PRGX Global, Inc. Announces Second Quarter 2014 Financial Results

PRGX Global, Inc. Announces Second Quarter 2014 Financial Results

ATLANTA, July 28, 2014 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX),
the world's leading provider of accounts payable recovery audit services and
the pioneer in Profit Discovery™, today announced its unaudited financial
results for the second quarter ended June 30, 2014.

"The PRGX Global team bounced back during the quarter to deliver solid
results, increasing revenue nearly 11% over the first quarter," said Ron
Stewart, president and chief executive officer. "Compared to Q1, our core
recovery audit business increased revenue by 14% and increased Adjusted EBITDA
by 49%. Leading the way was our Europe/Asia-Pacific team, recording strong
sequential and year-over-year revenue and Adjusted EBITDA growth."

"Outside of our core business, our Adjacent Services business delivered
improved Adjusted EBITDA compared to Q1 on comparable revenue. And finally,
our Healthcare Claims Recovery Audit segment continues to be challenged as we
wind down our obligations related to the Medicare RAC subcontracts," continued
Mr. Stewart.

"We are starting to see elements of our strategy take effect. This includes
continuing to drive process standardization in our core business and moving
more work to our global shared service centers, thereby improving efficiencies
and reducing costs. The expansion of our audit capabilities into targeted
industries and geographies is also bearing fruit, especially in the Oil & Gas
industry, where we've built a significant backlog of work. In addition, key
projects started near the end of the quarter have us excited about the promise
of Adjacent Services and we remain focused on our goal of achieving
profitability in this portion of our business by year end," concluded Mr.
Stewart.

Consolidated Results for the Three Months Ended June 30, 2014

Consolidated revenue for the second quarter of 2014 decreased 16.4% to $42.0
million compared to $50.2 million in the same prior year period. After
adjusting for changes in foreign exchange rates, consolidated second quarter
revenue in 2014 decreased 17.2% compared to the same period in 2013.

Recovery Audit Services – Americas revenue for the second quarter of 2014
decreased 8.0% to $27.0 million compared to $29.4 million in the same period
in the prior year. On a constant dollar basis, adjusted for changes in foreign
exchange rates, Recovery Audit Services – Americas revenue for the second
quarter of 2014 decreased by 7.2% compared to the same period in 2013. Most of
this reduction is the result of the rate and scope reductions at several large
clients, as previously communicated. Further, while there has been a
significant increase in contract compliance claims production, conversion of
these claims to revenue has been delayed.

Recovery Audit Services – Europe/Asia-Pacific revenue for the second quarter
of 2014 increased 15.0% to $12.4 million compared to $10.8 million in the same
period in the prior year. On a constant dollar basis, adjusted for changes in
foreign exchange rates, Recovery Audit Services – Europe/Asia-Pacific revenue
for the second quarter of 2014 increased by 9.1% compared to the same period
in 2013. The majority of this increase is due to audit growth in key clients
in Australia and improved claim conversion within Europe.

Adjacent Services revenue for the second quarter of 2014 was $2.3 million
compared to $3.1 million in the same period in the prior year. The majority of
this decrease was expected as the Company continues to rationalize and refine
its offerings in this segment.

Healthcare Claims Recovery Audit Services revenue for the second quarter of
2014 was $0.3 million compared to $6.9 million in the same period in the prior
year. This expected decrease in revenue was primarily attributable to the
substantial reduction in auditing as part of the Medicare RAC program.

Total cost of revenue for the second quarter of 2014 was $29.9 million, or
71.3% of revenue, compared to $32.5 million, or 64.8% of revenue, in the same
period last year. Nearly half of this margin erosion was due to the wind down
of the Medicare RAC program, with the remainder due to the decline in revenue
in the other segments as well as our investment in our Contract Compliance
services. SG&A for the second quarter of 2014 was $11.0 million compared to
$11.6 million in the same period last year, a decrease of $0.6 million.
Excluding transformation severance and related expenses, the year over year
decrease in SG&A expenses for the quarter was $1.5 million. Depreciation and
amortization expenses were $2.5 million in the second quarter of 2014 compared
to $3.4 million in the prior year second quarter.

Net loss for the second quarter of 2014 was $(1.5) million, or $(0.05) per
basic and diluted share, compared to net income of $1.8 million, or $0.06 per
basic and diluted share, for the same period in 2013. Net cash provided by
operating activities for the second quarter of 2014 was $2.9 million compared
to net cash used in operating activities of $4.0 million in the second quarter
of 2013.

