Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

PRG-Schultz Announces Third Quarter 2006 Financial Results

ATLANTA, November 7, 2006 — PRG-Schultz International, Inc. (Nasdaq: PRGX), the world’s largest recovery audit firm, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2006.

Highlights of Financial Results

• Net loss for the 2006 third quarter was $4.2 million or ($.69) per basic and diluted share, including a loss on discontinued operations of $0.2 million, a charge of $2.0 million related to grants under the recently adopted management incentive plan for the Company’s senior executives, a charge of $1.7 million associated with the voluntary surrender and cancellation of stock options by the Company’s chief executive officer, $0.4 million of other stock-based compensation charges, and a charge of $0.2 million for severance related to the Company’s operational restructuring which began in the third quarter of 2005. This compares to a net loss of $20.8 million, or ($3.35) per basic and diluted share for the same period in 2005, which included a loss from discontinued operations of $1.1 million, and a charge of $7.9 million for severance and other charges related to the previously mentioned operational restructuring.

• Adjusted EBITDA for the 2006 third quarter was $8.7 million compared to a negative adjusted EBITDA of ($5.4 million) for the same period in 2005. The 2006 third quarter adjusted EBITDA is earnings (loss) from continuing operations before interest, taxes, depreciation and amortization (EBITDA) excluding the $1.7 million charge related to the cancellation of the CEO’s options, the $2.4 million of charges related to other stock-based compensation, and the $0.2 million charge for severance associated with the operational restructuring. The negative adjusted EBITDA for the third quarter of 2005 is EBITDA for the period excluding the $7.9 million operational restructuring charge and $0.1 million of stock-based compensation charges. (Schedule 3 attached to this press release provides a reconciliation of net earnings (loss) to each of EBITDA and adjusted EBITDA.)

• Consolidated revenue for the third quarter of 2006 was $64.7 million, a decline of 2.6% compared to $66.4 million for the same period in 2005. Cost of Revenue and SG&A expenses combined were $62.7 million for the third quarter, a decrease of $12.7 million, or 16.8%, compared to the same period in 2005.

• Net loss for the first nine months of 2006 was $18.2 million or ($2.95) per basic and diluted share, including a non-cash charge of $10 million resulting from the Company’s financial restructuring which was completed in March of this year, a loss on discontinued operations of $0.9 million, a

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	charge of $1.7 million related to the cancellation of stock options, charges of $3.1 million related to other stock-based compensation, and a charge of $2.1 million for severance and other charges related to the operational restructuring. This compares to a net loss of $32.0 million, or ($5.16) per basic and diluted share for the same period in 2005, which included a loss on discontinued operations of $1.2 million, the $7.9 million charge related to the operational restructuring, $0.3 million of stock-based compensation charges, and accruals of $3.5 million for the retirement benefits of the Company’s former chairman and CEO, John Cook, and its former vice chairman, Jack Toma.
•	Adjusted EBITDA for the first nine months of 2006 was $21.8 million compared to negative adjusted EBITDA of ($0.3 million) in the first nine months of 2005. Adjusted EBITDA for the 2006 nine-month period excludes a $1.7 million charge related to the cancellation of stock options, $3.1 million of charges related to other stock-based compensation, and a $2.1 million charge for severance and other charges associated with the operational restructuring. The negative adjusted EBITDA for the first nine months of 2005 is EBITDA for the period excluding the $3.5 million retirement accrual for Messrs. Cook and Toma, the $7.9 million operational restructuring charge, and $0.3 million of stock-based compensation charges.
•	Consolidated revenue for the first nine months of 2006 was $195.6 million, a decline of 11.0% compared to $219.7 million for the first nine months of 2005. Cost of Revenue and SG&A expenses combined were $186.9 million for the 2006 nine-month period, a decrease of $48.0 million, or 20.4%, compared to the same period in 2005.

Liquidity

At September 30, 2006 the Company had cash and cash equivalents of $18.8 million and had no borrowings against its revolving credit facility. Debt outstanding at period end included a $25 million variable rate term loan due 2010, $0.9 million of 4.75% convertible notes due in November 2006, $51.5 million in principal amount of 11.0% Senior Notes Due 2011, and $62.5 million in principal amount of 10.0% Senior Convertible Notes Due 2011. Included in the $62.5 million in principal amount of 10.0% Senior Convertible Notes outstanding at September 30, 2006 is $2.9 million in additional principal amount resulting from the Company’s third quarter payment in kind of interest due under the notes. In addition, at September 30, 2006, the Company had 9.0% Series A preferred stock outstanding with an aggregate liquidation preference of $14.3 million, which is mandatorily redeemable in 2011. At September 30, 2005, the Company had cash and cash equivalents of $10.0 million and $12.4 million of borrowings against its revolving credit facility. Debt outstanding at September 30, 2005 also included $125 million in principal amount of 4.75% convertible notes due November 2006.

