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Kforce to take noncash charge

February 03 2009

Kforce Inc. (NASD: KFRC) said Monday it will take a noncash impairment charge of $130 million to $145 million in the fourth quarter, but that fourth-quarter revenue before the charge will come in above its guidance of $230 million to $238 million. The noncash charge is based on goodwill and other intangible assets relating to acquisitions made between 1996 and 2006.

"The impairment charge was identified in connection with Kforce's annual fourth quarter asset impairment test," said CFO Joe Liberatore, "which considers the impact that factors such as the depressed U.S. macro-economic environment, significant turmoil in the financial and credit markets and increasing jobless claims and unemployment rates have had on overall equity values as well as our operations, forecasted cash flows and market capitalization."

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