$HSON
Hudson Global, Inc.

2012 Q1 Form 10-Q Financial Statement

#000114420412025604 Filed on May 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $200.6M $218.5M
YoY Change -8.21% 21.34%
Cost Of Revenue $127.4M $137.3M
YoY Change -7.25% 20.79%
Gross Profit $73.21M $81.20M
YoY Change -9.84% 22.29%
Gross Profit Margin 36.5% 37.15%
Selling, General & Admin $74.47M $78.81M
YoY Change -5.51% 15.39%
% of Gross Profit 101.72% 97.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.505M $1.576M
YoY Change -4.51% -31.18%
% of Gross Profit 2.06% 1.94%
Operating Expenses $74.47M $78.81M
YoY Change -5.51% 11.63%
Operating Profit -$3.702M $463.0K
YoY Change -899.57% -111.02%
Interest Expense -$161.0K -$206.0K
YoY Change -21.84% 3.0%
% of Operating Profit -44.49%
Other Income/Expense, Net -$4.000K $487.0K
YoY Change -100.82% -30.43%
Pretax Income -$3.867M $744.0K
YoY Change -619.76% -119.08%
Income Tax -$646.0K $750.0K
% Of Pretax Income 100.81%
Net Earnings -$3.221M -$6.000K
YoY Change 53583.33% -99.86%
Net Earnings / Revenue -1.61% 0.0%
Basic Earnings Per Share -$0.10 $0.00
Diluted Earnings Per Share -$0.10 $0.00
COMMON SHARES
Basic Shares Outstanding 31.77M shares 31.33M shares
Diluted Shares Outstanding 31.77M shares 31.33M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.90M $28.30M
YoY Change -12.01% 17.43%
Cash & Equivalents $24.93M $28.31M
Short-Term Investments
Other Short-Term Assets $13.90M $14.00M
YoY Change -0.71% 1.45%
Inventory
Prepaid Expenses
Receivables $132.6M $145.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $171.3M $187.9M
YoY Change -8.81% 24.35%
LONG-TERM ASSETS
Property, Plant & Equipment $18.00M $16.10M
YoY Change 11.8% -10.06%
Goodwill $1.998M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.022M $18.40M
YoY Change -67.27% 48.39%
Total Long-Term Assets $34.43M $34.50M
YoY Change -0.2% 13.86%
TOTAL ASSETS
Total Short-Term Assets $171.3M $187.9M
Total Long-Term Assets $34.43M $34.50M
Total Assets $205.8M $222.4M
YoY Change -7.47% 22.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.73M $11.70M
YoY Change 0.29% -8.59%
Accrued Expenses $71.50M $84.60M
YoY Change -15.48% 24.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $11.20M
YoY Change -100.0% -1.75%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.19M $107.5M
YoY Change -22.61% 16.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.59M $18.60M
YoY Change -43.05% 0.54%
Total Long-Term Liabilities $10.59M $18.60M
YoY Change -43.05% 0.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.19M $107.5M
Total Long-Term Liabilities $10.59M $18.60M
Total Liabilities $98.65M $126.1M
YoY Change -21.77% 14.12%
SHAREHOLDERS EQUITY
Retained Earnings -$400.5M
YoY Change
Common Stock $471.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $162.0K
YoY Change
Treasury Stock Shares 34.00K shares
Shareholders Equity $107.1M $96.30M
YoY Change
Total Liabilities & Shareholders Equity $205.8M $222.4M
YoY Change -7.47% 22.6%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income -$3.221M -$6.000K
YoY Change 53583.33% -99.86%
Depreciation, Depletion And Amortization $1.505M $1.576M
YoY Change -4.51% -31.18%
Cash From Operating Activities -$7.237M -$10.12M
YoY Change -28.47% -31.73%
INVESTING ACTIVITIES
Capital Expenditures -$1.810M -$1.030M
YoY Change 75.73% -6.36%
Acquisitions
YoY Change
Other Investing Activities $0.00 $250.0K
YoY Change -100.0% -92.86%
Cash From Investing Activities -$1.809M -$778.0K
YoY Change 132.52% -132.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$3.921M 9.293M
YoY Change -142.19% 944.16%
NET CHANGE
Cash From Operating Activities -$7.237M -10.12M
Cash From Investing Activities -$1.809M -778.0K
Cash From Financing Activities -$3.921M 9.293M
Net Change In Cash -$12.97M -1.602M
YoY Change 709.43% -86.11%
FREE CASH FLOW
Cash From Operating Activities -$7.237M -$10.12M
Capital Expenditures -$1.810M -$1.030M
Free Cash Flow -$5.427M -$9.087M
YoY Change -40.28% -33.77%