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“The turnaround initiated a year ago, including our major restructuring of costs and expenses, continues to drive significant improvement in both our operating performance and our financial strength,” said James B. McCurry, chairman, president and CEO. “Our strategy of focusing on our most important clients is beginning to pay off, and we remain optimistic that our audit of Medicare payments in California will make an important contribution to our future earnings.”

Third Quarter Earnings Call

As previously announced, management will hold a conference call at 10:00 AM (EST) today to discuss its third quarter and year to date financial results.

To access the conference call, listeners in the U.S. and Canada should dial +1 866-510-0707 at least 5-10 minutes prior to the start of the conference. Listeners outside the U.S. and Canada should dial 617-597-5376. To be admitted to the call, listeners should use passcode 97385952. A replay of the call will be available one hour after the conclusion of the live call, extending through November 21, 2006. To directly access the replay, dial +1 888-286-8010 (U.S. and Canada) or 617-801-6888 (outside the U.S. and Canada). The passcode for the replay is 34136568.

This teleconference will also be audiocast on the Internet at www.prgx.com (click on “(NASDAQ: PRGX)” under “Investor Relations”). A replay of the audiocast will be available at the same location on www.prgx.com beginning one hour after the conclusion of the live audiocast, extending through November 21, 2006. 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 PRG-Schultz International, Inc.

Headquartered in Atlanta, PRG-Schultz International, Inc. is the world’s leading recovery audit firm, providing clients throughout the world with insightful value to optimize and expertly manage their business transactions. Using proprietary software and expert audit methodologies, PRG industry specialists review client purchases and payment information to identify and recover overpayments.

Non-GAAP Financial Measures

EBITDA and adjusted EBITDA are both “non-GAAP financial measures” presented as supplemental measures of our performance. They are not required by, or 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 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, 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

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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 3 provides a reconciliation of net earnings (loss) to each of EBITDA and adjusted EBITDA.

Forward Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, in addition to historical information. Such statements include both implied and express statements regarding the Company’s financial condition and position, the expected contribution to earnings of its Medicare payments audit in California and the ability to successfully complete the Company’s operational turnaround (including plans to streamline the Company’s organization). 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 the Company’s ability to retain personnel, Medicare audit revenues that do not meet expectations or justify costs incurred, the Company’s ability to replace the declining revenues from its core accounts payable services, changes in the market for the Company’s services, 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 and the success of its restructuring plan, please see the Company’s filings with the Securities and Exchange Commission, including its Form 10-K filed on March 23, 2006 and its Registration Statement on Form S-1, as amended and filed on August 15, 2006. The Company disclaims any obligation or duty to update or modify these forward-looking statements.

Contact: PRG-Schultz International, Inc.
Peter Limeri
770-779-6464

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SCHEDULE 1
PRG-Schultz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2006			2005			2006			2005
Revenues	$	64,733		$	66,415		$	195,579		$	219,724
Cost of revenues		44,194			48,057			137,740			147,649
Gross margin		20,539			18,358			57,839			72,075
Selling, general and administrative expenses		18,535			27,374			49,120			87,211
Operational restructuring expense		153			7,922			2,141			7,922
Operating income (loss)		1,851			(16,938	)		6,578			(23,058	)
Interest expense, net		(5,260	)		(2,089	)		(12,072	)		(5,960	)
Loss on financial restructuring		82			—			(10,047	)		—
Loss from continuing operations before income taxes and discontinued operations		(3,327	)		(19,027	)		(15,541	)		(29,018	)
Income taxes		726			715			1,714			1,814
Loss from continuing operations before discontinued operations		(4,053	)		(19,742	)		(17,255	)		(30,832	)
Discontinued operations:
Earnings (loss) from discontinued operations		(181	)		(1,056	)		(918	)		(1,154	)
Net loss	$	(4,234	)	$	(20,798	)	$	(18,173	)	$	(31,986	)
Basic and diluted earnings (loss) per common share:
Loss from continuing operations before discontinued operations	$	(0.66	)	$	(3.18	)	$	(2.80	)	$	(4.97	)
Discontinued operations		(0.03	)		(0.17	)		(0.15	)		(0.19	)
Net loss	$	(0.69	)	$	(3.35	)	$	(2.95	)	$	(5.16	)
Weighted average common shares outstanding:
Basic		6,575			6,203			6,391			6,200
Diluted		6,575			6,203			6,391			6,200

     Certain reclassifications have been made to the 2005 amounts to conform to the presentation in 2006.

     These reclassifications include the reclassification of certain business units as discontinued operations.

