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Kforce Inc. Reports Revenues Of $265.6 Million And Earnings Of $0.09 Per Share

Stocks in this article: KFRC

TAMPA, Fla., April 30, 2013 (GLOBE NEWSWIRE) -- Kforce Inc. (Nasdaq:KFRC), a provider of professional staffing services and solutions, today announced results for its first quarter of 2013. Revenues for the quarter ended March 31, 2013 were $265.6 million compared to $269.8 million for the quarter ended December 31, 2012, a decrease of 1.6%, and compared to $268.4 million for the quarter ended March 31, 2012, a decrease of 1.0%. In the quarter ended March 31, 2013, Kforce reported net income of $3.1 million, or $0.09 per share, versus $8.6 million, or $0.24 per share, excluding the goodwill impairment charge, for the quarter ended December 31, 2012. Net income and earnings per share for the first quarter of 2013 decreased 24.1% and 25.0%, respectively, versus net income of $4.1 million, or $0.12 per share, for the first quarter of 2012.

"The Firm's results in the first quarter did not meet our expectations and we are not satisfied. Our Technology and Government businesses performed near anticipated levels; however, due to shortfalls primarily in our Finance and Accounting and Health Information Management businesses, our top line results were slightly below our expectations. We believe the significant investment in sales associates at the end of 2012, which has continued in the first quarter at more measured levels, is taking hold, and we are making progress toward our goal of accelerating revenue growth in the second half of this year," said David L. Dunkel, Chairman and CEO. Mr. Dunkel continued, "We believe our diverse service offerings, as well as our highly elastic front and back office, position Kforce well. Demand for our services, particularly in Technology, remains solid. In addition, we continue to see a secular shift where our clients are increasingly seeking a higher degree of variability in the composition of their workforce as they look to mitigate economic uncertainty and the increasing complexity and costs of employment due to regulatory changes. There are significant opportunities as Kforce has only approximately a 3% market share in a growing domestic professional staffing market. I want to thank all of our employees and consultants for their hard work, dedication and progress this past quarter."

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