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Spherion revenue falls 26.1%

April 30 2009

Spherion Corp. (NYSE: SFN) reported first-quarter revenue fell 26.1% year-over-year to $425.9 million. "Over the last two quarters, unprecedented numbers of jobs lost in the economy resulted in significant reductions in customer demand," said President and CEO Roy Krause.

Industrial staffing revenue at the Fort Lauderdale FL-based staffing firm fell 36.3% year-over-year to $83.0 million in the first quarter. Clerical first-quarter revenue fell 16.1% year-over-year to $161.2 million, information technology revenue fell 25.8% to $117.3 million and finance & accounting revenue fell 22.2% to $22.4 million.

Spherion's gross margin narrowed to 19.5% from 22.2%.

The company posted a net loss of $6.7 million compared with net income of $1.3 million in the first quarter of 2008. Spherion reported a restructuring charge of $3.8 million.

Spherion didn't provide second-quarter guidance, citing economic volatility. However, Krause said revenue per day trends were stabilizing at the start of April.

Spherion Corp. (NYSE: SFN)
For the first quarter ended March 29, 2009, compared with the same period in 2008.
Revenue: $425.9 million, -26.1%
Net loss: $6.7 million vs. net income of $1.3 million

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