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CDI revenue falls 4%

May 02 2013

CDI Corp. (NYSE: CDI), a Philadelphia-based engineering and technology staffing and solutions provider, reported first-quarter revenue fell 4.0 percent to $269.5 million from $280.6 million in the year-ago quarter.

Gross margin slipped to 18.6 percent compared to 19.8 percent for the first quarter 2012.

In the company’s professional services staffing segment, first-quarter revenue fell 2.5 percent to $177.1 million. Gross margin in the professional services staffing segment narrowed to 12.6 percent from 13.4 percent in the year-ago quarter.

At Management Recruiters International, CDI’s franchise recruiting segment, first-quarter revenue fell 18.7 percent to $14.3 million and gross margin slipped to 44.4 percent from 45.4 percent compared to same quarter last year.

CDI’s global engineering and technology solutions segment reported first-quarter revenue of $78.0 million, a 4.0 percent decline from the year-ago first quarter. Gross margin narrowed to 27.6 percent from 28.6 percent.

CDI reported first-quarter net income of $2.5 million, down 34.8 percent from $3.8 million in the prior year’s first quarter.

The company expects revenue for the second quarter of 2013 to range from $260 million to $270 million, compared to $274 million in the year-ago second quarter.

CDI Corp. (NYSE: CDI)
 For the first quarter ended March 31, 2013, compared with the same period in the previous year.
 Revenue: $269.5  million, -4.0 percent
 Net Income: $2.5 million, -34.8

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