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Kforce Inc. Reports Revenues Of $283.7 Million And Earnings Of $0.21 Per Share

Stocks in this article: KFRC

  • Tech Flex Revenue Up 7.6% Sequentially
  • Total Firm Revenues Up 6.8% Sequentially With All Segments Showing Sequential Growth

TAMPA, Fla., July 30, 2013 (GLOBE NEWSWIRE) -- Kforce Inc. (Nasdaq:KFRC), a provider of professional staffing services and solutions, today announced results for its second quarter of 2013. Revenues for the quarter ended June 30, 2013 were $283.7 million compared to $265.6 million for the quarter ended March 31, 2013, an increase of 6.8%, and compared to $274.1 million for the quarter ended June 30, 2012, an increase of 3.5%. For the quarter ended June 30, 2013, Kforce reported net income of $6.9 million, or $0.21 per share, versus $3.1 million, or $0.09 per share, for the quarter ended March 31, 2013, an increase of 124.6% in net income and 133.3% in earnings per share. Net income and earnings per share for the second quarter of 2013 decreased 21.7% and 12.5%, respectively, versus net income of $8.9 million, or $0.24 per share, excluding the after-tax goodwill impairment charge, for the second quarter of 2012.

"We are pleased with our second quarter results as we experienced sequential Flex revenue increases across all of our segments, including a sequential increase of 7.6% for Tech and 6.2% for Finance and Accounting. Our investment in revenue responsible headcount is beginning to take hold, as we made progress toward our goal of accelerating revenue growth going into the second half of this year. In addition, we are also taking steps to improve operating margins and further accelerate leverage as we layer additional revenue on our operating platform," said David L. Dunkel, Chairman and CEO. Mr. Dunkel continued, "Demand for our services, particularly in Technology, remains strong. We also 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. As Kforce has approximately a 3% market share, we believe there are significant opportunities in the 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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