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Fourth-quarter net income and revenue rose at Kforce Inc. (NASD: KFRC) with strong performance in its largest segment, technology. Revenue for the year at the Tampa FL-based staffing firm surpassed the $1 billion mark.
Kforce posted a 24.1% increase in 2007 net income to $40.4 million from $32.5 million in 2006.
Revenue rose 10.5% to $1.04 billion in 2007 from $938.4 million in 2006. Gross margin improved to 35.9% from 34.8%. Kforce acquired Bradson Corp., which provided finance and accounting services to the federal government, in the fourth quarter of 2006.
For the fourth quarter of 2007, net income increased 7.7 % to $9.97 million from $9.3 million in the fourth quarter of 2006.
Fourth-quarter revenue rose 8.1% to $262.6 million from $243.1 million in the same period last year. Gross margin improved to 35.6% from 35.3%.
Revenue in the Kforce's technology division rose 9.1% in the fourth quarter to $131.7 million. The segment accounted for 50.1% of the company's fourth-quarter revenue.
Kforce's health and life sciences segment registered an 18.8% increase in revenue to $58.1 million. In addition, the company's government solutions posted a 23.0% increase in revenue to $16.5 million. However, its finance and accounting segment reported a 6.1% decrease in revenue to $56.4 million.
The company forecast first-quarter 2008 revenue of $266 million to $272 million.
Kforce Inc. (NASD: KFRC)
For the fourth quarter ended Dec. 31, 2007, compared with the same period in 2006.
Revenue: $262.6 million, +8.1%
Net income: $9.97 million, +7.7%
For the 2007 fiscal year ended Dec. 31, compared with the previous year.
Revenue: $1.04 billion, +10.5%
Net income: $40.4 million, +24.1%