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US – Kforce Estimates Charge of Up to $70 Million

July 24 2012

Kforce Inc. (NASD: KFRC) estimates it will take a non-cash impairment charge of $60 million to $70 million on a pre-tax basis in the second quarter. The charge relates to acquisitions that Kforce’s government solutions unit made in 2006 and 2008.

CFO Joe Liberatore said the firm also expects second-quarter revenue in its government solutions unit to fall to approximately $21.5 million. Kforce’s government services operations had revenue of $21.9 million in the second quarter of 2011.

Government services “revenues and pipeline continues to be adversely impacted by increasingly significant delays in the start-up of already executed and funded projects due to acute shortages of acquisition and contracting personnel within certain federal government agencies, uncertainty of funding levels of various federal government programs and agencies and the increasingly uncertain macro-economic and political environment,” Liberatore said.

Kforce is a professional staffing firm based in Tampa, Fla. It ranks No. 14 on Staffing Industry Analysts’ list of largest U.S. staffing firms.

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