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Hudson Global, Inc. (HSON) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Hudson Global, Inc.

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CIK: 1210708 Ticker: HSON


Exhibit 99.1 hsonred.jpg
For Immediate Release 
 
Contact:
ir@hudsonrpo.com

Hudson Global Reports 2018 Fourth Quarter and Full-Year Results

OLD GREENWICH, CT - March 8, 2019 -
Hudson Global, Inc. (Nasdaq: HSON), a leading global talent solutions company, today announced financial results for the fourth quarter and full-year ended December 31, 2018.

2018 Fourth Quarter Summary

•
Revenue of $16.6 million increased 8.7 percent from the fourth quarter of 2017, or 13.3 percent in constant currency.

•
Gross profit of $10.3 million increased 0.8 percent from the fourth quarter of 2017, or 4.6 percent in constant currency.

•
Net loss of $0.6 million, or $0.02 per basic and diluted share, compared to net loss of $2.0 million, or $0.06 per basic and diluted share, for the fourth quarter of 2017.

•
Adjusted EBITDA* loss of $0.3 million, compared to an adjusted EBITDA loss of $0.6 million in the fourth quarter of 2017.

2018 Full-Year Summary

•
Revenue of $66.9 million increased 12.3 percent from 2017, or 12.7 percent in constant currency.

•
Gross profit of $42.1 million increased 0.1 percent from 2017, or 0.2 percent in constant currency.

•
Net income of $7.9 million, or $0.24 per basic and diluted share, compared to net loss of $2.9 million, or $0.09 per basic and diluted share, in 2017.

•
Adjusted EBITDA* loss of $3.9 million, which includes $2.4 million of severance expense, compared to an adjusted EBITDA loss of $0.5 million in 2017.

"We delivered solid revenue and gross profit growth in the fourth quarter in constant currency, particularly so in the Asia Pacific region," said Jeff Eberwein, chief executive officer at Hudson Global. "In addition, we are pleased to report positive cash flow from operations in the fourth quarter. For 2018, we delivered revenue and gross profit growth while also focusing on carving out the RPO business from legacy entities and right-sizing the new company by reducing corporate costs. I am proud of how hard the team has worked over the past year to build the systems and infrastructure necessary for a successful separation from the legacy businesses."

As previously announced, the company sold all of its recruitment agency and talent management businesses in three separate transactions that closed at the end of March 2018. These transactions were all structured as equity sales, meaning all the assets and liabilities of the legacy entities were assumed by the buyers, except for the RPO business which remained with the company but was largely embedded inside the businesses being sold. Since that time, the company has had a strong internal focus on creating new legal entities and obtaining new business licenses in each country in which it operates, creating an accounting and finance system from scratch, as well as creating a new IT system and website. Now that the platform for the operating

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The following information was filed by Hudson Global, Inc. (HSON) on Friday, March 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hudson Global, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts [Schedule] (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss) Statement
Consolidated Statements Of Operations
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies Operating Leases, Rent Expense, Minimum Rentals (Details)
Description Of Business
Description Of Business (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Details (Details)
Discontinued Operations Discontinued Operations - Balance Sheet Disclosures (Details)
Discontinued Operations Discontinued Operations - Expenses (Details)
Discontinued Operations Discontinued Operations - Income Statement Disclosures (Details)
Discontinued Operations Discontinued Operations - Reconciliation (Details)
Discontinued Operations Discontinued Operations - Revenue (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Antidilutive Securities Excluded From The Computation Of Earnings (Loss) Per Share) (Details)
Earnings (Loss) Per Share (Computation Of Basic And Diluted Earnings (Loss) Per Share) (Details)
Earnings (Loss) Per Share (Tables)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes Components Of Income Tax Expense Benefit (Details)
Income Taxes Deferred Tax (Details)
Income Taxes Federal Statutory Income Tax Rate Reconciliation (Details)
Income Taxes Fin 48 Accruals (Details)
Income Taxes Foreign And Domestic Income Before Tax (Details)
Income Taxes Interest And Penalties (Details)
Income Taxes Open Years (Details)
Income Taxes Summary Of Income Tax Contingency (Details)
Restricted Cash
Restricted Cash (Details)
Restricted Cash (Tables)
Revenue, Direct Costs And Gross Margin
Revenue, Direct Costs And Gross Margin (Details)
Revenue, Direct Costs And Gross Margin (Tables)
Segment And Geographic Data
Segment And Geographic Data (Tables)
Segment And Geographic Data Geographic Data Reporting (Details)
Segment And Geographic Data Segment Information (Details)
Shelf Registration And Stockholder Rights Plan
Shelf Registration And Stockholder Rights Plan (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation Restricted Stock Units (Details)
Stock-Based Compensation Stock Options Activity (Details)
Stock-Based Compensation Stock-Based Compensation For The Year (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Subsequent Events (Details)
Subsequent Events (Notes)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Ticker: HSON
CIK: 1210708
Form Type: 10-K Annual Report
Accession Number: 0001210708-19-000005
Submitted to the SEC: Fri Mar 08 2019 11:37:27 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Help Supply Services

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