Hudson Highland Group Confirms Monster Stock Option Restatement Has Minimal Impact on Historical Results
December 20 2006 - 9:28AM
PR Newswire (US)
NEW YORK, Dec. 20 /PRNewswire-FirstCall/ -- Hudson Highland Group,
Inc. (NASDAQ:HHGP) today announced that Monster Worldwide, Inc.'s
December 13, 2006 restatement of its financial statements in its
2005 annual report to reflect stock option accounting effects will
not have any impact on Hudson Highland Group's reported operating
results since its spin-off from TMP Worldwide (now known as
Monster) on April 1, 2003. Additionally, the company confirmed that
Chief Executive Officer Jon Chait, Chief Financial Officer Mary
Jane Raymond and no past or current board member were ever issued
stock options from Monster. The company said that the effect from
Monster's restatement relates to Monster's 2002 financial
statements attributable to Hudson Highland Group as a result of the
spin-off. An adjustment to the 2002 year in Hudson Highland Group's
five-year selected financial data table will be reflected in the
company's 2006 Form 10-K. Monster has preliminarily informed Hudson
Highland Group that the adjustment likely will include an increase
in the 2002 net loss of approximately $12 million and a reduction
of approximately $10 million in net operating loss carry-forwards
from the previously reported total of more than $270 million, for
which the company has reserved essentially all of the tax benefit.
Hudson Highland Group Hudson Highland Group, Inc. is a leading
provider of permanent recruitment, contract professionals and
talent management services worldwide. From single placements to
total outsourced solutions, Hudson helps clients achieve greater
organizational performance by assessing, recruiting, developing and
engaging the best and brightest people for their businesses. The
company employs more than 3,600 professionals serving clients and
candidates in more than 20 countries. More information is available
at http://www.hhgroup.com/. Special Note: Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995: Except
for historical information contained herein, the statements made in
this release constitute forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward-looking
statements involve certain risks and uncertainties, including
statements regarding the company's strategic direction, prospects
and future results. Certain factors, including factors outside of
our control, may cause actual results to differ materially from
those contained in the forward- looking statements, including
economic and other conditions in the markets in which we operate,
risks associated with acquisitions, competition, seasonality and
the other risks discussed in our Form 10-K and our other filings
made with the Securities and Exchange Commission, which discussions
are incorporated in this release by reference. DATASOURCE: Hudson
Highland Group, Inc. CONTACT: David F. Kirby, Hudson Highland
Group, +1-212-351-7216, Web site: http://www.hhgroup.com/
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