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World – Engineering recruiter CDI improves Q3 revenue

31 October 2012

US-based CDI Corp (CDI:NYSE) increased third-quarter revenue by +2.5% to US$279.4 million, the firm reported on Tuesday. Analysts surveyed by Thomson Reuters expected revenue of US$283.9 million.

CDI operates in the UK under the AndersElite brand, providing permanent, temporary and contract recruitment of professionals with clients including the Ministry of Defence.

“We achieved revenue growth within our target range, and operating income, net income and earnings per share all showed significant gains,” said CDI chief executive officer, Paulett Eberhart.

But gross profit in the quarter declined by -5% to US$54.7 million from US$57.7 million a year ago. The gross margin also dropped to 19.6%, compared to 21.2% last year.

In the quarter, the firm made an operating profit of US$9.0 million with profits rising by +103% from US$4.4 million in 2011. Net income was up +89% to US$5.4 million.

CDI expects fourth-quarter revenue development to range between 0% and 2% year-on-year.

In the third quarter, revenue in the company's global engineering and technology solutions segment was flat at US$83.6 million. The professional services staffing business saw revenue rise +4.0% to US$178.4 million. Revenue in Management Recruiters International declined -1% to US$17.5 million.

CDI Corp. provides engineering and information technology outsourcing and professional staffing services, including project outsourcing services and staffing services. The Company derives most of its revenue from the United States, the United Kingdom and Canada.

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