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CDI Revenue Rises 9%

October 27 2011

CDI Corp. (NYSE:CDI) reported revenue rose 9.3 percent in the third quarter ended Sept. 30. Third-quarter revenue was $272.5 million, compared with $249.4 million in the third quarter of 2010.

“CDI had strong underlying operating performance in the third quarter despite a challenging economic environment,” said President and CEO Paulett Eberhart. “Although the economic outlook remains uncertain, we anticipate growth through the end of the year from increased demand in some sectors of our business.”

Third-quarter revenue rose in all segments:

  • Engineering solutions, up 13.4 percent to $152.2 million
  • Management Recruiters International, up 10.2 percent to $17.7 million
  • AndersElite, up 23.5 percent to $17.2 million
  • IT solutions, up 0.3 percent to $85.4 million

Gross margin slipped to 21.2 percent from 22.2 percent in the year-ago quarter.

Meanwhile, net income jumped to $2.9 million in the quarter from $1.7 million a year ago, a 67.3 percent increase. Third quarter 2011 net income includes an income tax credit of $300,000 under the HIRE Act.

CDI expects year-over-year growth of 5 percent to 8 percent in the fourth quarter.

For the third quarter ended Sept. 30, 2011, compared with the same period in 2010.
Revenue: $272.5 million, +9.3 percent
Net income: $2.9 million, +67.3 percent


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