SCHEDULE 2
PRG-Schultz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)

	September 30,			December 31,
	2006			2005
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	18,848		$	11,848
Restricted cash		3,620			3,096
Receivables:
Contract receivables		45,695			53,199
Employee advances and miscellaneous receivables		2,579			2,737
Total receivables		48,274			55,936
Funds held for client obligations		45,212			32,479
Prepaid expenses and other current assets		3,313			3,180
Total current assets		119,267			106,539
Property and equipment		11,430			17,453
Goodwill		4,600			4,600
Intangible assets		23,408			24,447
Other assets		13,534			9,023
	$	172,239		$	162,062
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Convertible notes	$	904		$	466
Current portion of other debt obligations		500			—
Obligation for client payables		45,212			32,479
Accounts payable and accrued expenses		28,247			34,103
Accrued payroll and related expenses		39,442			44,031
Deferred revenue		3,577			4,583
Total current liabilities		117,882			115,662
Convertible notes		—			123,601
Senior notes		43,473			—
Senior convertible notes		68,264			—
Other debt obligations		24,500			16,800
Deferred compensation		869			1,388
Other long-term liabilities		7,464			6,976
Total liabilities		262,452			264,427
Mandatorily redeemable participating preferred stock		14,340			—
Shareholders’ equity (deficit):
Common stock		72			68
Additional paid-in capital		509,900			494,826
Accumulated deficit		(568,892	)		(550,719	)
Accumulated other comprehensive income		3,077			2,400
Treasury stock, at cost		(48,710	)		(48,710	)
Unamortized portion of stock compensation expense		—			(230	)
Total shareholders’ equity (deficit)		(104,553	)		(102,365	)
	$	172,239		$	162,062

SCHEDULE 3
PRG-Schultz International, Inc. and Subsidiaries
Reconciliation of Net Earnings (Loss) to EBITDA and Adjusted EBITDA
(Amounts in thousands)
(Unaudited)

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2006			2005			2006			2005
Reconciliation of net loss to adjusted EBITDA:
Net earnings (loss)	$	(4,234	)	$	(20,798	)	$	(18,173	)	$	(31,986	)
Adjust for:
Earnings (loss) from discontinued operations		(181	)		(1,056	)		(918	)		(1,154	)
Loss from continuing operations		(4,053	)		(19,742	)		(17,255	)		(30,832	)
Adjust for:
Income taxes		726			715			1,714			1,814
Interest		5,260			2,089			12,072			5,960
Loss on financial restructuring		(82	)		—			10,047			—
Depreciation and amortization		2,562			3,508			8,286			11,024
EBITDA		4,413			(13,430	)		14,864			(12,034	)
Messrs. Cook & Toma retirement/severance		—			—			—			3,529
Operational restructuring expense		153			7,922			2,141			7,922
FAS 123R compensation		4,101			83			4,835			279
Adjusted EBITDA	$	8,667		$	(5,425	)	$	21,840		$	(304	)

EBITDA and adjusted EBITDA are both “non-GAAP financial measures” presented as supplemental measures of our performance. They are not required by, or 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 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, 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 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
PRG-Schultz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2006			2005			2006			2005
Cash flows from operating activities:
Net earnings (loss)	$	(4,234	)	$	(20,798	)	$	(18,173	)	$	(31,986	)
Earnings (loss) from discontinued operations		(181	)		(1,056	)		(918	)		(1,154	)
Loss from continuing operations		(4,053	)		(19,742	)		(17,255	)		(30,832	)
Adjustments to reconcile loss from continuing operations to net cash provided by (used in) operations:
(Gain) loss on financial restructuring		(82	)		—			10,047			—
Depreciation and amortization		2,562			3,508			8,286			11,024
Stock-based compensation expense		4,101			83			4,835			279
Amortization of debt discounts and deferred costs		552			334			1,130			836
Other, primarily changes in assets and liabilities		(2,119	)		15,494			1,446			9,350
Net cash provided by (used in) operating activities		961			(323	)		8,489			(9,343	)
Cash flows from investing activities — purchases of property and equipment, net of disposals		(440	)		(1,516	)		(923	)		(5,058	)
Cash flows from investing activities:
Net borrowings (repayments) of debt		—			(100	)		8,200			12,400
Issuance costs of preferred stock		—			—			(1,281	)		—
Payments for deferred loan costs		—			—			(7,750	)		—
Net proceeds from common stock issuances		—			—			—			772
Net cash provided by (used in) financing activities		—			(100	)		(831	)		13,172
Cash flows from discontinued operations		(178	)		(957	)		(547	)		(808	)
Effect of exchange rates on cash and cash equivalents		(90	)		642			812			(571	)
Net increase (decrease) in cash and cash equivalents		253			(2,254	)		7,000			(2,608	)
Cash and cash equivalents at beginning of period		18,595			12,242			11,848			12,596
Cash and cash equivalents at end of period	$	18,848		$	9,988		$	18,848		$	9,988