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Spherion revenue down 10%

February 04 2010

Spherion Corp. (NYSE: SFN) reported Wednesday that fourth-quarter revenue fell 10.2% to $455.6 million from $507.5 million in the same period in the previous year.

Office/clerical revenue fell 4.9% in the fourth quarter on a year-over-year basis to $175.3 million. Spherion's light industrial staffing revenue fell 4.0% in the fourth quarter to $112.5 million.

Information technology fourth-quarter revenue declined 12.6% to $113.7 million, and finance/accounting revenue fell 9.7% to $21.1 million.

Spherion's fourth-quarter gross margin narrowed to 20.0% from 20.7% in the year-ago quarter.

The Fort Lauderdale FL-based staffing firm posted net income of $174,000 in the fourth quarter of 2009 compared with a net loss of $126.2 million in the fourth quarter of 2008. The year-ago quarter included a goodwill and intangible asset impairment charge of $149.8 million.

Full-year 2009 revenue fell 21.8% to $1.71 billion from $2.19 billion in 2008. Full-year gross margin fell to 19.8% from 22.0%.

The net loss for 2009 was $6.3 million compared with a net loss of $118.5 million in 2008.

Spherion also announced Monday it acquired Tatum LLC, an Atlanta-based firm that provides chief financial officer staffing as well as CFO-related services and consulting, for $46 million.

Spherion Corp. (NYSE: SFN)
For the fourth quarter ended Dec. 27, 2009, compared with the same period in 2008.
Revenue: $455.6 million, -10.2%
Net income: $174,000 vs. net loss of $126.2 million

For the full year ended Dec. 27, 2009, compared with the previous year.
Revenue: $1.71 billion, -21.8%
Net loss: $6.3 million vs. net loss of $118.5 million


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