cdi corp (CDI) Key Developments
CDI Corp. Approves Amendment to its By-Laws
Dec 22 14
On December 16, 2014, the Board of Directors of CDI Corp. approved an amendment to the By-Laws of the company. The By-Laws amendment consists of the following sections of the By-Laws: Section 3.02 - the date for the annual meeting of shareholders is changed from a fixed date to a date that is set by the Board of Directors by resolution. Section 3.05 - Shareholders desiring to nominate directors for election or bring other business before the shareholders at the annual meeting or at special meetings will be required to do so in a written notice no later than 90, and no earlier than 120, days before the proposed date of the meeting. The shareholder's notice must contain certain information so as to allow the Board of Directors and the Company to identify the shareholder and to understand more about the proposal. The chairman of the shareholders' meeting is given the power to determine whether a proposal was made in accordance with the By-Laws. Section 3.15 - The chairman of the shareholders' meeting is given certain powers regarding the conduct of the meeting, such as setting time limits for remarks by shareholders, establishing a procedure by which shareholders desiring to speak are recognized and setting limits on the number of times any shareholder can speak.
Stuart Batchelor Resigns as Executive Vice President, Global Staffing Services to CDI Corp
Nov 6 14
CDI Corp. and Stuart Batchelor, the Company's Executive Vice President, Global Staffing Services, agreed that Mr. Batchelor's assignment with the Company and his employment would end on December 31, 2014. Mr. Batchelor and CDI AndersElite Limited ('CDI'), entered into a settlement agreement dated October 31, 2014 relating to the termination of Mr. Batchelor's employment.
CDI Corp. Announces New Appointments
Oct 29 14
CDI Corp. announced that it has added three corporate leaders to its executive management team. David Arkless will serve as President, International; Michael Castleman will be Executive Vice President, Corporate Development and Operations; and Hugo Malan will join as Executive Vice President, President of Staffing for North America. Together, these hires signify a focused effort by the company to build an executive team that will accelerate value creation for shareholders. A veteran of the human capital management industry, Arkless spent more than 20 years with ManpowerGroup in strategic services, global account sales, global consulting, and corporate and government affairs, along with serving as a member of the organization's global executive team. Castleman most recently served as president of Kenmore, Craftsman and DieHard brands. In that role, he oversaw all strategy and operations related to product development and management, brand marketing, strategic sourcing, business development and brand extension. Malan is the former president of fitness, sporting goods & toys business at Sears Holdings Corporation. He was responsible for all aspects of the growth and profitability of the fitness, sporting goods & toys businesses across both the Sears and Kmart formats, in-store and online.
CDI Corp. Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended Sep. 30, 2014; Provides Revenue Guidance for the Fourth Quarter of 2014
Oct 28 14
CDI Corp. reported unaudited consolidated financial results for the third quarter and nine months ended Sep. 30, 2014. For the third quarter of 2014, the Company reported revenue of $295.7 million, an increase of 6.4% versus the prior-year third quarter. The company reported third quarter 2014 operating profit of $8.5 million, an increase of 22.1% versus the prior-year third quarter. Income before income taxes was $8,349,000 against $6,889,000 for the same period of last year. Net income attributable to the company was $5,400,000 against $4,528,000 for the same period of last year. Earnings per diluted share were $0.27 against $0.23 for the same period of last year. Capital expenditures for the company were $2.6 million compared to $2 million in the same period last year.
For the nine months, revenue was $856,286,000 against $810,745,000 for the same period of last year. Operating profit was $20,155,000 against $17,101,000 for the same period of last year. Income before income taxes was $19,948,000 against $16,931,000 for the same period of last year. Net income attributable to the company was $11,864,000 against $10,457,000 for the same period of last year. Earnings per diluted share were $0.60 against $0.53 for the same period of last year.
The company anticipates revenues for the fourth quarter of 2014 in the range of $270 million to $280 million, compared to $277.1 million in the prior-year fourth quarter. Tax rate is expected to be between 39% and 41%.
Global Engineering and Technology Solutions Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Oct 28 14
Global Engineering and Technology Solutions reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For third quarter revenue increased 8.5% to $88.4 million when compared to $81.5 million for the prior-year third quarter driven by an increase in revenue in the Oil, Gas & Chemicals (OGC) and Hi-Tech verticals partially offset by declines in Aerospace & Industrial Equipment (AIE) and the infrastructure and government services businesses, both reported in "Other." GETS operating profit was $3.4 million compared to $2.9 million in the prior-year quarter, an increase of 17.6%.
For the nine moths, the company reported revenue of $254,930,000 compared to $239,483,000 for the same period of last year. Operating profit was $7,200,000 compared to $7,639,000 for the same period of last year.