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Kforce Inc. (NASD: KFRC) reported fourth-quarter revenue rose 15.1 percent to $258.5 million from $244.6 million in the year-ago quarter.
"We are pleased with our fourth quarter results, particularly the year-over-year increases in Tech Flex and FA Flex of 18.5 percent and 34.1 percent, respectively, as we continue to leverage our National Recruiting Center and Strategic Accounts groups to capture revenue opportunities. We also continue to perform well in permanent placement with a year-over-year increase of 49.4 percent," said David Dunkel, chairman and chief executive office.
The Tampa, Fla.-based professional staffing firm reported direct hire revenue rose to $11.1 million in the fourth quarter from $7.4 million in the year-ago quarter. Temporary staffing revenue increased 13.9 percent to approximately $247.4 million in the fourth quarter.
Kforce's revenue increases came across several divisions:
*Technology revenue rose 19.6 percent to $142.9 million
*Finance and accounting revenue rose 34.0 percent to $53.4 million
*Health and life sciences revenue rose 3.7 percent to $38.9 million
Only the company's government solutions division posted a decline with revenue falling 16.0 percent to $23.3 million.
Fourth-quarter gross margin improved to 31.9 percent from 31.1 percent in the fourth quarter of last year.
Kforce posted fourth-quarter net income of $6.3 million compared to $3.5 million in the fourth quarter of 2009.
Kforce Inc. (NASD: KFRC)
For the fourth quarter ended December 31, 2010, compared with the same period in the previous year.
Revenue: $258.5 million, +15.1 percent
Net income: $6.3 million, +79.4 percent
For the 2010 fiscal year ended December 31, 2010 compared with the previous year:
Revenue: $990.8 million, +8.9 percent
Net income: $20.6 million, +60.3 percent