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MPS Group revenue slips 29%

July 29 2009

MPS Group Inc. (NYSE: MPS) announced second-quarter revenue fell 29.1% year-over-year to $417.9 million but reported the pace of decline slowed. And the Jacksonville FL-based professional staffing firm said revenue fell only 23% excluding acquisitions and the effects of foreign exchange.

"The hiring environment remains very challenging; however, it is encouraging that the pace of decline in revenue has slowed," CEO Timothy Payne said in a statement. "Anecdotal evidence, such as job orders, numbers of layoffs at our clients, and client commentary, points to some degree of stabilization."

In MPS' North American Professional Services division, second-quarter revenue fell 23.5% year-over-year to $141.9 million. Its North American Information Technology Services division reported a 21.5% decline in second-quarter revenue to $124.2 million.

Second-quarter gross margin at the company narrowed to 27.2% from 29.0% in the year-ago quarter as the result of fewer direct-hire fees, according to the company.

Net income in the second quarter was $2.9 million, down 85.9% from $20.7 million in the second quarter of 2008.

MPS estimated third-quarter revenue of between $380 million to $410 million, down 29.0% to 34.2% year-over-year.

MPS Group Inc. (NYSE: MPS)
For the second quarter ended June 30, 2009, compared with the same period in 2008.
Revenue: $417.9 million, -29.1%
Net income: $2.9 million, -85.9%

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