Kforce Reports Third Quarter Revenue Of $259.5 Million And EPS Of $0.16
Total Revenue Increased 13.7% Year Over Year and 5.4% Sequentially
Record Revenue Achieved in Total Flex, Tech and Tech Flex
TAMPA, Fla., Nov. 1, 2010 (GLOBE NEWSWIRE) -- Kforce Inc. (Nasdaq:KFRC), a provider of professional staffing services and solutions, today announced results for its third quarter of 2010. Revenue for the quarter ended September 30, 2010 was $259.5 million compared to $246.1 million for the quarter ended June 30, 2010, an increase of 5.4%, and compared to $228.3 million for the quarter ended September 30, 2009, an increase of 13.7%. For the quarter ended September 30, 2010, Kforce reported net income of $6.4 million, or $0.16 per share, versus $5.1 million, or $0.13 per share, for the quarter ended June 30, 2010, an increase of 25.3% in net income and 23.1% in earnings per share. Excluding the non-cash compensation charge before taxes of $3.6 million, net income for the quarter ended September 30, 2009 was $4.4 million, or $0.11 per share, which represents a year-over-year increase of 46.3% in net income and 45.5% in earnings per share. On a GAAP basis, net income for the quarter ended September 30, 2009 was $2.3 million, or $0.06 per share."We are very pleased with our third quarter results, which marked a number of record revenue milestones for the Firm, including all time highs in total Firm Flex revenue of $249.0 million, total Tech revenue of $141.9 million and total Tech Flex revenue of $137.3 million. We are also particularly pleased with the 16.5% sequential and 18.1% year-over-year increase in FA Flex as we continue to leverage our National Recruiting Center (NRC) and Strategic Accounts groups to capture revenue opportunities. We continue to perform well in permanent placement with an increase in revenues of 7.0% sequentially and 61.2% over the third quarter of 2009, which we believe reflects our clients rebuilding core staff after significant reductions. We believe our diverse portfolio of service offerings and flexible delivery platform has positioned Kforce for success and, we believe, will allow us to continue to take advantage of the improving climate for professional staffing," said David L. Dunkel, Chairman and CEO.
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