Facts In Submission

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<div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>NOTE 3 &#x2013; RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> In June 2011, the FASB issued Accounting Standards Update (&#x201C;ASU&#x201D;) ASU 2011-05, &#x201C;<i>Comprehensive Income (Topic 220): Presentation of Comprehensive Income</i>&#x201D;. This standard requires an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This standard does not change the items that must be reported in other comprehensive income, how such items are measured or when they must be reclassified to net income. Additionally, the standard does not affect the calculation or reporting of net income and earnings per share. In December 2011, the FASB issued ASU 2011-12 <i>&#x201C;Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05&#x201D;</i>. ASU 2011-12 deferred certain aspects of ASU 2011-05. Among the new provisions in ASU 2011-05 was a requirement for entities to present reclassification adjustments out of accumulated other comprehensive income by component in both the statement in which net income is presented and the other comprehensive income is presented. This requirement is indefinitely deferred by ASU 2011-12 and will be further deliberated by the FASB at a future date.The standard is effective for interim and annual periods beginning after December 15, 2011 and should be applied retrospectively. <font style="color: black">The Company adopted ASU 2011-05 as of January 1, 2012, and presented</font> the components of other comprehensive income in a single continuous Condensed Consolidated Statement of Operations and Other Comprehensive Income (loss)<font style="color: black">. The Company&#x2019;s adoption of ASU 2011-05 did not have any impact on the Company&#x2019;s results of operations or financial condition</font></p> </div>
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<div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>NOTE 2 &#x2013; DESCRIPTION OF BUSINESS</b></p> <p style="TEXT-INDENT: 23.1pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 23.1pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The Company is comprised of the operations, assets and liabilities of the three Hudson regional businesses of Hudson Americas, Hudson Asia Pacific, and Hudson Europe (&#x201C;Hudson regional businesses&#x201D; or &#x201C;Hudson&#x201D;). The Company</font> provides highly specialized professional-level recruitment and related talent solutions worldwide. The Company&#x2019;s core service offerings include Permanent Recruitment, Contract Consulting, Legal eDiscovery, Recruitment Process Outsourcing (&#x201C;RPO&#x201D;) and Talent Management Solutions.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 23.1pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 23.1pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The Company has operated as an independent publicly-held company since April 1, 2003 when the eResourcing division of Monster Worldwide, Inc., formerly TMP Worldwide, Inc., composed of 67 acquisitions made between 1999 and 2001, was spun off. As of March 31, 2012, the Company had more than 2,000</font> <font style="FONT-SIZE: 10pt">&#xA0;</font><font style="COLOR: black">employees operating in approximately 20 countries with three reportable geographic business segments: Hudson Americas, Hudson Asia Pacific, and Hudson Europe. For the three months ended March&#xA0;31, 2012 and 2011, the amounts and percentages of the Company&#x2019;s gross margins from the three reportable segments were as follows:</font></p> <p style="TEXT-INDENT: 23.1pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"> </p> <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6">For The Three Months Ended March 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6">For The Three Months Ended March 31, 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Gross Margin ($)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">%</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">Gross Margin ($)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">%</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">&#xA0;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 16%">Hudson Americas</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">11,831</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">16.16</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">10,356</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&#xA0;</td> <td style="TEXT-ALIGN: right; WIDTH: 18%">12.75</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Hudson Asia Pacific</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">29,313</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">40.04</td> <td style="TEXT-ALIGN: left">%</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">31,905</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td>&#xA0;</td> <td style="TEXT-ALIGN: left">&#xA0;</td> <td style="TEXT-ALIGN: right">39.29</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Hudson Europe</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 32,064</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 43.80</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">%</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 38,937</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="PADDING-BOTTOM: 1pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 47.96</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 73,208</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 100.00</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">%</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 81,198</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="PADDING-BOTTOM: 2.5pt">&#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &#xA0;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 100.00</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">%</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"> </p> <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"> </p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">The Company&#x2019;s core service offerings include those services described below.