 2013 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq:HSON), a leading global talent solutions company, today announced financial results for the third quarter ended September 30, 2013.2013 Third Quarter Summary
- Revenue of $163.6 million, down 12.9 percent from the third quarter of 2012, or 10.0 percent in constant currency. Sequentially, from the second quarter of 2013 to the third quarter of 2013, revenue was down 4.5 percent or 3.2 percent in constant currency, as compared with a decline of 8.3 percent for the same period in 2012.
- Gross margin of $55.8 million, a decrease of 17.5 percent from the third quarter of 2012, or 15.4 percent in constant currency. Sequentially, gross margin decreased 7.8 percent or 6.7 percent in constant currency, as compared with a decrease of 12.2 percent for the same period in 2012.
- Adjusted EBITDA* loss of $2.9 million, as compared with positive $1.5 million in the same period last year. Sequentially, adjusted EBITDA decreased 14.7 percent or 25.7 percent in constant currency.
- Restructuring charges of $0.7 million in the third quarter of 2013, compared with $1.5 million in the third quarter of 2012 and $1.2 million in the second quarter of 2013.
- Net loss of $5.0 million, or $0.15 per basic and diluted share, as compared with net loss of $2.2 million, or $0.07 per basic and diluted share in the same period last year. Sequentially, net loss decreased 13.1 percent.