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Kforce revenue up 15%

April 30 2014

Kforce Inc. (NASD: KFRC) reported first-quarter revenue rose 14.9 percent to $305.3 million. Net income at the Tampa, Fla.-based professional staffing firm rose 102.0 percent to $6.2 million.

However, Kforce’s gross margin narrowed to 29.8 percent in the first quarter from 31.4 percent in the year-ago quarter.

“We believe that professional staffing has entered a new age with growth being driven by clients increasingly utilizing a flexible staffing solution to mitigate employment and regulatory risk, as well as the ubiquitous nature of technology today across our clients’ business platforms,” said Chairman and CEO David Dunkel. “Against a backdrop of tempered GDP growth, we continue to see a disproportionate share of job growth coming from the temporary staffing sector.”

Revenue in Kforce’s largest division, technology staffing, rose 17.2 percent year over year in the first quarter to $196.5 million. Technology flexible staffing revenue rose 18.2 percent to $192.5 million, while technology search revenue fell 16.4 percent year over year to $4.0 million in the first quarter.

Finance and accounting revenue rose 11.1 percent in the first quarter to $62.8 million, and first-quarter health information management revenue rose 25.0 percent to $23.3 million.

Government solutions revenue edged down 0.3 percent in the first quarter to $22.8 million.

Shares in Kforce rose 6.32 percent to $22.36 in early afternoon trading today and Kforce has a market cap of approximately $759.88 million, according to Google.


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