$HSON
Hudson Global, Inc.

2014 Q1 Form 10-Q Financial Statement

#000121070814000007 Filed on May 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $144.2M $165.7M
YoY Change -12.98% -17.4%
Cost Of Revenue $90.14M $109.0M
YoY Change -17.31% -14.43%
Gross Profit $54.03M $50.99M
YoY Change 5.95% -30.34%
Gross Profit Margin 37.48% 30.78%
Selling, General & Admin $55.92M $61.59M
YoY Change -9.21% -17.29%
% of Gross Profit 103.5% 120.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.488M $1.648M
YoY Change -9.71% 9.5%
% of Gross Profit 2.75% 3.23%
Operating Expenses $55.92M $61.59M
YoY Change -9.21% -17.29%
Operating Profit -$3.374M -$8.639M
YoY Change -60.94% 133.36%
Interest Expense -$139.0K -$146.0K
YoY Change -4.79% -9.32%
% of Operating Profit
Other Income/Expense, Net -$196.0K $270.0K
YoY Change -172.59% -6850.0%
Pretax Income -$3.710M -$8.418M
YoY Change -55.93% 117.69%
Income Tax $402.0K -$177.0K
% Of Pretax Income
Net Earnings -$4.544M -$8.242M
YoY Change -44.87% 155.88%
Net Earnings / Revenue -3.15% -4.97%
Basic Earnings Per Share -$0.14 -$0.25
Diluted Earnings Per Share -$0.14 -$0.25
COMMON SHARES
Basic Shares Outstanding 32.64M shares 32.34M shares
Diluted Shares Outstanding 32.64M shares 32.34M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.10M $32.50M
YoY Change -32.0% 30.52%
Cash & Equivalents $22.11M $32.51M
Short-Term Investments
Other Short-Term Assets $11.50M $11.80M
YoY Change -2.54% -15.11%
Inventory
Prepaid Expenses
Receivables $98.82M $103.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $132.9M $147.3M
YoY Change -9.77% -14.01%
LONG-TERM ASSETS
Property, Plant & Equipment $14.10M $18.91M
YoY Change -25.42% 5.06%
Goodwill $2.024M $2.026M
YoY Change -0.1% 1.4%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.918M $5.984M
YoY Change -1.1% -0.63%
Total Long-Term Assets $26.56M $35.11M
YoY Change -24.36% 1.98%
TOTAL ASSETS
Total Short-Term Assets $132.9M $147.3M
Total Long-Term Assets $26.56M $35.11M
Total Assets $159.5M $182.5M
YoY Change -12.58% -11.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.618M $7.878M
YoY Change 9.39% -32.86%
Accrued Expenses $63.30M $59.40M
YoY Change 6.57% -16.92%
Deferred Revenue
YoY Change
Short-Term Debt $547.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $72.49M $67.24M
YoY Change 7.81% -19.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.465M $6.959M
YoY Change -21.47% -34.31%
Total Long-Term Liabilities $5.465M $6.959M
YoY Change -21.47% -34.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.49M $67.24M
Total Long-Term Liabilities $5.465M $6.959M
Total Liabilities $88.26M $85.58M
YoY Change 3.13% -13.25%
SHAREHOLDERS EQUITY
Retained Earnings -$422.0M -$395.3M
YoY Change 6.75% -1.31%
Common Stock $476.0M $474.1M
YoY Change 0.4% 0.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $967.0K $732.0K
YoY Change 32.1% 351.85%
Treasury Stock Shares 240.0K shares 160.0K shares
Shareholders Equity $71.23M $96.87M
YoY Change
Total Liabilities & Shareholders Equity $159.5M $182.5M
YoY Change -12.58% -11.34%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$4.544M -$8.242M
YoY Change -44.87% 155.88%
Depreciation, Depletion And Amortization $1.488M $1.648M
YoY Change -9.71% 9.5%
Cash From Operating Activities -$13.63M -$3.772M
YoY Change 261.4% -47.88%
INVESTING ACTIVITIES
Capital Expenditures -$1.500M -$950.0K
YoY Change 57.89% -47.51%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.498M -$946.0K
YoY Change 58.35% -47.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$159.0K -$473.0K
YoY Change -66.38% -87.94%
NET CHANGE
Cash From Operating Activities -$13.63M -$3.772M
Cash From Investing Activities -$1.498M -$946.0K
Cash From Financing Activities -$159.0K -$473.0K
Net Change In Cash -$15.29M -$5.191M
YoY Change 194.53% -59.97%
FREE CASH FLOW
Cash From Operating Activities -$13.63M -$3.772M
Capital Expenditures -$1.500M -$950.0K
Free Cash Flow -$12.13M -$2.822M
