Spherion raises earnings estimates
January 23 2008
Spherion Corp. (NYSE: SFN) raised its revenue estimates for the fourth quarter to between $578 million and $583 million including the impact of its Technisource Inc. acquisition. The company also said it completed the integration of Todays Staffing, which it acquired from CDI Corp. (NYSE: CDI) for $40 million in September 2007, and has completed the field integration of Technisource, a Little Rock AR-based information technology staffing firm it acquired in November 2007 for $140 million. Spherion previously forecast fourth-quarter revenue of $535 million to $550 million.
Spherion also said its board approved a share repurchase of up to $25 million.
The company plans to announce its year-end results on Feb. 11.
In addition, Spherion said a vendor management system that filed for bankruptcy was holding customer funds of approximately $1 million due Spherion and those funds may not be fully collectible. The Ensemble Chimes Global VMS filed for bankruptcy earlier this month.