Kforce Inc. Results
Kforce Inc. Results
Kforce Inc. a provider of professional staffing services and solutions, today announced results for its first quarter of 2010. Revenue for the quarter ended March 31, 2010 was $226.7 million compared to $224.6 million for the quarter ended December 31, 2009, an increase of 0.9%, and compared to $231.3 million for the quarter ended March 31, 2009, a decrease of 2.0%. For the quarter ended March 31, 2010, Kforce reported net income of $2.7 million, or $0.07 per share, versus $3.5 million, or $0.09 per share, for the quarter ended December 31, 2009. Net income for the quarter ended March 31, 2009 was $3.2 million, or $0.08 per share.
"We are pleased with our first quarter results, particularly the return of Tech flex, our largest revenue stream, to positive year over year growth. In addition, our first quarter total Firm flex revenues increased 0.7% sequentially. Permanent placement revenues increased 6.6% sequentially, which we believe reflects our clients rebuilding core staff after significant reductions throughout the economic recession. We believe our diverse portfolio of service offerings and unique delivery platform have helped to prepare us for what we believe may be a recovery in the temporary staffing industry," said David L. Dunkel, Chairman and CEO.
Mr. Dunkel continued, "Kforce is aggressively pursuing business opportunities with the goal of continuing to gain customer and market share. We believe that Kforce has developed a highly leverageable and flexible platform that will continue to deliver solid results across our service spectrum. Our priorities continue to be retaining the highly talented people that are the lifeblood of our future success and to use cash flow for acquisitions that meet our very high thresholds, share repurchases, and debt retirement. In particular, I would like to thank our great people for their continued hard work and commitment to delivering great results."
William L. Sanders, President, said, "Building upon a strong 2009, where we were able to balance the maintenance of our revenue stream with selective investments in the business to prepare for the slingshot, the Firm continued its solid performance in the first quarter. During the first quarter of 2010, the Firm continued to expand the Strategic Accounts team and the National Recruiting Center to further position the Firm ahead of the economic up-cycle. We believe our diversified revenue stream and demand environment for professional staffing and solutions that is underpinned by solid cyclical and secular trends have positioned Kforce well for the future. We believe that Kforce has both the great people and the operating platform to continue delivering exceptional results for both our clients and our shareholders."