Fourth Quarter Adjusted Net Income of $9.1 Million, or $0.28 Per Share, Excluding Realignment and Non-Cash Impairment Charges
Tech Flex Revenue Per Billing Day Up 5.6% Sequentially and 18.3% Year-Over-Year
TAMPA, Fla., Feb. 11, 2014 (GLOBE NEWSWIRE) -- Kforce Inc. (Nasdaq:KFRC), a provider of professional staffing services and solutions, today announced results for its fourth quarter and full year 2013. Revenues for the quarter ended December 31, 2013 were $302.9 million compared to $299.7 million for the quarter ended September 30, 2013, an increase of 4.4% on a billing day basis, and compared to $269.8 million for the quarter ended December 31, 2012, an increase of 12.3%. Adjusted net income, which is defined as net income before realignment-related and non-cash goodwill impairment charges, for the quarter ended December 31, 2013 was $9.1 million, or $0.28 per share, versus $9.0 million, or $0.27 per share, for the quarter ended September 30, 2013. Adjusted net income and earnings per share for the fourth quarter of 2013 increased 6.6% and 16.7%, respectively, versus adjusted net income of $8.6 million, or $0.24 per share, for the fourth quarter of 2012. On a GAAP basis, Kforce reported a net loss of $8.2 million, or a loss of $0.25 per share, for the quarter ended December 31, 2013 and net income for the quarter ended December 31, 2012 of $6.1 million, or $0.17 per share. During the quarter ended December 31, 2013, the Firm executed a plan to streamline its leadership and revenue enablement support structure to better align a higher percentage of roles closer to the customer. As a result of this realignment, the Firm incurred pre-tax charges related to severance, benefits, bonus, and other related costs of $11.9 million during the fourth quarter of 2013. Additionally, during the quarter ended December 31, 2013, Kforce recorded a pre-tax impairment charge in its Government Solutions reporting unit of $14.5 million due to management's decision during the quarter to narrow the scope of offerings and focus on prime solutions-based services.