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USA - CDI Revenue Rises 8%

February 28 2012

CDI Corp. (NYSE: CDI) reported revenue rose 8.0 percent to 268.0 million in the fourth quarter ended Dec. 31, 2011, from $248.0 million in the year-ago quarter.

Fourth-quarter engineering solutions revenue rose 17.7 percent to $152.5 million. Fourth-quarter revenue in CDI’s Management Recruiters International division rose 12.7 percent to $17.8 million primarily because of a rise in contract staffing revenue. And fourth-quarter revenue at the company’s AndersElite division rose 31.5 percent to $17.1 million.

However, CDI’s IT solutions division reported revenue fell 10.1 percent to $80.6 million.

CDI’s fourth-quarter gross margin slipped to 21.0 percent from 21.1 percent in the year-ago quarter.

The company reported a net loss of $657,000 in the fourth quarter, compared to a net loss of $14.9 million in the same period last year. Fourth quarter 2011 results include an $8.1 million charge for restructuring and related costs. The fourth quarter of 2010 includes an $8.3 million charge for goodwill impairment at the AndersElite division.

Revenue for full-year 2011 rose 14.4 percent to $1.06 billion from $926.3 million in 2010.

Gross margin for full year 2011 was 21.3 percent, up from 20.9 percent in the previous year. 2011 net income was $14.8 million, compared to a net loss of $10.9 million in 2010.

CDI expects first-quarter revenue to rise between 4 percent and 6 percent compared to the first quarter of 2011.

CDI Corp. (NYSE: CDI)
For the fourth quarter ended Dec. 31, 2011, compared with the same period in the previous year.
Revenue: $268.0 million, +8.0 percent
Net loss: $657,000 vs. net loss of $14.9 million
For the fiscal year ended Dec. 31, 2011, compared with the previous year.
Revenue: $1.06 billion, +14.4 percent
Net income: $14.8 million vs. net loss of $10.9 million

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