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Financial highlights for the third quarter include:
On
The dial-in number is (877) 344-3890. The conference passcode is Kforce. The replay of the call will be available from
This call is being webcast by
About
The
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Factors that could cause actual results to differ materially include the following: business conditions and growth in the staffing industry and general economy; competitive factors, risks due to shifts in the market demand, including, without limitation, shifts in demand for our Technology, Finance and Accounting, Health Information Management and Government Solutions segments, as well as the market for search and flexible staffing assignments; changes in the service mix; ability of the Firm to complete acquisitions; and the risk factors listed from
time to time in the Firm's reports filed with the
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| Summary of Operations | |||
| (In Thousands, Except Per Share Amounts) | |||
| (Unaudited) | |||
| Three Months Ended | |||
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Sept. 30, 2012 |
June 30, 2012 |
Sept. 30, 2011 |
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| Revenue by function: | |||
| Technology | $ 170,577 | $ 171,739 | $ 165,476 |
| Finance & accounting | 58,729 | 60,867 | 54,297 |
| Health information management | 18,157 | 19,978 | 17,370 |
| Government solutions | 22,698 | 21,545 | 23,881 |
| Total revenue | 270,161 | 274,129 | 261,024 |
| Costs of services | 181,399 | 184,363 | 176,520 |
| Gross profit | 88,762 | 89,766 | 84,504 |
| GP % | 32.9% | 32.7% | 32.4% |
| Flex GP % | 29.6% | 29.3% | 29.2% |
| Selling, general & administrative expenses | 70,367 | 71,414 | 71,244 |
| Goodwill impairment | -- | 65,300 | -- |
| Depreciation & amortization | 2,659 | 2,877 | 3,010 |
| Income (loss) from operations | 15,736 | (49,825) | 10,250 |
| Other expense, net | 288 | 265 | 286 |
| Income (loss) from continuing operations before income taxes | 15,448 | (50,090) | 9,964 |
| Income tax expense (benefit) | 6,173 | (16,908) | 3,638 |
| Income (loss) from continuing operations | $ 9,275 | $ (33,182) | $ 6,326 |
| (Loss) income from discontinued operations, net of income taxes | (7) | 15 | 2,120 |
| Net income (loss) | $ 9,268 | $ (33,167) | $ 8,446 |
| Earnings (loss) per share - diluted | $ 0.26 | $ (0.90) | $ 0.22 |
| Adjusted EBITDA per share | $ 0.51 | $ 0.50 | $ 0.43 |
| Shares outstanding - diluted | 36,243 | 36,712 | 38,228 |
| Adjusted EBITDA | $ 18,415 | $ 18,325 | $ 16,400 |
| Other information: | |||
| Capital expenditures | $ 1,568 | $ 2,519 | $ 2,113 |
| Equity-based compensation expense, net | $ 23 | $ -- | $ 1,938 |
| Working capital | $ 98,199 | $ 105,436 | $ 100,766 |
| Selected balance sheet information: | |||
| Cash and cash equivalents | $ 5,418 | $ 812 | $ 1,025 |
| Accounts receivable, less allowances | $ 168,954 | $ 179,408 | $ 186,843 |
| Total assets | $ 352,722 | $ 369,467 | $ 420,397 |
| Bank debt | $ -- | $ 10,992 | $ 59,384 |
| Total liabilities | $ 135,985 | $ 153,128 | $ 193,747 |
| Total stockholders' equity | $ 216,737 | $ 216,339 | $ 226,650 |
| Billing days | 63 | 64 | 64 |
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| Key Statistics | |||
| (Unaudited) | |||
| Q3 2012 | Q2 2012 | Q3 2011 | |
| Total Firm | |||
| Flex revenue (000's) | $ 257,790 | $ 260,925 | $ 249,420 |
| Revenue per billing day (000's) | $ 4,092 | $ 4,077 | $ 3,897 |
| Sequential flex revenue change | -1.2% | 1.4% | 5.7% |
| Hours (000's) | 4,328 | 4,411 | 4,189 |
| Flex GP % | 29.6% | 29.3% | 29.2% |
| Search revenue (000's) | $ 12,371 | $ 13,204 | $ 11,604 |
| Placements | 856 | 956 | 874 |
| Average fee | $ 14,456 | $ 13,817 | $ 13,276 |
| Billing days | 63 | 64 | 64 |
| Technology | |||
| Flex revenue (000's) | $ 165,342 | $ 166,044 | $ 160,285 |
| Revenue per billing day (000's) | $ 2,625 | $ 2,594 | $ 2,504 |
| Sequential flex revenue change | -0.4% | 3.5% | 6.9% |
| Hours (000's) | 2,520 | 2,532 | 2,520 |
| Flex GP % | 28.4% | 27.9% | 27.7% |
| Search revenue (000's) | $ 5,235 | $ 5,695 | $ 5,191 |
| Placements | 337 | 354 | 354 |
| Average fee | $ 15,536 | $ 16,076 | $ 14,682 |
| Finance & Accounting | |||
| Flex revenue (000's) | $ 51,661 | $ 53,562 | $ 48,046 |
| Revenue per billing day (000's) | $ 820 | $ 837 | $ 751 |
| Sequential flex revenue change | -3.5% | -2.0% | 1.1% |
| Hours (000's) | 1,545 | 1,585 | 1,406 |
| Flex GP % | 30.9% | 31.0% | 30.1% |
| Search revenue (000's) | $ 7,068 | $ 7,305 | $ 6,251 |
| Placements | 513 | 593 | 499 |
| Average fee | $ 13,783 | $ 12,330 | $ 12,516 |
| Health Information Management | |||
| Flex revenue (000's) | $ 18,089 | $ 19,774 | $ 17,208 |
| Revenue per billing day (000's) | $ 287 | $ 309 | $ 269 |
