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Spherion revenue slips 23%

October 29 2009
Staffing Industry Analysts North American Daily News

Spherion Corp. (NYSE: SFN) reported third-quarter revenue fell 22.5% to $420.2 million from the year-ago quarter, but clerical and light industrial revenue rose sequentially. Third-quarter gross margin at the Fort Lauderdale FL-based staffing firm narrowed to 19.4% from 21.9%.

Third-quarter revenue declined on a year-over-year basis in Spherion's professional staffing divisions. Information technology revenue fell 22.2% to $110.6 million, and finance & accounting revenue declined 20.3% to $20.5 million.

Spherion's clerical and light industrial staffing divisions also posted year-over-year revenue declines. Third-quarter clerical fell by 17.0% to $157.7 million, and light industrial revenue fell by 19.9% to $101.6 million.

However, clerical and light industrial revenue both increased from the second quarter. Clerical was up 4.2% while light industrial rose 17.3%

Spherion posted a net loss of $53,000 compared with net income of $4.2 million in the third quarter of 2008. The company reported a restructuring charge of $896,000 in the most-recent quarter.

Revenue per day in the first three weeks of October was up about 5% higher than in the third quarter, Spherion reported. But the company reported the current economic environment and holiday season make it difficult to estimate fourth-quarter revenue.

Spherion Corp. (NYSE: SFN)
For the third quarter ended Sept. 27, 2009, compared with the same period in 2008.
Revenue: $420.2 million, -22.5%
Net loss: $53,000 vs. net income of $4.2 million


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