Adjusted EBITDA for the second quarter of 2014 was $3.8 million compared to
$8.0 million of Adjusted EBITDA for the same period in 2013, a decline of $4.2
million, of which $3.5 million is attributable to Healthcare Claims Recovery
Audit Services. Second quarter 2014 Adjusted EBITDA is earnings before
interest, taxes, depreciation and amortization (EBITDA) excluding a charge of
$1.0 million related to stock-based compensation, $1.6 million of
transformation severance and related expenses, a $0.2 million charge for
acquisition-related charges, and $0.2 million of foreign currency gains on
short-term intercompany balances. The comparable Adjusted EBITDA amount for
the second quarter of 2013 excludes from EBITDA for such period a $1.2 million
charge related to stock-based compensation, $0.6 million of transformation
severance and related expenses, a $0.2 million charge for acquisition-related
charges, and $0.2 million of foreign currency losses on short-term
intercompany balances. Schedule 3 attached to this press release provides a
reconciliation of net income (loss) to each of EBIT (earnings before interest
and taxes), EBITDA and Adjusted EBITDA.

Consolidated Results for the Six Months Ended June 30, 2014

Consolidated revenue for the six months ended June 30, 2014 decreased 16.2% to
$79.9 million compared to $95.3 million in the same prior year period. After
adjusting for changes in foreign exchange rates, consolidated revenue for the
six months ended June 30, 2014 decreased 16.3% compared to the same period in
2013.

Recovery Audit Services – Americas revenue for the six months ended June 30,
2014 decreased 6.8% to $51.8 million compared to $55.6 million in the same
period in the prior year. On a constant dollar basis, adjusted for changes in
foreign exchange rates, Recovery Audit Services – Americas revenue for the six
month period decreased by 5.4% compared to the same period in 2013.

Recovery Audit Services – Europe/Asia-Pacific revenue for the six months ended
June 30, 2014 increased 1.4% to $22.1 million compared to $21.8 million in the
same period in the prior year. On a constant dollar basis, adjusted for
changes in foreign exchange rates, Recovery Audit Services – Europe/
Asia-Pacific revenue for the six month period decreased by 2.7% compared to
the same period in 2013.

Adjacent Services revenue for the six months ended June 30, 2014 was $4.6
million compared to $7.1 million in the same period in the prior year.

Healthcare Claims Recovery Audit Services revenue for the six months ended
June 30, 2014 was $1.4 million compared to $10.8 million in the same period in
the prior year.

Total cost of revenue for the six months ended June 30, 2014 was $58.8
million, or 73.6% of revenue, compared to $64.1 million, or 67.2% of revenue,
in the same period in the prior year. Over half of this margin erosion was due
to the wind down of the Medicare RAC program, with the remainder due to the
decline in revenue in the other segments as well as our investment in our
Contract Compliance services. SG&A for the six months ended June 30, 2014 was
$21.0 million compared to $22.2 million in the same period in the prior year,
a decline of $1.2 million. Excluding transformation severance and related
expenses, the year over year decrease in SG&A expenses for the six month
period was $2.1 million. Depreciation and amortization expenses were $5.1
million for the six months ended June 30, 2014 compared to $6.6 million in the
same period in the prior year.

Net loss for the six months ended June 30, 2014 was $(5.1) million, or $(0.17)
per basic and diluted share, compared to net income of $1.3 million, or $0.05
per basic and diluted share, in the same period in the prior year. Net cash
provided by operating activities for the six months ended June 30, 2014 was
$5.9 million compared to net cash used in operating activities of $3.1 million
in the same period in the prior year.

Adjusted EBITDA for the six months ended June 30, 2014 was $4.3 million
compared to $11.7 million of Adjusted EBITDA for the same period in 2013, a
decline of $7.4 million, of which $4.7 million is attributable to Healthcare
Claims Recovery Audit Services. For the six months ended June 30, 2014,
Adjusted EBITDA was earnings before interest, taxes, depreciation and
amortization (EBITDA) excluding a charge of $2.0 million related to
stock-based compensation, $1.9 million of transformation severance and related
expenses, a $0.2 million charge for acquisition-related charges, and $0.1
million of foreign currency gains on short-term intercompany balances. The
comparable Adjusted EBITDA amount for the six months ended June 30, 2013
excludes from EBITDA for such period a $2.5 million charge related to
stock-based compensation, $0.6 million of transformation severance and related
expenses, a $0.5 million credit for acquisition-related benefits, and $0.6
million of foreign currency losses on short-term intercompany balances.
Schedule 3 attached to this press release provides a reconciliation of net
income (loss) to each of EBIT, EBITDA and Adjusted EBITDA.

