Spherion Posts 72 Percent Revenue Decline

August 7, 2009 – Spherion Corporation/(NYSE:SFN) has posted second quarter 2009 revenues of $409 million, a 72 percent decline from revenues of $563 million last year. Gross profit in 2009 was $83.2 million. Gross profit margin decreased to 20.3 percent in the second quarter of 2009 compared with 23.1 percent for the same period in 2008. Earnings from continuing operations was $0.01 per diluted share for 2009 compared with earnings of $0.10 per share in 2008. “We are encouraged with our quarterly results as we exceeded our recession adjusted two percent EBITDA target, reported positive earnings and brought net debt close to zero,” said Roy Krause, president and CEO. “There were signs in the quarter that the demand for our services was beginning to stabilize, not the least of which were our monthly revenue per day trends. We continue to be focused on our strategy to increase the percentage of professional revenues, enhance account diversification and expand margins.”