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PRG-Schultz posts $6.4 million quarterly profitNovember 3, 2009 11:00 AM ETPRG-Schultz International Inc. remained profitable in the third quarter. The Atlanta-based recovery audit firm (NASDAQ: PRGX) reported net income of $6.4 million and earnings of 27 cents a share, compared with net income of $4.2 million and earnings of 18 cents a share for the same period in 2008. The third-quarter 2009 net earnings included before tax charges of $1.5 million related to stock-based compensation, $700,000 of foreign currency gains on intercompany balances and a $2.8 million bargain purchase gain on the acquisition of First Audit Partners LLP in July. Revenue dipped 7.9 percent to $45.3 million in the third quarter. “We were pleased with our ability to perform relatively well during the third quarter despite the trying economic circumstances impacting the majority of our retail clients,” said Romil Bahl, president and CEO, in an earnings statement. “As we initiate execution of our recently announced growth strategy, we are excited about the possibilities for the future.” Copyright 2009 bizjournals.com
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