Liquidity

At June 30, 2014, the Company had unrestricted cash and cash equivalents of
$36.4 million, no borrowings against its revolving credit facility, and no
bank debt outstanding.

Stock Repurchase Program

During the second quarter of 2014 the Company repurchased 1.7 million shares
of its outstanding common stock for an aggregate cost of $11.0 million. From
the February 2014 announcement of the Company's current stock repurchase
program through July 25, 2014, the Company has repurchased 2.2 million shares,
or 7.2% of its common stock outstanding on the date of the announcement, for
an aggregate cost of $14.1 million. As of July 25, 2014, the Company had 28.0
million shares of common stock outstanding.

Second Quarter Earnings Call

As previously announced, management will hold a conference call tomorrow
morning at 8:30 AM (Eastern time) to discuss the Company's second quarter 2014
financial results. To access the conference call, listeners in the U.S. and
Canada should dial (877) 755-7423 at least 5 minutes prior to the start of the
conference. Listeners outside the U.S. and Canada should dial (678) 894-3069.
To be admitted to the call, listeners should use passcode 69055483.

This teleconference will also be audiocast on the Internet at www.prgx.com
(click on "Events & Presentations" under "Investors"). A replay of the
audiocast will be available at the same location on www.prgx.com beginning
approximately two hours after the conclusion of the live audiocast, extending
through September 30, 2014. Please note that the Internet audiocast is
"listen-only." Microsoft Windows Media Player is required to access the live
audiocast and the replay and can be downloaded from
www.microsoft.com/windows/mediaplayer.

About PRGX Global, Inc.

Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world's leading
provider of accounts payable recovery audit services. With over 1,600
employees, the Company operates and serves clients in more than 30 countries
and provides its services to over 75% of the top 20 global retailers. PRGX is
also pioneering Profit Discovery, a unique combination of audit, analytics and
advisory services that improves client financial performance. For additional
information, please visit PRGX at www.prgx.com.

Forward-Looking Statements

In addition to historical information, this press release includes certain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include both implied and
express statements regarding the Company's overall condition and growth
prospects, anticipated plans and financial results for the remainder of 2014,
the strength of the Company's core recovery audit business, the Company's
decision to withdraw from the Medicare RAC rebid process, the long term
business objectives for the Company, including its Healthcare Claims Recovery
Audit Services business and its Adjacent Services business. Such
forward-looking statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors that may cause the actual
results, performance or achievements of the Company to differ materially from
the historical results or from any results expressed or implied by such
forward-looking statements. Risks that could affect the Company's future
performance include revenue that does not meet expectations or justify costs
incurred, the Company's ability to develop material sources of new revenue in
addition to revenue from its core recovery audit services, changes in the
market for the Company's services, the Company's ability to retain and attract
qualified personnel, changes to Medicare and Medicaid recovery audit
contractor programs and the effects of the Company's decision to withdraw from
the Medicare RAC rebid process, the Company's ability to integrate recent and
future acquisitions, uncertainty in the credit markets, the Company's ability
to maintain compliance with its financial covenants, client bankruptcies, loss
of major clients, and other risks generally applicable to the Company's
business. For a discussion of other risk factors that may impact the Company's
business, please see the Company's filings with the Securities and Exchange
Commission, including its Form 10-K filed on March 14, 2014. The Company
disclaims any obligation or duty to update or modify these forward-looking
statements.

Non-GAAP Financial Measures

EBIT, EBITDA and Adjusted EBITDA are all "non-GAAP financial measures"
presented as supplemental measures of the Company's performance. They are not
presented in accordance with accounting principles generally accepted in the
United States, or GAAP. The Company believes these measures provide additional
meaningful information in evaluating its performance over time, and that the
rating agencies and a number of lenders use EBITDA and similar measures for
similar purposes. In addition, a measure similar to Adjusted EBITDA is used in
the restrictive covenants contained in the Company's secured credit facility.
However, EBIT, EBITDA and Adjusted EBITDA have limitations as analytical
tools, and you should not consider them in isolation, or as substitutes for
analysis of the Company's results as reported under GAAP. In addition, in
evaluating EBIT, EBITDA and Adjusted EBITDA, you should be aware that, as
described above, the adjustments may vary from period to period and in the
future the Company will incur expenses such as those used in calculating these
measures. The Company's presentation of these measures should not be construed
as an inference that future results will be unaffected by unusual or
nonrecurring items. Schedule 3 to this press release provides a reconciliation
of net income (loss) to each of EBIT, EBITDA and Adjusted EBITDA.

