CDI Corp. Posts Sluggish Q2 Results

August 14, 2013 – CDI Corp./(NYSE:CDI), a provider of IT-focused recruitment solutions, posted second quarter revenues of $263.4 million, a decline of four percent from revenues of $274.4 million in the prior year quarter. The company reported second quarter 2013 net income of $3.4 million, or $0.17 per diluted share, versus net income of $5.0 million, or $0.25 per diluted share, a year ago. Management Recruiters International (MRI) second quarter revenue decreased 20.2 percent to $14.7 million, compared to the prior-year quarter, driven by lower income across all revenue categories. “While we are making good progress with the execution of our strategy to grow our focus verticals in both engineering and program staffing, our second quarter results were below last year’s levels, as it is taking longer than expected to convert wins into revenues,” said CDI president and CEO Paulett Eberhart. “In addition, we saw declines in non-program staffing and MRI revenue as well as lower spending by our largest client and government accounts during the second quarter.”