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Hudson revenue rises 9%

April 29, 2010

Hudson Highland Group Inc.'s (NASD: HHGP) first-quarter revenue rose 9.1% to $180.1 million from $165.2 million in the first quarter of last year.

"The first quarter was characterized by improving economic conditions globally, stronger than expected demand for permanent recruitment, and better year-over-year and sequential performance from all of our regional operations," Chairman and CEO Jon Chait said in a press release.

The New York-based professional staffing firm's European revenue rose 15.5% to $76.7 million in the first quarter. Hudson Asia posted a 50.4% increase in revenue to $7.1 million, and Hudson Australia and New Zealand's first-quarter revenue rose 13.7% to $56.8 million.

However, first-quarter revenue fell 10.3% in Hudson's Americas segment to $39.5 million.

Gross margin at the company narrowed to 36.9% from 37.5% in the year-ago quarter.

Hudson posted a first-quarter net loss of $4.2 million compared with a net loss of $5.6 million in the first quarter of 2009.

The company estimated second-quarter revenue of between $190 million and $200 million, a year-over-year increase of between 9.3% and 15.1%.

Hudson Highland Group Inc. (NASD: HHGP)
For the first quarter ended March 31, 2010, compared with the same period in 2009.
Revenue: $180.1 million, +9.1%
Net loss: $4.2 million vs. net loss of $5.6 million