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Hudson Gets Aggressive

Hudson Gets Aggressive

Hudson Highland Group, Inc has announced its financial results for the second quarter ended June 30, 2009. Revenue of $173.8 million, a decrease of 42.6% from $303.1 million for the second quarter of 2008, and an increase of $9.1 million or 5.6 percent from the first quarter of 2009. EBITDA loss of $9.6 million, down from EBITDA of positive $10.4 million for the same period in 2008

"Despite an adverse economic environment in the second quarter, we were able to reduce our first quarter adjusted EBITDA loss by 54 percent due to aggressive cost management," said Jon Chait, Hudson Highland Group chairman and chief executive officer. "While we expect the environment to remain challenging, I believe that we have weathered the worst of the declines and there is evidence that market demand levels are beginning to stabilize."

"Our recent office restructuring actions and additional cost reductions are helping to position the company for a profitable future when the recovery takes hold," said Mary Jane Raymond, the company's executive vice president and chief financial officer. "We expect our adjusted EBITDA in the second half of 2009 to improve over the first half of the year, notwithstanding a possible seasonal decline in the third quarter. We expect cash trends to improve as well."

Restructuring Program
During the third quarter of 2009, the company expects to continue to streamline its operations in response to current economic conditions. Last quarter, the company increased the size of the 2009 restructuring plan to $11 - $16 million and expects to incur $1 - $4 million of restructuring charges during the third quarter of 2009. Second quarter restructuring expenses of $3.6 million were related to severance and lease terminations, primarily in Europe and North America.

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