SCHEDULE 1
PRGX Global, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
                                                                 
                                    Three Months         Six Months
                                    Ended June 30,       Ended June 30,
                                    2014       2013      2014       2013
                                                                 
Revenue                              $41,981  $50,205 $79,882  $95,306
Operating expenses:                                               
Cost of revenue                      29,944    32,522   58,776    64,060
Selling, general and administrative  11,037    11,629   21,013    22,209
expenses
Depreciation of property and         1,586     2,027    3,268     4,035
equipment
Amortization of intangible assets    902       1,332    1,805     2,608
Total operating expenses             43,469    47,510   84,862    92,912
                                                                 
Operating income (loss)              (1,488)   2,695    (4,980)   2,394
                                                                 
Foreign currency transaction (gains)
losses on short-term intercompany    (163)     225      (148)     582
balances
Interest expense (income), net       (43)      53       11        (164)
Income (loss) before income taxes    (1,282)   2,417    (4,843)   1,976
                                                                 
Income tax expense                   186       586      299       642
                                                                 
Net income (loss)                    $(1,468) $1,831  $(5,142) $1,334
                                                                 
                                                                 
Basic earnings (loss) per common     $(0.05)  $0.06   $(0.17)  $0.05
share
                                                                 
Diluted earnings (loss) per common   $(0.05)  $0.06   $(0.17)  $0.05
share
                                                                 
Weighted average common shares                                    
outstanding:
Basic                                29,733    29,053   29,945    28,912
Diluted                              29,733    29,436   29,945    29,366
                                                                 
                                                                 

SCHEDULE 2
PRGX Global, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
                                                              
                                                    June 30,   December 31,
                                                    2014       2013
                                                              
ASSETS
Current assets:                                                
Cash and cash equivalents                            $36,367  $43,700
Restricted cash                                      194       57
Receivables:                                                   
Contract receivables, net                            31,021    38,079
Employee advances and miscellaneous receivables, net 1,230     2,242
Total receivables                                    32,251    40,321
                                                              
Prepaid expenses and other current assets            4,989     3,917
Total current assets                                 73,801    87,995
                                                              
Property and equipment, net                          13,182    13,994
Goodwill                                             13,716    13,686
Intangible assets, net                               11,844    13,582
Deferred income taxes                                1,659     1,701
Other assets                                         1,489     1,871
Total assets                                       $115,691 $132,829
                                                              
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:                                           
Accounts payable and accrued expenses                $10,304  $10,809
Accrued payroll and related expenses                 13,328    15,415
Refund liabilities and deferred revenue              7,485     8,109
Business acquisition obligations                     --       3,156
Total current liabilities                            31,117    37,489
                                                              
Other long-term liabilities                          1,373     1,512
Total liabilities                                    32,490    39,001
                                                              
Shareholders' equity:                                          
Common stock                                         285       294
Additional paid-in capital                           598,823   604,806
Accumulated deficit                                  (518,528) (513,386)
Accumulated other comprehensive income               2,621     2,114
Total shareholders' equity                           83,201    93,828
                                                              
Total liabilities and shareholders' equity         $115,691 $132,829
                                                              
                                                              

SCHEDULE 3
PRGX Global, Inc. and Subsidiaries
Reconciliation of Net Income (Loss) to EBIT, EBITDA and Adjusted EBITDA
(Amounts in thousands)
(Unaudited)
                                                               
                            Three Months             Six Months
                            Ended June 30,           Ended June 30,
                            2014          2013       2014         2013
Reconciliation of net income
(loss) to EBIT, EBITDA and                                      
Adjusted EBITDA:
                                                               
Net income (loss)            $(1,468)    $1,831   $(5,142)   $1,334
                                                               
Income tax expense           186          586       299         642
Interest expense (income),   (43)         53        11          (164)
net
                                                               
