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Spherion revenue slips 27%

July 30 2009

Spherion Corp. (NYSE: SFN), a Fort Lauderdale FL-based staffing firm, announced Wednesday that second-quarter revenue fell 27.3% year over year to $409.1 million.

"There were signs in the quarter that the demand for our services was beginning to stabilize, not the least of which were our monthly revenue per day trends," President and CEO Roy Krause said in a statement.

Total company revenues per day were only 1% less in June than in March, and revenues per day in Spherion's commercial staffing segment were higher in June than March, Krause said.

Second-quarter revenue was down across segments on a year-over-year basis. Clerical staffing revenue fell 21.1%, to $151.3 million, light industrial staffing revenue fell 31.2% to $86.6 million, information technology staffing revenue fell 25.4% to $112.7 million and finance and accounting staffing revenue slipped 22.3% to $23.0 million.

Gross margin narrowed to 20.3% from 23.1% in the year-ago quarter.

Net income was $287,000 compared with net income of $2.3 million in the second quarter of last year.

Spherion Corp. (NYSE: SFN)
For the second quarter ended June 28, 2009, compared with the same period in 2008.
Revenue: $409.1 million, -27.3%
Net income: $287,000, -87.6%


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