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Kforce first-quarter revenue falls 7.5%

May 06 2009

First-quarter revenue fell 7.5% year-over-year at Kforce Inc. (NASD: KFRC) to $231.3 million.

Revenue fell in all the Tampa FL-based professional staffing company's segments except for government solutions. Revenue there rose 54.5% to $28.0 million. Kforce acquired dNovus RDI, a supplier to the federal government, in the fourth quarter, helping revenue. However, Kforce reported in a conference call with analysts that its government solutions revenue would have still risen 7.5% year-over-year without the acquisition.

In its largest segment, technology, Kforce posted an 8.2% year-over-year decline in first-quarter revenue to $117.5 million.

Revenue also fell 29.5% in Kforce's finance & accounting segment to $40.6 million, and fell 2.2% in its health and life sciences segment to $45.2 million.

Kforce's first-quarter gross margin narrowed to 31.2% from 34.4% in the year-ago quarter.

Net income fell 56.0% year-over-year to $3.2 million.

Kforce estimated second-quarter revenue of between $220.0 million to $227.0 million — a decrease of 11.0% to 13.8%.

Kforce Inc. (NASD: KFRC)
For the first quarter ended March 31, 2009, compared with the same period in 2008.
Revenue: $231.3 million, -7.5%
Net income: $3.2 million, -56.0%

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