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Spherion Q2 Results

Spherion Q2 Results

Spherion Corporation has announced its financial results for the second quarter ended June 28, 2009.

Spherion president and CEO Roy Krause commented, "We are encouraged with our quarterly results as we exceeded our recession adjusted 2.0% EBITDA target, reported positive earnings and brought net debt close to zero."

FINANCIAL HIGHLIGHTS

Second quarter 2009 revenues were $409 million, compared with $563 million last year. Adjusted EBITDA in the second quarter was $9.4 million, or 2.3% of revenues, compared with $16.6 million, or 2.9% of revenues, in the prior year.

Revenues for the first six months of 2009 were $835 million compared with $1,139 million for the same period in 2008. Adjusted earnings from continuing operations for the first six months of 2009 were a loss of $3.5 million, or ($0.07) per share, compared with $7.7 million, or $0.14 per share, for the same period in 2008. Adjusted EBITDA for the first six months was $10.0 million compared with $30.2 million for the same period last year.

Krause continued, "There were signs in the quarter that the demand for our services was beginning to stabilize, not the least of which were our monthly revenue per day trends. Total Company revenues per day during June were only 1% less than during March and Staffing Services revenues per day were actually higher during June than during March. Commercial staffing services, which we provide through our Staffing Services segment, are typically the first to grow during the early stages of an economic recovery. We continue to be focused on our strategy to increase the percentage of professional revenues, enhance account diversification and expand margins."

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