Spherion Posts Large Revenue Loss

February 4, 2010 – Recruiting giant Spherion Corporation/(NYSE:SFN) posted fourth quarter 2009 revenues of $456 million, a 29 percent decline from revenues of $505 million during the same period last year. The Fort Lauderdale-based company posted adjusted earnings from continuing operations of $3.2 million, or $0.06 per share, compared with adjusted earnings of $0.8 million, or $0.02 per share, a year ago. Revenues for the full year were $1.7 billion compared with $2.2 billion for 2008. Adjusted earnings from continuing operations for the full year 2009 were $0.2 million, or $0.00 per share, compared with earnings of $12.6 million, or $0.24 per share, for 2008. “We are optimistic that our business is well positioned for organic growth and EBITDA margin expansion as the economic recovery continues,” said Roy Krause, president and CEO. “The acquisition of Tatum announced earlier this week provides additional high margin professional services that will provide us the opportunity to accelerate our growth and operating leverage.”