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): September 18, 2008
Hudson Highland Group,
Inc.
(Exact name of
registrant as specified in its charter)
| Delaware |
0-50129 |
59-3547281 |
| (State or other jurisdiction |
(Commission File Number) |
(IRS Employer |
| of incorporation) |
|
Identification No.) |
560 Lexington Avenue,
New York, New York 10022
(Address of principal
executive offices, including zip code)
(212) 351-7300
(Registrant’s
telephone number, including area code)
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 (17 CFR 230.425) |
| |_| |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |_| |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
| |_| |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 7.01.
Regulation FD Disclosures.
On
September 18, 2008, Hudson Highland Group, Inc. (the “Company”) made a
presentation at the CL King Best Ideas Conference. This investor presentation is available
on the Company’s web site, www.hudson.com.
During
the presentation, Executive Vice President and Chief Financial Officer Mary Jane Raymond
gave an update on third quarter 2008 trends. Those remarks included:
| |
° |
Macro
economic weakness has been reported for various geographies around the world. |
| |
° |
Foreign
currencies are declining against the U.S. dollar and are expected to affect companies
which have a significant international presence. |
| |
° |
These
factors affected the Company in July and August. |
| |
° |
July
and August are seasonally weak but were weaker for the Company than expected in most
regions. |
| |
° |
Normal
seasonal improvement in September is occurring for the Company, but as usual, the
magnitude is currently unknown as visibility is limited. |
| |
° |
The
bulk of the Company’s third quarter adjusted EBITDA is delivered in September.
September should be a strong month compared to July and August. |
| |
° |
The
Company implemented cost reduction plans around the world earlier in the year which it
expects to offset some of the current external market weakness. |
| |
° |
In
addition, the Company’s adjusted EBITDA guidance for the third quarter of 2008 was
set at exchange rates prevailing in July. If current exchange rates persist, they could
affect the Company’s guidance by up to $1.5 million. |
| |
° |
The
Company continues to focus on year over year earnings improvement as its primary
financial goal. |
Safe Harbor Statement
This
Form 8-K 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 Form 8-K,
including those regarding the company’s future financial condition, results of
operations, business operations and business prospects, are forward-looking statements.
Words such as “could,” “expects” and “should” 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 Form 8-K. 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.
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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.
|
HUDSON HIGHLAND GROUP, INC. |
| Date: September 18, 2008 |
By: /s/ MARY JANE RAYMOND |
|
Mary Jane Raymond |
|
Executive Vice President and |
|
Chief Financial Officer |
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