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Kforce profit falls, sells scientific division

April 30 2008

Kforce Inc. (NASD: KFRC) reported Tuesday that first-quarter net income fell 18.4% year-over-year to $7.2 million. The Tampa FL-based professional staffing company also said it sold its scientific staffing division and that it's looking at selling its nurse staffing division.

First-quarter revenue rose 4.8%, to $264.5 million from $252.3 million in the first quarter of 2007.

Gross margin slipped to 34.1% from 35.1%.

Kforce's largest segment, technology, posted a 2.9% year-over-year increase in first-quarter revenue to $128.1 million. Its government solutions segment's first-quarter revenue increased 26.8% to $18.1 million. However, revenue in its finance and accounting segment fell 6.4% to $57.6 million.

First-quarter revenue in Kforce's health and life sciences segment rose 16.7% to $60.7 million.

The company estimated second-quarter revenue of $250 million to $256 million, excluding scientific and nurse staffing results.

Kforce Inc. (NASD: KFRC)
For the first quarter ended March 31, 2008, compared with the same period in 2007.
Revenue: $264.5 million, +4.8%
Net income: $7.2 million, -18.4%

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