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Kforce revenue falls 2.4%

February 11 2009

Kforce Inc. (NASD: KFRC) posted a 2.4% decline in fourth-quarter revenue to $241.0 million. The Tampa-based professional staffing firm posted revenue declines in its technology and finance/accounting segments. On the other hand, revenue rose in its clinical/life sciences and government segments.

Technology, Kforce's largest segment, registered a 2.2% decline in fourth-quarter revenue to $128.8 million. Finance/technology revenue fell 17.7% to $46.4 million.

Health and life sciences fourth-quarter revenue, however, rose 6.2% to $45.0 million.

Kforce's government solutions division posted a 25.8% increase to $20.7 million. The company announced in December its acquisition of dNovus RDI, a supplier of information technology services to the federal government and the state of Texas.

Fourth-quarter gross margin narrowed to 33.5% from 35.8%.

Kforce posted a net loss of $107.9 million for the quarter, compared with net income of $10.0 million in the fourth quarter of the previous year. The company said it took an impairment charge for goodwill and other intangible assets of $129.4 million in the fourth quarter in light of the economic slowdown.

Full-year 2008 revenue rose 2.5% to $997.0 million. Gross margin, however, edged down to 34.6% from 36.2%.

The full-year net loss was $84.1 million, compared with net income of $40.4 million in the previous year.

Kforce estimated first-quarter revenue of between $226 million to $235 million, a decline of 11.2% to 14.6% from the first quarter of 2008.

Kforce Inc. (NASD: KFRC)
For the fourth quarter ended Dec. 31, 2008, compared with the same period in 2007.
Revenue: $241.0 million, -2.4%
Net loss: $107.9 million vs. net income of $10.0 million

For the full year ended Dec. 31, 2008, compared with the previous year.
Revenue: $997.0 million, +2.5%
Net loss: $84.1 million vs. net income $40.4 million

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