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US – CDI revenue rises 1%

February 26 2013

CDI Corp. (NYSE: CDI), a Philadelphia-based engineering and technology staffing and solutions provider, reported fourth-quarter revenue rose 1.0 percent to $270.5 million from $267.9 million in the year-ago quarter. Gross margin slipped to 19.8 percent compared to 21.0 percent in the same period last year.

Fourth-quarter revenue in the company’s professional services staffing segment rose 3.5 percent to $174.9 million. However, gross margin in this segment narrowed to 13.3 percent from 14.2 percent in the year-ago quarter.

In CDI’s franchised Management Recruiters International segment, revenue fell 9.0 percent to $16.2 million and gross margin fell to 45.6 percent from 48.4 percent in the same quarter last year. MRI revenue includes contract staffing as well as royalties and franchise fees.

The global engineering and technology solutions segment reported fourth-quarter revenue of $79.5 million, a 2.1 percent decline from the prior-year fourth quarter. Gross margin narrowed to 28.7 percent from 29.1 percent.

CDI reported fourth-quarter net income of $5.0 million compared with a net loss of $657,000 in the year-ago quarter.

Revenue for full-year 2012 rose 4.3 percent to $1.1 billion. Gross margin for the year was 19.9 percent, down from 21.3 percent year prior. Net income increased 29.5 percent $19.1 million in 2012.

The company expects revenue for the first quarter of 2013 to range from $265 million to $275 million, compared with $281 million in the year-ago first quarter.

CDI today had a market capitalization of $324.51 million, according to Yahoo.

CDI Corp. (NYSE: CDI)
For the fourth quarter ended Dec. 31, 2012, compared with the same period in the previous year.
Revenue: $270.5 million, +1.0 percent
Net Income: $5 million vs. net loss of $657,000 million

For the fiscal year ended Dec. 31, 2012, compared with the previous year.
Revenue: $1.1 billion, +4.3 percent
Net income: $19.1 million, +29.5 percent

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