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Permanent Recruitment:</i> Offered on both a retained and contingent basis, Hudson&#x2019;s Permanent Recruitment services leverage its consultants, psychologists and other professionals in the development and delivery of its proprietary methods to identify, select and engage the best-fit talent for critical client roles.</p> <p style="TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Contract Consulting:</i> In Contract Consulting, Hudson provides a range of project management, interim management and professional contract staffing services. These services draw upon a combination of specialized recruiting and project management competencies to deliver a wide range of solutions. Hudson-employed professionals &#x2013; either individually or as a team &#x2013; are placed with client organizations for a defined period of time based on specific business need.</p> <p style="TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Legal eDiscovery:</i> Hudson&#x2019;s Legal eDiscovery services are composed of eDiscovery solutions, managed document review (encompassing logistical deployment, project management, process design and productivity management), and contract attorney staffing. The most comprehensive of these is the Company&#x2019;s full-service eDiscovery solution, providing an integrated system of discovery management and review technology deployment for both corporate and law firm clients.</p> <p style="TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>RPO:</i> Hudson RPO delivers outsourced recruitment solutions tailored to the individual needs of mid to large-cap multinational companies. Hudson RPO&#x2019;s delivery teams utilize state-of-the-art recruitment process methodologies and project management expertise in their flexible, turnkey solutions to meet clients&#x2019; ongoing business needs. Hudson RPO services include complete recruitment outsourcing, project-based outsourcing, contingent workforce solutions and recruitment consulting.</p> <p style="TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Talent Management Solutions:</i> Featuring embedded proprietary talent assessment and selection methodologies, Hudson&#x2019;s Talent Management capability encompasses services such as talent assessment (utilizing a variety of competency, attitude and experiential testing), interview training, executive coaching, employee development and outplacement.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 23.05pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 26, 2012, at the annual meeting of Stockholders, the Company received stockholders&#x2019; approved to change the Company&#x2019;s corporate name to &#x201C;Hudson Global, Inc.&#x201D; from &#x201C;Hudson Highland Group, Inc.&#x201D; The Company&#x2019;s name change became effective on April 26, 2012. The Company also changed its trading symbol on Nasdaq Stock Market to &#x201C;HSON&#x201D; from &#x201C;HHGP,&#x201D; effective on April 30, 2012.</p> <p style="TEXT-INDENT: 23.1pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Reporting Segments</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 23.1pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In the fourth quarter of 2011, the Company reorganized its leadership team to align the Company&#x2019;s operations with its business strategy to run its global operations in three regions. As a result, the Company revised its reportable segments by aggregating the segments of Hudson Australia New Zealand and Hudson Asia into one segment, Hudson Asia Pacific. The Company has reclassified information for the three months ended March 31, 2011 to reflect this change to the segment reporting in accordance with the requirements of Financial Accounting Standards Board (&#x201C;FASB&#x201D;) Accounting Standards Codification (&#x201C;ASC&#x201D;) 280-10-50-1 to 9 &#x201C;<i>Operating Segments&#x201D;</i> and ASC 280-10-50-10 <i>&#x201C;Reportable Segments.</i>&#x201D; See Note 15 for further details.</p> <p style="TEXT-INDENT: 23.1pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-INDENT: 23.1pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Corporate expenses are reported separately from the three reportable segments and pertain to certain functions, such as executive management, corporate governance, human resources, accounting, tax and treasury. A portion of these expenses are attributed to the reportable segments for providing the above services to them and have been allocated to the segments as management service fees and are <font style="BACKGROUND-COLOR: white">included in the segments&#x2019; non-operating</font> other income (expense).</p> </div>
CY2012Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1505000
CY2012Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
36561000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3702000
CY2012Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-117000
CY2012Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
200590000
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
74465000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-646000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-12372000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31765000 shares
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1441000
CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
595000
CY2012Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
39975000
CY2012Q1 us-gaap Interest Paid
InterestPaid
93000
CY2012Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
921000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31765000 shares
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3921000
CY2012Q1 hson Restricted Shares Turned In For Tax Withholding Value
RestrictedSharesTurnedInForTaxWithholdingValue
389000

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