Spherion Q3 Results
Spherion Corporation has announced its financial results for the third quarter ended September 28, 2008.Spherion President and Chief Executive Officer Roy Krause commented, "We continue to focus on executing our strategy, emphasizing higher margin businesses such as Professional Services and Recruitment Outsourcing, while also adjusting our cost structure to reflect anticipated business levels. Based on current economic conditions, we will remain disciplined in our strategy execution, focused on cash flow, and cautious with our cost structure."-- Third quarter 2008 revenues increased 9.5% year over year, $542 million compared with $495 million last year.-- Earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter was $15.4 million compared with $19.6 million in the third quarter last year.-- Revenues for the first nine months of 2008 were $1,682 million compared with $1,436 million for the same period in 2007. EBITDA for the first nine months was $43.7 million compared with $48.2 million for the same period last year.Krause continued, "We reduced SG&A about $10 million in the third quarter compared with the second quarter, reflecting the final reductions related to the Technisource integration, reduced revenue levels, and other adjustments made in response to economic conditions. We will carefully watch gross profit trends and will continue to adjust our cost structure to maintain appropriate cash flow levels while keeping Spherion positioned to respond positively as the economy improves."