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CDI Revenue Up 22%

April 28 2011

CDI Corp. (NYSE: CDI) reported first-quarter revenue rose 22.2 percent to $256.6 million from $209.9 million in the first quarter of last year. Included in revenue is $13.2 million from the operations of L.R. Kimball, a firm that provides mostly engineering services that was acquired by CDI in June 2010. Revenue for the first quarter 2011 increased 15.9 percent excluding the acquisition.

“Our 2011 first quarter performance is encouraging, demonstrating early signs of building momentum in a developing recovery, capturing the associated demand for skilled contract and full-time professionals and project outsourcing,” said President and CEO Paulett Eberhart.

Gross margin improved to 21.2 percent in the first quarter from 19.8 percent in the year-ago quarter.

The company posted net income of $694,000 in the first quarter, compared with net loss of $191,000 in the first quarter of last year.

First-quarter revenue rose in all segments except for U.K.-based AndersElite, reflecting the continuing poor market conditions in the U.K. construction industry and Anders’ transportation sector. First-quarter, year-over-year revenue results for the segments include:

* Engineering solutions, up 25.6 percent to $137.8 million (up 13.5 percent excluding L.R. Kimball)
* Management Recruiters International, up 9.3 percent to $15.7 million
* IT solutions, up 39.0 percent to $89.4 million
* AndersElite, down 36.3 percent to $13.7 million

CDI expects second quarter revenue to rise between 16 percent and 20 percent compared to the same period last year.

For the first quarter ended March 31, 2011, compared with the same period in 2010.
Revenue: $256.6 million, +22.2 percent
Net income: $694,000 vs. a net loss of $191,000


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