EBIT                         (1,325)      2,470     (4,832)     1,812
                                                               
Depreciation of property and 1,586        2,027     3,268       4,035
equipment
Amortization of intangible   902          1,332     1,805       2,608
assets
                                                               
EBITDA                       1,163        5,829     241         8,455
                                                               
Foreign currency transaction
(gains) losses on short-term (163)        225       (148)       582
intercompany balances
Acquisition-related charges  230          191       249         (475)
(benefits)
Transformation severance and 1,554        617       1,939       617
related expenses
Stock-based compensation     983          1,155     2,004       2,473
                                                               
Adjusted EBITDA              $3,767      $8,017   $4,285     $11,652
                                                               
EBIT, EBITDA and Adjusted EBITDA are all "non-GAAP financial measures"
presented as supplemental measures of our performance.They are not presented
in accordance with accounting principles generally accepted in the United
States, or GAAP.The Company believes these measures provide additional
meaningful information in evaluating the Company's performance over time, and
that the rating agencies and a number of lenders use EBIT, EBITDA and similar
measures for similar purposes. In addition, a measure similar to Adjusted
EBITDA is used in the restrictive covenants contained in the Company's secured
credit facility. However, EBIT, EBITDA and Adjusted EBITDA have limitations as
analytical tools, and you should not consider them in isolation, or as
substitutes for analysis of our results as reported under GAAP. In addition,
in evaluating EBIT, EBITDA and Adjusted EBITDA, you should be aware that in
the future we will incur expenses such as those used in calculating these
measures. Our presentation of these measures should not be construed as an
inference that our future results will be unaffected by unusual or
nonrecurring items.
                                                               
                                                               

SCHEDULE 4
PRGX Global, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
                                                                 
                                    Three Months         Six Months
                                    Ended June 30,       Ended June 30,
                                    2014       2013      2014       2013
Cash flows from operating                                         
activities:
Net income (loss)                    $ (1,468) $1,831  $ (5,142) $1,334
Adjustments to reconcile net income
(loss) to net cashprovided by (used                              
in) operating activities:
Depreciation and amortization        2,488     3,359    5,073     6,643
Amortization of deferred debt costs  23        45       39        91
Stock-based compensation expense     983       1,155    2,004     2,473
Foreign currency transaction (gains)
losses onshort-term intercompany    (163)     225      (148)     582
balances
Decrease (increase) in receivables   500       (6,414)  7,732     256
Increase (decrease) in accounts
payable, accruedpayroll and other   1,331     (2,772)  (3,652)   (12,110)
accrued expenses
Other, primarily changes in assets   (754)     (1,411)  (54)      (2,402)
and liabilities
Net cash provided by (used in)       2,940     (3,982)  5,852     (3,133)
operating activities
                                                                 
Cash flows from investing                                         
activities:
Purchases of property and equipment, (1,489)   (782)    (2,333)   (2,989)
net of disposals
Net cash used in investing           (1,489)   (782)    (2,333)   (2,989)
activities
                                                                 
Cash flows from financing                                         
activities:
Net proceeds from issuance of common --       --      --       4,118
stock
Repurchase of common stock           (10,958)  --      (10,998)  --
Other, net                           (352)     (1,446)  (232)     (3,946)
Net cash (used in) provided by       (11,310)  (1,446)  (11,230)  172
financing activities
                                                                 
Effect of exchange rates on cash and 529       (475)    378       (754)
cash equivalents
                                                                 
Net decrease in cash and cash        (9,330)   (6,685)  (7,333)   (6,704)
equivalents
                                                                 
Cash and cash equivalents at         45,697    37,787   43,700    37,806
beginning of period
                                                                 
Cash and cash equivalents at end of  $ 36,367  $ 31,102 $ 36,367  $ 31,102
period
                                                                 
                                                                 

SCHEDULE 5
PRGX Global, Inc. and Subsidiaries
Results by Operating Segment *
(Amounts in thousands)
(Unaudited)
                                                                    
                    Three Months Ended              Six Months Ended
                    June 30,                        June 30,
                    2014       2013      Change     2014       2013      Change
Revenue                                                              
Recovery Audit       $27,029  $29,392 $(2,363) $51,827  $55,634 $(3,807)
Services - Americas
Recovery Audit
Services -           12,382    10,770   1,612     22,084    21,787   297
Europe/Asia-Pacific
Adjacent Services    2,281     3,137    (856)     4,564     7,080    (2,516)
Healthcare Claims
Recovery Audit       289       6,906    (6,617)   1,407     10,805   (9,398)
Services
Total                $41,981  $50,205 $(8,224) $79,882  $95,306 $(15,424)
                                                                    
