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Hudson revenue falls 16% amid transformation effort

July 31 2013

Revenue fell 16.3 percent year over year to $171.4 million in the second quarter at Hudson Global Inc. (NASD: HSON). Chairman and CEO Manuel Marquez said business began to stabilize during the second quarter, citing growth in most markets and RPO client wins.

“Our results this quarter remained below that of a year ago, reflecting the challenges of implementing a transformation plan in a difficult macroeconomic environment,” Marquez said.

Hudson’s revenue decline was in-line with guidance, and was down 15.5 percent in constant currency.

In Hudson Europe — the company’s largest division — second-quarter revenue fell 13.7 percent to $71.2 million.

Second-quarter revenue also fell 17.9 percent at Hudson Americas to $37.3 million and fell 18.3 percent at Hudson Asia Pacific to $62.9 million.

The New York-based professional staffing firm reported second-quarter gross margin narrowed to 35.3 percent from 37.6 percent in the year-ago quarter.

Hudson posted a net loss of $5.8 million compared to net income of $394,000 in the second quarter of 2012. The company reported restructuring charges of $1.2 million in the second quarter compared to $5.1 million in the second quarter of 2012.

The company reported that it hired Anthony Martin as executive vice president, RPO and Talent Management Americas. Martin comes to Hudson from SourceRight. In addition, Hudson hired Tony Caputo as senior vice president, sales and business development, for the Hudson Legal eDiscovery practice. Caputo comes to the company from Recommind. Also, Alexis de Bretteville will now lead Hudson’s French business after coming to the company from Michael Page.

Hudson Global Inc. (NASD: HSON)
For the second quarter ended June 30, 2013, compared with the same period in the previous year.
Revenue: $171.4 million, -16.3 percent
Net loss: $5.8 million vs. net income of $394,000

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