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CDI revenue down 0.5%

October 30 2013

CDI Corp. (NYSE: CDI) reported third-quarter revenue fell 0.5 percent to $277.9 million compared to the same quarter last year. Revenue rose 2.0 percent in the firm’s professional services staffing segment to $182.0 million. Professional services staffing is the company’s largest segment.

However, revenue in its global engineering and technology solutions segment fell 2.5 percent to $81.5 million.

In addition, CDI’s Management Recruiters International segment reported third-quarter revenue fell 17.5 percent to $14.4 million.

“Although we are not converting wins into revenue at the pace we expected, we continue to see opportunities in our strategic engineering verticals,” said CDI President and CEO Paulett Eberhart. “In addition, challenges remain in Hi-Tech staffing, MRI and our government business.”

Third-quarter gross margin for the company narrowed to 19.0 percent from 19.6 percent.

Net income fell 15.5 percent to $4.6 million.

CDI ranks as the fifth-largest U.S. engineering staffing firm and 13th-largest U.S. information technology staffing firm.

Shares of CDI were up in morning trading, according to Yahoo!

CDI also announced it reached a settlement with a third party to resolve a claim, and the company will receive a settlement payment of $3.25 million in the fourth quarter.

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