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CDI Revenue Rises 4%

July 26 2012

CDI Corp. (NYSE: CDI), a Philadelphia-based engineering and technology staffing and solutions provider, reported second-quarter revenue rose 4.4 percent to $274.4 million from $262.7 million in the year-ago quarter. Gross margin narrowed to 20.2 percent in the second quarter from 21.7 percent.

The company reported second-quarter revenue in its “professional services staffing” segment rose 6.1 percent from the second quarter of last year. Gross margin in this segment narrowed to 13.6 percent from 14.5 percent in the year-ago quarter.

CDI’s Management Recruiters International segment recorded a 5.5 percent increase in revenue in the second quarter to $18.4 million. Gross margin narrowed to 45.3 percent from 48.2 percent. MRI revenue includes contract staffing as well as royalties and franchise fees.

Second-quarter global engineering and technology solutions revenue rose 0.7 percent year over year to $80.8 million. Gross margin narrowed to 29.0 percent from 30.8 percent.

CDI reported second-quarter net income of $5.0 million, down 57.8 percent from $12.0 million in the year-ago quarter. The company reported the second quarter of 2011 included a benefit that resulted when a fine from the U.K.’s Office of Fair Trading was reduced to $2.5 million from $12.3 million.

CDI expects third-quarter revenue to rise between 2.0 percent and 4.0 percent compared to the third quarter of 2011.

For the second quarter ended June 30, 2012, compared with the same period in the previous year.
Revenue: $274.4 million, +4.4 percent
Net income: $5.1 million, -57.8 percent


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