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CDI Revenue Rises 3%

October 30 2012

CDI Corp. (NYSE: CDI), a Philadelphia-based engineering and technology staffing and solutions provider, reported third-quarter revenue rose 2.5 percent to $279.4 million from $272.5 million in the year-ago quarter. Gross margin slipped to 19.6 percent compared to 21.2 percent in the same period last year.

The company reported third-quarter revenue in its professional services staffing segment rose 4.0 percent to $178.4 million. However, gross margin in this segment narrowed to 12.7 percent from 14.5 percent in the year-ago quarter.

CDI’s franchised Management Recruiters International segment recorded $17.46 million, in third-quarter revenue, a 1.3 percent decline versus the prior-year third quarter. MRI revenue includes contract staffing as well as royalties and franchise fees.

The global engineering and technology solutions segment reported revenue of $83.6 million in the third quarter, essentially flat compared to the prior-year third quarter. Gross margin narrowed to 29.0 percent from 29.5 percent.

CDI reported third-quarter net income of $5.4 million, up 88.9 percent from $2.9 million in the year-ago quarter. Net income in the third quarter of 2011 included the benefit of an income tax credit of $0.3 million under the Hiring Incentives to Restore Employment (HIRE) Act.

CDI expects fourth-quarter revenue to range from flat to an increase of 2.0 percent over the fourth quarter of 2011.

CDI Corp. (NYSE: CDI)
For the third quarter ended Sept. 30, 2012, compared with the same period in the previous year.
Revenue: $279.4 million, +2.5 percent
Net income: $5.4 million, +88.9 percent

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