PRGX Global, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Year 2017
For the six months, the company reported revenue of $72,079,000 as compared to $66,524,000 for the same period last year. Operating loss was $2,285,000 as compared to $258,000 for the same period last year. Loss from continuing operations before income taxes was $667,000 as compared to income from continuing operations before income taxes $566,000 for the same period last year. Net loss from continuing operations was $2,173,000 as compared to $98,000 for the same period last year. Net loss was $2,858,000 as compared to $1,144,000 for the same period last year. Basic and diluted loss from continuing operations was $0.01. Total basic and diluted loss per common share was $0.13 as compared to $0.05 for the same period last year. Net cash provided by operating activities was $1,276,000 as compared to $5,462,000 for the same period last year. Purchases of property and equipment, net of disposals were $4,049,000 as compared to $2,138,000 for the same period last year. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) from continuing operations for the six months ended June 30, 2017 was $5.6 million, or 7.8% of revenue, compared to adjusted EBITDA of $5.5 million, or 8.3% of revenue, for the same period in the prior year. LBIT was $1,267,000 as compared to $521,000 for the same period last year. Adjusted EBITDA from continuing operations was $5,641,000 as compared to $5,537,000 for the same period last year.
Based on second quarter earnings results and continued momentum, the company remains confident that it will meet its 2017 guidance of year-over-year double digit revenue and Adjusted EBITDA growth on a constant dollar basis.