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Hudson Highland Revenue Rises 21%

April 27 2011

Hudson Highland Group Inc.’s (NASD: HHGP) first-quarter revenue rose 21.3 percent to $218.5 million from $180.1 million in the first quarter of last year.

First-quarter revenue rose across all regions on a year-over-year basis:

• Hudson Americas revenue rose 16.0 percent to $45.8 million.
• Hudson Europe revenue rose 22.3 percent to $93.7 million.
• Australia and New Zealand revenue rose 24.6 percent to $70.8 million.
• Hudson Asia revenue rose 15.1 percent to $8.2 million.

Gross margin improved to 37.2 percent in the first quarter from 36.9 percent in the year-ago quarter.

Hudson posted a net loss of $6,000 in the first quarter, compared with a net loss of $4.2 million in the first quarter of 2010.

The company forecast second-quarter revenue of $230.0 million to $240.0 million, a year-over-year increase of between 17.9 percent and 23.1 percent.

“We are encouraged that the demand for our services continues to grow,” said Mary Jane Raymond, Hudson’s interim CEO and CFO. “This quarter was Hudson’s fifth consecutive quarter of increased revenue growth over prior year.”

Raymond became interim CEO in February upon the departure of Jon Chait. Manuel “Manolo” Marquez was named new CEO and chairman on March 7. He will assume the roles after he is able to obtain a U.S. visa.

Hudson Highland Group Inc. (NASD: HHGP)
For the first quarter ended March 31, 2011, compared with the same period in 2010.
Revenue: $218.5 million, +23.1 percent
Net loss: $6,000 vs. net loss of $4.2 million

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