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Kforce 3Q08 revenue down 1.7%

October 29 2008

Kforce Inc. (NASD: KFRC) reported revenue of $250.9 million for the quarter ended Sept. 30, a decrease of 1.7% from the same quarter a year ago. Net income for the quarter was $7.9 million, down 28.1% from $11.0 million for the same quarter in 2007. 

Revenue from flex staffing was $235.4 million, an increase of 3.9% on a year-over-year basis. Search revenue was down 21.9%.

The company's staffing revenue changes in different segments were: technology, down 0.9%; finance and accounting dropped 8.7%; health and life sciences was up 18.3%; and government solutions went up 17%.

"We are particularly pleased with the year over year flex revenue performance of our Health and Life Sciences ("HLS") and Government Solutions ("GS") segments, which achieved growth of 19.1% and 17.1%, respectively," said Kforce President William Sanders. "These segments continue to demonstrate growth and we remain optimistic about their prospects going forward. We are also encouraged by the stability in our Technology ("Tech") flexible staffing revenues, our largest product line, as it appears that the Tech staffing environment has been much more stable in this cycle."

CFO Joe Liberatore said the company expects revenue in the fourth quarter in the range of $230 million to $238 million. This number is down 12.4% to 9.4% from the fourth quarter revenue of $262.6 million in 2007.

Kforce Inc. (NASD: KFRC)
For the quarter ended Sept. 30, 2008,
compared with the same period in 2007
Revenue: $250.9 million, -1.7%
Net income: $7.9 million, -28.1%

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