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Buys boost Spherion in tough quarter

July 29 2008

Spherion Corp.'s (NYSE: SFN) acquisitions last year of Technisource and Todays Staffing Inc. helped push forward second-quarter revenue.

The Fort Lauderdale FL-based staffing company said second-quarter revenue rose 17.7% year-over-year to $563.0 million. However, it fell 5.2% excluding acquisitions.

"We believe our team performed well in the context of a difficult quarter for the U.S. economy," said President and CEO Roy Krause.

Clerical staffing revenue rose 9.8% in the second quarter to $239.7 million, but fell 3.8% excluding acquisitions. Light industrial revenue fell 1.7% to $125.9 million, and slipped 7.5% organically.

Information technology staffing revenue rose 74.7% to $148.9 million, but dipped 7.5% excluding acquisitions. Second-quarter finance and accounting staffing rose 2.2% to $29.6 million, but fell 4.3% organically.

Spherion's gross margin slipped to 23.1% from 24.8%.

Second-quarter net income fell 32.4% to $2.3 million.

The company estimated third-quarter revenue of between $555 million and $575 million, a year-over-year decline in comparable revenue of between 9% and 6%, according to the company.

Spherion Corp. (NYSE: SFN)
For the first quarter ended June 29, 2008, compared with the same period in 2007.
Revenue: $563.0 million, +17.7%
Net income: $2.3 million, -32%

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