UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 1, 2010
Hudson
Highland Group, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
(State
or other jurisdiction of incorporation)
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000-50129
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59-3547281
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(Commission
File Number)
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(IRS
Employer Identification No.)
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560
Lexington Avenue
New
York, NY 10022
(Address
of Principal Executive Offices)
Registrant’s
telephone number, including area code (212) 351-7300
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (16 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (16 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (16 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (16 CFR
240.13e-4(c)
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ITEM 2.02.
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RESULTS
OF OPERATIONS AND FINANCIAL
CONDITION.
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On
February 1, 2010, Hudson Highland Group, Inc. issued a press release announcing
preliminary financial results for the three months ended December 31, 2009.
A copy of such press release is furnished as Exhibit 99.1 to this Current
Report.
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ITEM 9.01.
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FINANCIAL
STATEMENTS AND EXHIBITS.
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(a)
Financial Statements.
None.
(b) Pro
Forma Financial Information.
None.
(c) Shell
Company Transactions
None.
(d)
Exhibits
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99.1
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Press
Release of Hudson Highland Group, Inc. issued on February 1,
2010.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this Report to be signed on its behalf by the undersigned hereunto
duly authorized.
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HUDSON
HIGHLAND GROUP, INC.
(Registrant)
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By:
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/s/ FRANK P. LANUTO
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Frank
P. Lanuto
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Senior Vice President, Corporate
Controller and Chief Accounting
Officer
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Dated:
February 2, 2010
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Hudson
Highland Group, Inc.
Current
Report on Form 8-K
Exhibit
Index
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Exhibit
Number
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Description
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99.1
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Press
Release of Hudson Highland Group, Inc. issued on February 1,
2010.
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Exhibit 99.1
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For Immediate
Release
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Contact:
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David
F. Kirby
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Hudson
Highland Group
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212-351-7216
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david.kirby@hudson.com
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Hudson
Highland Group Provides Fourth Quarter Update,
Schedules
Conference Call And Webcast
NEW YORK, NY – February 1, 2010 –
Hudson Highland Group, Inc. (Nasdaq: HHGP), one of the world’s leading
providers of permanent recruitment, contract professionals and talent management
solutions, today provided preliminary information about its fourth quarter 2009
results. The company will release its fourth quarter and full-year financial
results for the period ended December 31, 2009 after the market closes on
Wednesday, February 10, 2010.
The
company expects to report that revenue in the fourth quarter of 2009 was eight
percent above the third quarter of 2009, with improvements in
temporary contracting and permanent placement in virtually all of its major
markets. In addition, the company expects to report adjusted
EBITDA of approximately breakeven for the fourth quarter of
2009.
The
company also expects to report reorganization expenses of between $5.5 and $6
million and depreciation and amortization of approximately $3.2 million. A
reconciliation to operating income follows.
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HHGP
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Q4
2009 Expected Range
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|||||||
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Low
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High
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|||||||
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Adjusted
EBITDA
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$ | - | $ | 0.2 | ||||
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Business
reorganization and integration expenses
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6.0 | 5.5 | ||||||
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Depreciation
and amortization
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3.2 | 3.2 | ||||||
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Operating
income (loss)
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$ | (9.2 | ) | $ | (8.5 | ) | ||
The
company uses adjusted EBITDA as the most relevant measure of its regional
operating performance.
The
company will host an analyst conference call to review its results, market
trends and outlook at 9:00 a.m. ET on Thursday, February 11,
2010. The call will be webcast live on the company’s investor
relations Web site: www.hudson.com and
can also be accessed online through Yahoo! Finance at www.yahoo.com. The
archived call will be available for audio replay for one year on the company’s
investor relations Web site: 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
approximately 2,000 professionals serving clients and candidates in more than 20
countries. More information is available at 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 impact of global economic fluctuations including the
recent economic downturn; the ability of clients to terminate their relationship
with the company at any time; risks in collecting our accounts receivable;
implementation of the company’s cost reduction initiatives effectively; the
company’s history of negative cash flows and operating losses may continue; the
company's limited borrowing availability under our credit facility, which may
negatively impact our liquidity; restrictions on the company’s operating
flexibility due to the terms of its credit facility; fluctuations in the
company’s operating results from quarter to quarter; risks relating to the
company’s international operations, including foreign currency fluctuations;
risks related to our investment strategy; risks and financial impact associated
with dispositions of underperforming assets; the company’s heavy reliance on
information systems and the impact of potentially losing or failing to develop
technology; competition in the company’s markets and the company’s dependence on
highly skilled professionals; the company’s exposure to employment-related
claims from both clients and employers and limits on related insurance coverage;
the company’s dependence on key management personnel; volatility of stock price;
the impact of government regulations; financial impact of audits by various
taxing authorities; and restrictions imposed by blocking arrangements.
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 letter. 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.