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View All NewsHudson revenue rises in Q3, net loss widens
Hudson Global Inc. (NASD: HSON) reported revenue rose 7.2 percent in the third quarter to $149.3 million. Revenue from continuing operations rose 4.3 percent in constant currency.
However, net loss at the New York-based professional staffing firm increased to $7.0 million from a net loss of $5.0 million in the prior year’s third quarter.
Hudson is selling its legal eDiscovery business and previously ceased direct operations in Sweden. Third-quarter results treat both businesses as discontinued operations. Other than net income, its financial information refers to continuing operations only.
Hudson reported reorganization expenses of $794,000 in the third quarter compared with $594,000 in the third quarter of 2013.
Quote
“Having successfully sold our Legal eDiscovery business, we are narrowing our focus and enhancing our ability to deliver improved results from our core business lines,” said Chairman and CEO Manolo Marquez. “We expect to continue to invest selectively to accelerate growth in our core businesses, while driving additional efficiencies in our operations to deliver sustained profitability.”
Revenue
| Q3 2014 ($000s) | Q3 2013 ($000s) | % growth | % constant currency | |
| Revenue | $149,278 | $139,287 | 7.2% | 4.3% |
Revenue by geography
| Q3 2014 ($000s) | Q3 2013 ($000s) | % growth | |
| Hudson Americas | $13,036 | $12,760 | 2.2% |
| Hudson Asia Pacific | $66,990 | $58,274 | 15.0% |
| Hudson Europe | $69,252 | $68,253 | 1.5% |
Gross margin
| Q3 2014 | Q3 2013 | |
| Gross margin | 37.3% | 36.2% |
Net loss
| Q3 2014 ($000s) | Q3 2013 ($000s) | |
| Net loss | -$7,019 | -$5,047 |
Guidance
Hudson expects fourth-quarter revenue of between $135 million and $145 million.
Share price and market cap
Shares in Hudson were unchanged in early afternoon trading at $3.50; the company had a market cap of $114.16 million, according to Yahoo!