Daily News

View All News

CDI Revenue Rises 3%

October 30 2012

CDI Corp. (NYSE: CDI), a Philadelphia-based engineering and technology staffing and solutions provider, reported third-quarter revenue rose 2.5 percent to $279.4 million from $272.5 million in the year-ago quarter. Gross margin slipped to 19.6 percent compared to 21.2 percent in the same period last year.

The company reported third-quarter revenue in its professional services staffing segment rose 4.0 percent to $178.4 million. However, gross margin in this segment narrowed to 12.7 percent from 14.5 percent in the year-ago quarter.

CDI’s franchised Management Recruiters International segment recorded $17.46 million, in third-quarter revenue, a 1.3 percent decline versus the prior-year third quarter. MRI revenue includes contract staffing as well as royalties and franchise fees.

The global engineering and technology solutions segment reported revenue of $83.6 million in the third quarter, essentially flat compared to the prior-year third quarter. Gross margin narrowed to 29.0 percent from 29.5 percent.

CDI reported third-quarter net income of $5.4 million, up 88.9 percent from $2.9 million in the year-ago quarter. Net income in the third quarter of 2011 included the benefit of an income tax credit of $0.3 million under the Hiring Incentives to Restore Employment (HIRE) Act.

CDI expects fourth-quarter revenue to range from flat to an increase of 2.0 percent over the fourth quarter of 2011.

For the third quarter ended Sept. 30, 2012, compared with the same period in the previous year.
Revenue: $279.4 million, +2.5 percent
Net income: $5.4 million, +88.9 percent


Add New Comment

Post comment

NOTE: Links will not be clickable.
Security text:*