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Hudson revenue down 12%

February 11, 2010

The Hudson Highland Group Inc. (NASD: HHGP) reported fourth-quarter revenue fell 12.1% on a year-over-year basis to $182.5 million.

Fourth-quarter gross margin at the New York-based professional staffing firm fell to 38.0% from 40.8% in the year-ago quarter.

Hudson reported a net loss of $10.4 million in the fourth quarter compared with a net loss of $80.3 million in the same period last year.

The company posted a business reorganization charge of $5.9 million in the fourth quarter. It had posted a reorganization charge of $6.2 million in the fourth quarter of 2008 as well as a goodwill impairment charge of $67.1 million.

Full-year revenue fell 36.0% to $691.1 million from $1.08 billion in 2008. Gross margin narrowed to 37.7% from 42.2%.

Hudson recorded a net loss of $40.6 million in 2009 compared with a net loss of $74.3 million in 2008.

Hudson Highland Group Inc. (NASD: HHGP)
For the fourth quarter ended Dec. 31, 2009, compared with the same period in 2008.
Revenue: $182.5 million, -12.1%
Net loss: $10.4 million vs. net loss of $40.6 million

For the full year ended Dec. 31, 2009, compared with the previous year.
Revenue: $691.1 million, -36.0%
Net loss: $40.6 million vs. net loss of $74.3 million