CDI Corp. Announces Joint Marketing Agreement with Ascent Engineering
May 18 15
CDI Corp. announced that its Global Engineering & Technology Solutions business entered a joint business development and marketing relationship with Ascent Engineering to deliver greater engineering capabilities to the oil, gas and chemicals industry. The relationship combines CDI's multi-discipline engineering solutions with Ascent's expertise in conceptual and front-end process engineering services to help clients achieve improved business results through the optimization of technology options, project scope, schedule and budget on critical capital projects.
CDI Seeks Acquisitions
May 6 15
CDI Corp. (NYSE:CDI) is seeking acquisitions. Scott Freidheim, Chief Executive Officer, said, "We also continue to actively pursue strategic acquisitions that support our service margin and geographic objectives."
CDI Corp. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Revenue Guidance for the Second Quarter of 2015; Provides Tax Rate Guidance for the Full Year 2015
May 5 15
CDI Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of $257,458,000 against $276,272,000 a year ago. Operating profit was $1,140,000 against $4,685,000 a year ago. Income before income taxes was $1,153,000 against $4,603,000 a year ago. Net income was $387,000 against $2,041,000 a year ago. Net income attributable to company was $470,000 against $2,037,000 a year ago. Diluted earnings per common share were $0.02 against $0.10 a year ago. Net cash used in operating activities was $4,646,000 against $40,753,000 a year ago. Capital expenditures were $1,808,000 against $2,296,000 a year ago. Adjusted EBITDA was $4,850,000 against $8,944,000 a year ago. Adjusted EPS was $0.04 against $0.16 a year ago.
The company anticipates revenue for the second quarter 2015 in the range of $245 million to $255 million. This guidance reflects expected weakness in the company's North American staffing business, particularly within the PSS OGC vertical, while the Company implements its programs to restore and grow its revenue generation capability.
The company anticipates the tax rate for the full year 2015 to be approximately 40%.
Global Engineering and Technology Solutions Reports Unaudited Earnings Results for the First Quarter of 2015
May 5 15
Global Engineering and Technology Solutions reported unaudited earnings results for the first quarter of 2015. The company reported $82.5 million in first quarter revenue, an increase of 0.3% versus the prior-year first quarter. The company's operating profit was $0.3 million compared to $1.6 million in the prior-year quarter. First quarter 2015 operating profit includes a $0.3 million charge for loss on disposal of the company's Mexico JV, while first quarter 2014 operating profit includes a $0.3 million restructuring charge.
Professional Staffing Services Reports Unaudited Earnings Results for the First Quarter of 2015
May 5 15
Professional Staffing Services reported unaudited earnings results for the first quarter of 2015. The company reported $161.4 million in revenue for the first quarter 2015, a decrease of 10.4% compared to the prior-year first quarter with declines across the company's North American industry verticals, partially offset by strong growth in AndersElite, the UK staffing business. PSS operating profit was $4.2 million versus $6.1 million in the prior-year first quarter; both quarters' results include nominal restructuring charges. To increase its revenue generating capacity, the company grew North American total productive headcount (defined as recruiting, delivery and sales personnel) by 13% since the end of 2014, reversing a multi-year trend; within the company's local and regional account business, CDI increased its sales headcount by 65%.