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Total Fourth Quarter Revenue Increased 15.1% Year-Over-Year
Flex Revenues Per Billing Day Increased 4.3% Sequentially
Record Quarterly Revenues for Total Tech and Tech Flex
TAMPA, Fla., Feb. 8, 2011 (GLOBE NEWSWIRE) -- Kforce Inc. (Nasdaq:KFRC), a provider of professional staffing services and solutions, today announced results for its fourth quarter of 2010. Revenue for the quarter ended December 31, 2010 was $258.5 million compared to $259.5 million for the quarter ended September 30, 2010, a decrease of 0.4%, and compared to $224.6 million for the quarter ended December 31, 2009, an increase of 15.1%. For the quarter ended December 31, 2010, Kforce reported net income of $6.3 million, or $0.16 per share, versus $6.4 million, or $0.16 per share, for the quarter ended September 30, 2010, a decrease of 1.6% in net income while EPS was flat. Net income and earnings per share for the fourth quarter of 2010 increased 79.4% and 77.8%, respectively, versus the fourth quarter of 2009, which had net income of $3.5 million and $0.09 per share.
Kforce reported total revenue for the year ended December 31, 2010 of $990.8 million compared to $910.1 million for 2009, an increase of 8.9%. Net income was $20.6 million, or $0.51 per share, for the year ended December 31, 2010, compared to net income of $12.9 million, or $0.33 per share, for 2009, which represents an increase of 60.3% in net income and 54.5% in earnings per share.
"We are pleased with our fourth quarter results, particularly the year-over-year increases in Tech Flex and FA Flex of 18.5% and 34.1%, respectively, as we continue to leverage our National Recruiting Center (NRC) and Strategic Accounts groups to capture revenue opportunities. We also continue to perform well in permanent placement with a year-over-year increase of 49.4%. The U.S. economic environment in 2010 was unique in that we have seen a disproportionate amount of private sector hiring coming through the temporary portion of payroll. We believe Kforce is well positioned to service our clients' increasing desire for a more flexible workforce during this unique temporary employment led recovery, which we believe may continue to contribute to a sustained secular shift toward a flexible staffing model. We believe that we will surpass prior peak earnings earlier in the cycle with a higher quality revenue stream that is less dependent upon permanent placement revenue. We are proud of our 2010 results and we remain optimistic about the Firm's prospects. I want to thank all of our employees, consultants and clients for making 2010 a successful year for Kforce," said David L. Dunkel, Chairman and CEO.