UPDATE 1-Hudson Highland posts Q1 loss

* Posts Q1 loss

* Says will not provide formal 'outlook' for Q2

* Amended credit agreement does not allow stock repurchase

May 4 (Reuters) - Staffing services provider Hudson Highland Group Inc (HHGP.O) posted a quarterly loss, hurt by the global recession, and said it would not provide a "formal" outlook for the second quarter.

For the first quarter, the company posted a loss from continuing operations was $15.2 million, or 60 cents a share, compared with net income from continuing operations of $0.4 million, or one cent a share, a year earlier.

Net loss for the quarter was $5.6 million, or 22 cents a share. Revenue was $165 million.

Analysts were expecting a loss of 35 cents a share, excluding items, on revenue of $177 million, according to Reuters Estimates.

The company said it ended the first quarter with $35 million in cash, and had excess availability of $5.3 million under its amended credit facility.

Hudson Highland also expects to take a charge of about $3 million to $6 million in the second quarter, due to restructuring.

Shares of the company closed at $1.76 Monday on Nasdaq.

For alerts, double click [ID:nWNAB2779] (Reporting by Amulya Nagaraj in Bangalore; Editing by Jarshad Kakkrakandy)