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Fourth-quarter revenue at the Hudson Highland Group Inc. (NASD: HHGP) rose 1.4% year-over-year. Net income, however, slipped 47.6%.
The company sold its energy and engineering operations and a Netherlands business in the fourth quarter and said earlier this month it's treating them as discontinued operations. In addition, Hudson said it restated earlier earnings reports because earn-outs in a 2005 acquisition originally recorded as purchase price should have been recorded as an expense for the last two quarter of 2006 and first three quarters 2007.
Hudson posted fourth-quarter 2007 revenue of $290.5 million compared with $286.4 million in the same period last year. Fourth-quarter gross margin improved to 44.7% from 41.2% in the previous year.
However, fourth-quarter net income fell to $12.0 million from $22.8 million a year ago.
At Hudson Americas, fourth-quarter revenue slipped 7.8% year-over-year to $68.5 million. However, Hudson Europe revenue rose 0.5% to $115.2 million and Hudson Asia posted a 9.5% increase to $106.8 million.
Full-year 2007 revenue rose 1.8% to $1.18 billion from $1.16 billion in 2006.
Net income for full-year 2007 fell 26.7% to $15.0 million from $20.4 million in 2006. Gross margin increased to 43.1% from 39.7%.
Hudson said it plans to have between $5 million and $7 million in restructuring charges in 2008 as it streamlines operations.
Hudson Highland Group Inc. (NASD: HHGP)
For the fourth quarter ended Dec. 31, 2007, compared with the same period in 2006.
Revenue: $290.5 million, +1.4%
Net income: $12.0 million, -47.6%
For the 2007 fiscal year ended Dec. 31, 2007, compared with the previous year.
Revenue: $1.18 billion, +1.8%
Net income: $15.0 million, -26.7%