Connecting to LinkedIn...

Blank

Hudson Highland Group Reports 2011 Third Quarter Financial Results

Hudson Highland Group Reports 2011 Third 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 third quarter ended September 30, 2011.

2011 Third Quarter Summary

--  Revenue of $245.1 million, an increase of 22.3 percent over the third

    quarter of 2010, or 13.5 percent in constant currency

  --  Permanent recruitment revenue increased 22.7 percent from the prior year

    quarter, or 13.3 percent in constant currency

  --  Temporary contracting revenue increased 23.6 percent in the third

    quarter, or 15.1 percent in constant currency

  --  Gross margin of $93.0 million, or 37.9 percent of revenue, up 24.0

    percent from the same period last year, or 14.9 percent in constant

    currency

  --  EBITDA* of $7.4 million, or 3.0 percent of revenue, improved from $1.2

    million in the third quarter of 2010

  --  Net income of $3.4 million, or $0.11 per basic and diluted share,

    compared with a net loss of $1.9 million, or $0.06 per basic and diluted

    share, in the third quarter of 2010

* EBITDA is defined in the segment tables at the end of this release and includes other non-operating income.

"Our diversified portfolio of professional recruitment practices and global presence supported the delivery of meaningful year-over-year growth during the third quarter," said Manuel Marquez, chairman and chief executive officer of Hudson Highland Group. "We are also encouraged by the continued momentum of our legal and recruitment process outsourcing (RPO) solution businesses, two practice areas specifically tailored to respond to the growing international needs of our global clients."

"We continued to make strides on profitability metrics in the third quarter," added Mary Jane Raymond, the company's chief financial officer. "Our results are starting to reflect steps we are taking to heighten productivity and leverage, which should help offset the effects of challenging macro-economic conditions."

Regional Results

Regional results for the third quarter in constant currency were:

--  Europe gross margin increased 10.4 percent, led by 12.6 percent growth

    in continental Europe and 8.6 percent growth in the U.K., compared with

    third quarter 2010

  --  Australia/New Zealand gross margin increased 13.3 percent compared with

    the prior year period, led by 22.3 percent growth in permanent

    recruitment

  --  Americas gross margin increased 46.5 percent compared with the prior

    year period, driven by 32.6 percent growth in temporary contracting and

    continued strong growth in permanent recruitment

  --  Asia gross margin increased 4.9 percent compared with third quarter 2010

Tags:

Articles similar to

Articles similar to