NEW YORK, Dec. 20 /PRNewswire-FirstCall/ -- Hudson Highland Group, Inc. (NASDAQ:HHGP) today announced that Monster Worldwide, Inc.'s December 13, 2006 restatement of its financial statements in its 2005 annual report to reflect stock option accounting effects will not have any impact on Hudson Highland Group's reported operating results since its spin-off from TMP Worldwide (now known as Monster) on April 1, 2003. Additionally, the company confirmed that Chief Executive Officer Jon Chait, Chief Financial Officer Mary Jane Raymond and no past or current board member were ever issued stock options from Monster.
The company said that the effect from Monster's restatement relates to Monster's 2002 financial statements attributable to Hudson Highland Group as a result of the spin-off. An adjustment to the 2002 year in Hudson Highland Group's five-year selected financial data table will be reflected in the company's 2006 Form 10-K. Monster has preliminarily informed Hudson Highland Group that the adjustment likely will include an increase in the 2002 net loss of approximately $12 million and a reduction of approximately $10 million in net operating loss carry-forwards from the previously reported total of more than $270 million, for which the company has reserved essentially all of the tax benefit.
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 http://www.hhgroup.com/.
Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the company's strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward- looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions, competition, seasonality and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference. DATASOURCE: Hudson Highland Group, Inc.
CONTACT: David F. Kirby, Hudson Highland Group, +1-212-351-7216, Web site: http://www.hhgroup.com/
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