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Hudson Highland Group Reports 2011 Second Quarter Financial Results

Hudson Highland Group Reports 2011 Second Quarter Financial Results

Hudson Highland Group, Inc. (Nasdaq:HHGP), one of the world's leading providers of permanent recruitment, contract professionals and talent management solutions, today announced financial results for the second quarter ended June 30, 2011.

2011 Second Quarter Summary

--  Revenue of $247.4 million, an increase of 26.9 percent over the second

    quarter of 2010, or 13.8 percent in constant currency

  --  Permanent recruitment remained strong, increasing 28.0 percent from the

    prior year quarter, or 13.3 percent in constant currency

  --  Temporary contracting revenue increased 27.2 percent in the second

    quarter, or 14.8 percent in constant currency, representing the sixth

    consecutive quarter of accelerating growth over the prior year period

  --  Gross margin of $95.5 million, or 38.6 percent of revenue, up 28.6

    percent from the same period last year, or 14.7 percent in constant

    currency

  --  EBITDA* of $7.7 million, or 3.1 percent of revenue, improved from $3.1

    million in the second quarter of 2010

  --  Net income of $4.2 million, or $0.13 per basic and diluted share,

    compared with net income of $0.2 million, or $0.01 per basic and diluted

    share, in the second quarter of 2010

 "Our team delivered solid year-over-year growth on the top and bottom lines in every region of the world," said Manuel Marquez, chairman and chief executive officer of Hudson Highland Group. "We experienced particular market demand strength for our Legal and recruitment process outsourcing (RPO) solutions. While the global economic recovery remains uncertain, the quality and experience of our consultant base and geographic breadth should help us deliver further financial performance gains during the second half of the year."

"Improving net income and solid operating cash flow during the quarter reflect productivity improvements, return on key investments and market recognition of our service value," added Mary Jane Raymond, the company's chief financial officer. "Our year-to-date results also reflect some benefits of worldwide currency movements, though that could vary during the second half given the global environment."

--  Europe gross margin was up 9.7 percent, led by 10.5 percent growth in

    continental Europe and 9.0 percent growth in the U.K., compared with

    second quarter 2010

  --  Australia/New Zealand gross margin was up 16.4 percent compared with the

    prior year period, led by 27.5 percent growth in permanent recruitment

  --  Americas gross margin was up 29.5 percent compared with the prior year

    period, driven by 20.4 percent growth in temporary contracting and good

    improvements in permanent recruitment

  --  Asia gross margin was up 14.0 percent compared with second quarter 2010

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