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Administaff Inc. (NYSE: ASF) reported a 5.9% increase in fourth-quarter revenue to $426.0 million. The Kingwood TX-based professional employer organization said revenue got a boost from a 2.9% increase in the average number of worksite employees paid per month and a 3.0% increase in revenue per worksite employees per month.
Fourth-quarter gross margin, however, narrowed to 20.6% from 21.0% a year ago.
Net income fell 27.0% in the fourth quarter to $9.7 million. Administaff said lower interest rates hurt interest income with the company reporting a 65.9% decrease in interest income to $947,000.
Full-year 2008 revenue rose 9.8% to $1.72 billion. In addition, full-year gross margin improved to 19.9% from 19.5%.
Full-year net income fell 3.6% to $45.8 million.
Administaff Inc. (NYSE: ASF)
For the fourth quarter ended Dec. 31, 2008, compared with the same period in 2007.
Revenue: $426.0 million, +5.9%
Net income: $9.7 million, -27.0%
For the full year ended Dec. 31, 2008, compared with the previous year.
Revenue: $1.72 billion, +9.8%
Net income: $45.8 million, -3.6%