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): October 20, 2008

 

 

Hudson Highland Group, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

(State or other jurisdiction of incorporation)

 

000-50129		59-3547281
(Commission File Number)		(IRS Employer Identification No.)

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:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (16 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (16 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (16 CFR 240.14d-2(b))

 

¨	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.

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 20, 2008, Hudson Highland Group, Inc. issued a press release announcing expected revenue and adjusted EBITDA for its third quarter ended September 30, 2008. A copy of such press release is furnished as Exhibit 99.1 to this Current Report.

 

ITEM 9.01.

FINANCIAL STATEMENTS AND EXHIBITS.

(a) Financial Statements.

None.

(b) Pro Forma Financial Information.

None.

(c) Shell Company Transactions

None.

(d) Exhibit

 

99.1		Press Release of Hudson Highland Group, Inc. issued on October 20, 2008.

 

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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.

Current Report on Form 8-K

Exhibit Index

 

Exhibit Number		Description
99.1		Press Release of Hudson Highland Group, Inc. issued on October 20, 2008.

Exhibit 99.1

 

For Immediate Release		Contact:		David F. Kirby
				Hudson Highland Group
				212-351-7216
				david.kirby@hudson.com

Hudson Highland Group Pre-announces Third Quarter Results;

Schedules Conference Call and Webcast to Discuss

NEW YORK, NY – October 20, 2008 – 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 www.yahoo.com and the investor information section of the company’s website at www.hudson.com.

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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 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.