The Hudson Highland Group Inc. (NASD: HHGP) said today fourth-quarter revenue fell 28.2% year-over-year to $207.4 million. The professional staffing firm posted a net loss of $80.3 million, and reported goodwill and other impairment charges of $67.1 million.

"Uncertainty about the future course of world economies, compounded by unprecedented volatility in the global equity markets, had a significant negative impact during the fourth quarter on both permanent and contract hiring intentions across multiple industries and geographies," said Chairman and CEO Jon Chait. "We expect first quarter demand, historically a seasonal low point, to be soft as well."

The Hudson America's segment posted the smallest decline among the company's divisions in the fourth quarter, down 23.5% year-over-year to $52.4 million.

The Hudson Asia Pacific segment posted the biggest decline, down 33.8% year-over-year to $70.8 million. Hudson Europe's revenue slipped 25.8% to $84.2 million.

Fourth-quarter gross margin narrowed to 41.7%, compared with 44.8% in the year-ago quarter.

Hudson reported a net loss of $80.3 million in the fourth quarter. It had net income of $12.0 million in the fourth quarter of 2007.

For full-year 2008, Hudson's revenue fell 7.9% to $1.08 billion from $1.17 billion in 2007. Full-year gross margin edged down to 43.0% from 43.1%.

Hudson posted a net loss of $74.3 million for 2008, compared with net income of $15.0 million in 2007.

The company did not provide guidance for the first quarter, citing turbulent economic conditions. However, Hudson said it will continue to streamline its operations, and expects $3.0 million to $5.0 million in restructuring charges for the first quarter.

Hudson Highland Group Inc. (NASD: HHGP)
For the fourth quarter ended Dec. 31, 2008, compared with the same period in the previous year.
Revenue: $207.4 million, -28.2%
Net loss: $80.3 million vs. net income of $12.0 million

For the full fiscal year ended Dec. 31, 2008, compared with the previous year.
Revenue: $1.08 billion, -7.9%
Net loss: $74.3 million vs. net income of $15.0 million