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Hudson revenue down 9.6% in 3Q08

October 29 2008

Hudson Highland Group Inc. (NASD: HHGP) posted revenue of $271.4 million for the quarter ended Sept. 30, a decrease of 9.6% from $300.4 million for the same quarter of 2007.

Gross margin for the quarter was 42.3% down from 43.1% from the same period last year. The company posted net loss for the quarter of $0.3 million, compared with net income of $3.6 million in 2007. 

On a year-over-year basis, revenue in Hudson Americas was down 12.1% to $66.5 million; Hudson Europe dropped 13.8%; Asia Pacific dipped 3.5%.

"Our third quarter performance was adversely impacted by weakening economic conditions in all of our major markets around the world," said Jon Chait, Hudson Highland Group chairman and CEO. "Despite the macro-economic environment, we continued to see growth in continental Europe, North America's Legal business and Asia."

During the remainder of 2008, the company expects to have $8 million to $12 million of restructuring charges for the full year, higher than the previous guidance range of $5 million to $7 million, and including $2 million to $6 million for the fourth quarter. The company currently expects fourth quarter revenue of $205 million to $220 million. This compares with revenue of $288.8 million in the fourth quarter of 2007.

Hudson Highland Group Inc. (NASD: HHGP)
For the quarter ended Sept. 30, 2008,
compared with the same period in 2007
Revenue: $271.4 million, -9.6%
Net loss: $309,000 vs. net income of $3.6 million

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