| Sequential flex revenue change | -8.5% | 2.3% | 3.7% |
| Hours (000's) | 263 | 294 | 263 |
| Flex GP % | 35.9% | 36.5% | 36.6% |
| Search revenue (000's) | $ 68 | $ 204 | $ 162 |
| Placements | 6 | 9 | 21 |
| Average fee | $ 11,384 | $ 22,739 | $ 7,678 |
| Government Solutions | |||
| Flex revenue (000's) | $ 22,698 | $ 21,545 | $ 23,881 |
| Revenue per billing day (000's) | $ 360 | $ 337 | $ 373 |
| Sequential flex revenue change | 5.4% | -6.3% | 8.8% |
| Flex GP % | 30.5% | 30.0% | 32.3% |
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| Selected Financial Information and Reconciliations | ||||||
| (In Thousands, Except Per Share Amounts) | ||||||
| (Unaudited) | ||||||
| Quarterly Adjusted EBITDA | ||||||
| Three Months Ended | ||||||
|
Sept. 30, 2012 |
June 30, 2012 |
Sept. 30, 2011 |
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| $ | Per share | $ | Per share | $ | Per share | |
| Net income (loss) | $ 9,268 | $ 0.26 | $ (33,167) | $ (0.90) | $ 8,446 | $ 0.22 |
| (Loss) income from discontinued operations, net of income taxes | (7) | (0.00) | 15 | 0.00 | 2,120 | 0.05 |
| Income (loss) from continuing operations | $ 9,275 | $ 0.26 | $ (33,182) | $ (0.90) | $ 6,326 | $ 0.17 |
| Goodwill impairment, pre-tax | -- | -- | 65,300 | 1.77 | -- | -- |
| Depreciation & amortization | 2,659 | 0.07 | 2,877 | 0.08 | 3,010 | 0.07 |
| Amortization of restricted stock & PARS | 38 | 0.00 | -- | -- | 3,048 | 0.08 |
| Interest expense and other | 270 | 0.01 | 238 | 0.01 | 378 | 0.01 |
| Income tax expense (benefit) | 6,173 | 0.17 | (16,908) | (0.46) | 3,638 | 0.10 |
| Adjusted EBITDA | $ 18,415 | $ 0.51 | $ 18,325 | $ 0.50 | $ 16,400 | $ 0.43 |
| Weighted average shares outstanding - basic | 36,204 | 36,712 | 37,417 | |||
| Weighted average shares outstanding - diluted | 36,243 | 36,807 | 38,228 | |||
| Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before discontinued operations, non-cash impairment charges, interest, income taxes, depreciation and amortization and stock-based compensation expense. Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles. Items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance. | ||||||
| Quarterly Net Income before Equity-Based Compensation Expense and Impairment Charge | ||||||
| Three Months Ended | ||||||
|
Sept. 30, 2012 |
June 30, 2012 |
Sept. 30, 2011 |
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| $ | Per share | $ | Per share | $ | Per share | |
| Net income (loss) | $ 9,268 | $ 0.26 | $ (33,167) | $ (0.90) | $ 8,446 | $ 0.22 |
| (Loss) income from discontinued operations, net of income taxes | (7) | (0.00) | 15 | 0.00 | 2,120 | 0.05 |
| Income (loss) from continuing operations | $ 9,275 | $ 0.26 | $ (33,182) | $ (0.90) | $ 6,326 | $ 0.17 |
| Goodwill impairment, net of income taxes | -- | -- | 42,035 | 1.14 | -- | -- |
| Equity-based compensation expense, net: | ||||||
| Alternative LTI expense | -- | -- | -- | -- | 5 | 0.00 |
| Amortization of restricted stock & PARS | 38 | 0.00 | -- | -- | 3,048 | 0.08 |
| Income tax benefit | (15) | (0.00) | -- | -- | (1,115) | (0.03) |
| Equity-based compensation expense, net | 23 | 0.00 | -- | -- | 1,938 | 0.05 |
| Net income before equity-based compensation expense and impairment charge | $ 9,298 | $ 0.26 | $ 8,853 | $ 0.24 | $ 8,264 | $ 0.22 |
| Weighted average shares outstanding - basic | 36,204 | 36,712 | 37,417 | |||
| Weighted average shares outstanding - diluted | 36,243 | 36,807 | 38,228 | |||
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"Net Income before Equity-Based Compensation Expense and Impairment Charge", a non-GAAP financial measure, is defined as income (loss) from continuing operations before compensation expense incurred in conjunction with share-based payment awards, alternative long-term incentive awards and non-cash impairment charges. |
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| Adjusted Net Income and Earnings Per Share Before Impairment Charge, Adjusted EBITDA and Net Income before Equity-Based Compensation Expense and Impairment Charge are key measures used by management to evaluate its operations and to provide useful information to investors. These measures should not be considered in isolation or as an alternative to net income, cash flows data or other financial statement information presented in the consolidated financial statements as indicators of financial performance or liquidity. These measurements are not determined in accordance with generally accepted accounting principles and are thus susceptible to varying calculations. The measures as presented may not be comparable to similarly titled measures of other companies. | ||||||
CONTACT:Michael R. Blackman Chief Corporate Development Officer (813) 552-2927
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