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Kforce revenue down 11%

August 05 2009

Kforce Inc. (NASD: KFRC), a Tampa FL-based professional staffing firm, reported second-quarter revenue fell 11.4% year over year to $226.0 million.

In technology, the company's largest division, revenue fell 13.9% year over year to $113.5 million in the second quarter. Kforce's health and life sciences division reported a 13.8% decline in revenue to $41.7 million. Its finance and accounting division's second-quarter revenue fell 26.7% to $41.1 million.

However, Kforce's government solutions revenue rose 56.9% year over year to $29.7 million. Kforce had acquired dNovus RDI, a supplier to the federal government in the fourth quarter of last year.

Second-quarter gross margin narrowed to 31.7% from 35.8% in the year-ago quarter.

Net income fell 55.1% in the second quarter to $3.9 million from $8.7 million in the second quarter of 2008.

Kforce estimated third-quarter revenue for between $221.0 million to $226.0 million, down 9.9% to 11.9% compared with third-quarter 2008 revenue.

Kforce Inc. (NASD: KFRC)
For the second quarter ended June 30, 2009, compared with the same period in 2008.
Revenue: $226.0 million, -11.4%
Net income: $3.9 million, -55.1%

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