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Third quarter revenue for Spherion Corp. (NYSE:SFN) was up 9.5% to $542 million compared with $495 million last year. On an organic basis, revenue fell 11.4%.
Net income for the quarter ended Sept. 30 was $4.1 million compared with $9.0 million in the prior year. Gross profit for the quarter was 21.9%, down from 24% in the same quarter last year.
Within the company's Professional Services division, third quarter revenue was up 36.9% due to the 2007 acquisition of Technisource. On an acquisition adjusted comparable basis (i.e., including the acquisitions in the prior year on a pro forma basis) revenue was down 14.9% in the quarter. Professional Services now represents 34% of Spherion's total revenue, up from 27% in the third quarter of last year.
Within its Staffing Services division, revenue in the quarter was down 0.6%. On an acquisition adjusted comparable basis, adjusting for the acquisition of Todays Office Professionals and several franchise buybacks, revenue was down 9.5% in the quarter compared with last year.
Spherion did not provide outlook for the fourth quarter citing recent economic volatility. The company said in a statement that average daily revenue during the first three weeks of October was consistent with the average daily revenue in the third quarter.
Spherion Corp. (NYSE: SFN)
For the third quarter ended Sept. 30, 2008,
compared with the same period in 2007.
Revenue: $542 million, 9.5%
Net income: $4.1 million, -56.1%