CDI Corp. Posts Q1 Revenue Dip
May 12, 2015 – CDI Corp./(NYSE:CDI)a Philadelphia-based provider of IT-focused recruitment solutions, posted first quarter revenues of $257.5 million, a decrease of 6.8 percent from revenues of $276.3 million a year ago. The company reported a net gain of $0.5 million, or $0.02 per diluted share, compared to earnings of $2 million, or $0.10 per diluted share, last year.
Management Recruiters International, Inc. (MRI) reported first quarter 2015 revenue of $13.5 million, a decrease of 2.7 percent compared to the prior-year first quarter, as an increase in royalty and franchise fee revenue was offset by a decrease in contract staffing revenue. MRI's first quarter 2015 operating profit was $1.5 million compared to $1.3 million in the prior-year first quarter.
CDI shares have declined 23 percent since the beginning of the year. The company anticipates revenue for the second quarter 2015 in the range of $245 million to $255 million.
"We are implementing with a sense of urgency multiple business improvement initiatives to deliver profitable growth and transform CDI," said Scott J. Freidheim, chief executive officer and president.
"We are adding new leadership in key corporate and operational roles, restoring revenue production capacity, enhancing service delivery, and pursuing corporate development opportunities. We look forward to communicating results of these and other actions in the coming quarters."