YoY Change 329.91% -48.0%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, &#8220;Presentation of Unrecognized Tax </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB Accounting Standards Codification Topic 740, Income Taxes" </font><font style="font-family:inherit;font-size:10pt;">("ASU 2013-11"). ASU 2013-11 clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. The Company adopted the ASU 2013-11 prospectively on January 1, 2014. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company reclassified </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">$713</font><font style="font-family:inherit;font-size:10pt;"> of its unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward in the </font><font style="font-family:inherit;font-size:10pt;">Condensed Consolidated Balance Sheet. </font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There have been no new accounting pronouncements not yet effective that have significance, or potential significance, to the Company's Condensed Consolidated Financial Statements.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 2 &#8211; DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 (&#8220;Hudson regional businesses&#8221; or &#8220;Hudson&#8221;). The Company provides specialized professional-level recruitment and related talent solutions. The Company&#8217;s core service offerings include Permanent Recruitment, Contract Consulting, Legal eDiscovery, Recruitment Process Outsourcing (&#8220;RPO&#8221;) and Talent Management Solutions.</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">20</font><font style="font-family:inherit;font-size:10pt;"> countries with </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> reportable geographic business segments: Hudson Americas, Hudson Asia Pacific, and Hudson Europe. See Note </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">16</font><font style="font-family:inherit;font-size:10pt;"> for further details regarding the reportable segments. </font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate expenses are reported separately from the reportable segments and pertain to certain functions, such as executive management, corporate governance, human resources, accounting, tax, marketing, information technology 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 included in the segments&#8217; non-operating other income (expense).</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s core service offerings include those services described below.</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Permanent Recruitment:</font><font style="font-family:inherit;font-size:10pt;"> Offered on both a retained and contingent basis, Hudson&#8217;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.</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Contract Consulting:</font><font style="font-family:inherit;font-size:10pt;"> 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 &#8211; either individually or as a team &#8211; are placed with client organizations for a defined period of time based on a client's specific business need.</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Legal eDiscovery:</font><font style="font-family:inherit;font-size:10pt;"> Hudson's Legal eDiscovery services comprise eDiscovery solutions, managed document review (encompassing logistical deployment, project management, process design and productivity management) and contract attorney staffing and are included within temporary contracting services. The most comprehensive of these is Hudson's full-service eDiscovery solution, providing an integrated system of discovery management and review technology deployment for both corporate and law firm clients.</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">RPO:</font><font style="font-family:inherit;font-size:10pt;"> Hudson RPO delivers both permanent recruitment and temporary contracting outsourced recruitment solutions tailored to the individual needs of primarily mid-to-large-cap multinational companies. Hudson RPO's delivery teams utilize state-of-the-art recruitment process methodologies and project management expertise in their flexible, turnkey solutions to meet clients' ongoing business needs. Hudson RPO services include complete recruitment outsourcing, project-based outsourcing, contingent workforce solutions and recruitment consulting.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Talent Management Solutions:</font><font style="font-family:inherit;font-size:10pt;"> Featuring embedded proprietary talent assessment and selection methodologies, Hudson&#8217;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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
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