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Hudson revenue falls 13%

October 31 2013

Hudson Global Inc. (NASD: HSON) reported third-quarter revenue fell 12.9 percent year over year to $163.6 million. The decline was 10.0 percent in constant currency.

Chairman and CEO Manuel Marquez said third quarter results were consistent with expectations.

“Despite the anticipated difficult conditions in several major markets, particularly Australia, we believe the business is trending positively overall, and we are gaining momentum as we continue to reduce our cost base while investing selectively to drive top-line growth,” Marquez said.

In Hudson Europe — the company’s largest division — third-quarter revenue fell 6.5 percent year over year to $70.5 million.

Third-quarter revenue also fell 10.9 percent year over year at Hudson Americas to $34.8 million and fell 20.6 percent at Hudson Asia Pacific to $58.3 million.

The New York-based professional staffing firm reported third-quarter gross margin narrowed to 34.1 percent from 36.0 percent in the year-ago quarter.

Hudson posted a net loss of $5.0 million compared to a net loss of $2.2 million in the third quarter of 2012. The company reported restructuring charges of $700,000 in the third quarter compared to $1.5 million in the third quarter of last year.

Hudson Global Inc. (NASD: HSON)
For the third quarter ended Sept. 30, 2013, compared with the same period in the previous year.
Revenue: $163.6 million, -12.9 percent
Net loss: $5.0 million vs. net loss of $2.2 million


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