Cost of revenue                                                      
Recovery Audit       $17,074  $16,631 $(443)   $33,074  $32,335 $(739)
Services - Americas
Recovery Audit
Services -           8,673     8,758    85        16,090    17,780   1,690
Europe/Asia-Pacific
Adjacent Services    2,849     3,074    225       5,884     6,274    390
Healthcare Claims
Recovery Audit       1,348     4,059    2,711     3,728     7,671    3,943
Services
Total                $29,944  $32,522 $2,578   $58,776  $64,060 $5,284
                                                                    
Selling, general and                                                  
administrative expenses
Recovery Audit       $2,970   $3,765  $795     $5,818   $6,731  $913
Services - Americas
Recovery Audit
Services -           1,936     1,439    (497)     3,740     2,179    (1,561)
Europe/Asia-Pacific
Adjacent Services    946       1,063    117       1,512     1,780    268
Healthcare Claims
Recovery Audit       553       751      198       1,177     1,515    338
Services
Corporate            4,632     4,611    (21)      8,766     10,004   1,238
Total                $11,037  $11,629 $592     $21,013  $22,209 $1,196
                                                                    
Depreciation of
property and                                                         
equipment
Recovery Audit       $1,245   $1,356  $111     $2,501   $2,724  $223
Services - Americas
Recovery Audit
Services -           149       126      (23)      295       238      (57)
Europe/Asia-Pacific
Adjacent Services    158       154      (4)       318       309      (9)
Healthcare Claims
Recovery Audit       34        391      357       154       764      610
Services
Total                $1,586   $2,027  $441     $3,268   $4,035  $767
                                                                    
Amortization of                                                      
intangible assets
Recovery Audit       $501     $698    $197     $1,001   $1,396  $395
Services - Americas
Recovery Audit
Services -           305       452      147       612       848      236
Europe/Asia-Pacific
Adjacent Services    96        182      86        192       364      172
Total                $902     $1,332  $430     $1,805   $2,608  $803
                                                                    
Operating income                                                     
(loss)
Recovery Audit       $5,239   $6,942  $(1,703) $9,433   $12,448 $(3,015)
Services - Americas
Recovery Audit
Services -           1,319     (5)      1,324     1,347     742      605
Europe/Asia-Pacific
Adjacent Services    (1,768)   (1,336)  (432)     (3,342)   (1,647)  (1,695)
Healthcare Claims
Recovery Audit       (1,646)   1,705    (3,351)   (3,652)   855      (4,507)
Services
Corporate            (4,632)   (4,611)  (21)      (8,766)   (10,004) 1,238
Total                $(1,488) $2,695  $(4,183) $(4,980) $2,394  $(7,374)
                                                                    
Adjusted EBITDA                                                      
Recovery Audit       $7,443   $9,391  $(1,948) $13,401  $16,973 $(3,572)
Services - Americas
Recovery Audit
Services -           2,256     942      1,314     2,816     1,465    1,351
Europe/Asia-Pacific
Adjacent Services    (1,049)   (956)    (93)      (2,205)   (874)    (1,331)
Healthcare Claims
Recovery Audit       (1,362)   2,096    (3,458)   (3,093)   1,619    (4,712)
Services
Corporate            (3,521)   (3,456)  (65)      (6,634)   (7,531)  897
Total                $3,767   $8,017  $(4,250) $4,285   $11,652 $(7,367)
                                                                    
* The Recovery Audit Services - Americas segment represents recovery audit services,
excluding Healthcare Claims Recovery Audit Services, provided in the United States,
Canada and Latin America. The Recovery Audit Services - Europe/Asia-Pacific segment
represents recovery audit services, excluding Healthcare Claims Recovery Audit
Services, provided in Europe, Asia and the Pacific region. The Adjacent Services
segment (formerly known as Profit Optimization services) represents financial
advisory services and business analytics services. The Healthcare Claims Recovery
Audit Services segment represents recovery audit services for healthcare claims,
which consist primarily of services provided under subcontracts related to the
Medicare Recovery Audit Contractor program.
                                                                    

CONTACT: PRGX Global, Inc.
         investor-relations@prgx.com
         Phone: 770-779-3011

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