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Hudson revenue falls 13%

February 27 2014

Hudson Global Inc. (NASD: HSON) reported revenue fell 13.4 percent in the fourth quarter to $159.5 million. The decline was 11.9 percent in constant currency. Fourth-quarter gross margin narrowed to 35.7 percent from 36.3 percent.

Americas revenue fell 25.0 percent in the fourth quarter to $29.6 million. Asia Pacific revenue fell 12.8 pecent to $55.4 million, and Europe revenue fell 8.4 percent to $74.5 million.

In Hudson Europe — the company’s largest division — fourth-quarter revenue fell 8.4 percent year over year to $74.5 million, and revenue fell 12.8 percent at Hudson Asia Pacific to $55.4 million.

The New York-based professional staffing firm posted a net loss of $11.3 million in the fourth quarter compared to a net loss of $343,000 in the fourth quarter of the previous year. The 2013 fourth quarter included a business reorganization expense of $2.8 million and $1.3 million in impairment of long-lived assets.

Shares in Hudson fell 3.09 percent in early afternoon trading to $3.45; the company had a market cap of $111.49 million, according to Yahoo!

For the full year 2013, revenue fell 15.1 percent to $660.1 million. Hudson reported a net loss of $30.4 million for the year compared with a net loss of $5.3 million in 2012.


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