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Kforce's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: KFRC

The firm also repurchased 4.6 million shares of stock during the quarter, which represented 10.8% of outstanding shares for a total of $43 million. We believe Kforce is well positioned to service our clients' increasing desire for more flexible workforce during this unique employment cycle. We remain committed to our goal to surpass prior peak earnings with a higher quality revenue stream that is less dependent upon Permanent Placement revenue.

We remain confident at our highly leverageable operating model and believe that we may be the beneficiary of the secular shift towards increase flexible staffing. We anticipate continued uncertainty during this presidential election year, may positively affect demand for flexible talent.

I'll now turn the call over to Bill Sanders, Kforce President, who will provide additional insights on operating trends and expectations, and then Joe Liberatore, CFO, will provide remarks on overall financial performance. Bill?

William L. Sanders

Thank you, Dave, and thanks to all of you for your interest in Kforce. We are very pleased, we have a record revenues quarter. Kforce is committed to growing revenue and earnings. I n fact, providing exceptional synergies to our clients and consultants. During the quarter, we experienced broad-based strengthening in demand across services. We were able to take advantage of our highly advanced sales and delivery platforms that leverages the combination of our field associates, strategic account executives and our National Recruiting Center to profitably grow revenue with both large and small clients.

Tech Flex continues to have strong demand in the quarter, In Q3, we achieved record revenue in Tech Flex, which is our largest business unit, and represents 55% of total firm revenues. Q3 revenues increased 6.9% sequentially and 16.7% year-over-year. Our key performance indicators such as job orders and clients visits remain the highest level, and fill ratios are improving, which reflects increased efficiency in prioritization of requisitions.

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