CDI Corp. Posts 21 Percent Revenue Decline

February 24, 2010 – CDI Corp./(NYSE:CDI), a Philadelphia-based provider of IT-focused recruitment solutions, posted fourth quarter revenues of $217.2 million, a decrease of 14.4 percent from revenues of $253.6 million a year ago. During the quarter, the company reported a net loss of $6.9 million, or $0.36 per diluted share, versus a net loss of $3.6 million, or $0.19 per diluted share, in the prior-year fourth quarter. Operating unit Management Recruiters International revenue fell 22 percent, while revenue at the company's UK-based unit, CDI AndersElite (Anders), was down 36 percent. For the year ended December 31, 2009, CDI. Corp. reported a net loss of $19.9 million, or $1.05 per diluted share, on revenue of $885 million, a loss from revenues of $1.118 billion in 2008. “Although CDI's markets remained challenging in the fourth quarter, we saw some signs that a modest recovery is underway in sectors of our business,” said Roger H. Ballou, president and CEO. “Our IT solutions business experienced year-over-year revenue growth of 13 percent due to successful business development efforts and increased spending across most industry segments, while our Management Recruiters International division saw a moderation in royalty revenue decline versus the prior-year which resulted in sequential royalty growth.”

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