Hudson Highland Group Pre-Announces Third Quarter Results; Schedules Conference Call and Webcast to Discuss
October 20 2008 - 4:01PM
PR Newswire (US)
NEW YORK, Oct. 20 /PRNewswire-FirstCall/ -- Hudson Highland Group,
Inc. (NASDAQ:HHGP) today announced that it expects third quarter
revenue and adjusted EBITDA to be between $271 - $272 million and
$5.9 - $6.1 million, respectively, compared with guidance on July
30, 2008 of $290 - $305 million and $8 - $11 million. Exchange rate
fluctuations during the quarter reduced reported revenue by
approximately $7 million and adjusted EBITDA by approximately $1
million from exchange rates used to calculate third quarter
guidance. Third quarter results were below previous guidance due
primarily to spreading economic weakness in international markets,
particularly the UK and Australia, and weaker foreign currencies,
as the company reviewed at a recent investor conference and in its
September 18, 2008 Form 8-K regarding third quarter trends. As
discussed at the investor conference, July and August were weaker
than expected, and while September was the strongest month of the
quarter and benefitted from cost reduction actions, it was not
sufficient to overcome the earlier shortfalls. The company also
announced that it will release third quarter financial results for
the period ended September 30, 2008 after the market closes on
October 28, 2008. Management will conduct a live conference call to
be broadcast simultaneously over the Internet to review the
company's quarterly results, market trends and outlook at 9:00 AM
ET on Wednesday, October 29, 2008. Jon Chait, chairman and chief
executive officer, Hudson Highland Group, Mary Jane Raymond,
executive vice president and chief financial officer, and David F.
Kirby, director of investor relations, will host the call.
Individuals wishing to participate can join the conference call by
dialing 1-800-374-1532 followed by the participant passcode
67938698 at 8:50 AM ET. For those outside the United States, please
call in on 1-706-634-5594 followed by the participant passcode
67938698. Hudson Highland Group's conference call can also be
accessed online through Yahoo! Finance at http://www.yahoo.com/ and
the investor information section of the company's website at
http://www.hudson.com/. About 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.hudson.com/.
Safe Harbor Statement This press release contains statements that
the company believes to be "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact included in
this press release, including those under the caption "Guidance"
and other statements regarding the company's future financial
condition, results of operations, business operations and business
prospects, are forward-looking statements. Words such as
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"predict," "believe" and similar words, expressions and variations
of these words and expressions are intended to identify
forward-looking statements. All forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These factors include, but are not limited to, the
company's history of negative cash flows and operating losses may
continue; the ability of clients to terminate their relationship
with the company at any time; the impact of global economic
fluctuations on temporary contracting operations; risks and
financial impact associated with acquisitions and dispositions of
non-strategic assets; the company's reliance on information systems
and technology; competition; fluctuations in operating results;
risks relating to foreign operations, including foreign currency
fluctuations; dependence on highly skilled professionals and key
management personnel; restrictions imposed by blocking
arrangements; exposure to employment-related claims and limits on
insurance coverage related thereto; government regulations;
restrictions on the company's operating flexibility due to the
terms of its credit facility; and the company's ability to maintain
effective internal control over financial reporting. Additional
information concerning these and other factors is contained in the
company's filings with the Securities and Exchange Commission.
These forward-looking statements speak only as of the date of this
press release. The company assumes no obligation, and expressly
disclaims any obligation, to review or confirm analysts'
expectations or estimates or to update any forward-looking
statements, whether as a result of new information, future events
or otherwise. Contact: David F. Kirby Hudson Highland Group
212-351-7216 DATASOURCE: Hudson Highland Group, Inc. CONTACT: David
F. Kirby of Hudson Highland Group, Inc., +1-212-351-7216, Web site:
http://www.hudson.com/
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