CDI sees swing to 4th-quarter profit

Posted: February 27, 2013

CDI Corp., the Philadelphia-based staffing company, reported Tuesday that 2012 revenues grew 4.3 percent to $1.105 billion, up from $1.06 billion in 2011. Net income was $19.1 million, up from $14.8 million, or 97 cents per diluted share, up from 77 cents.

Revenues in each CDI specialties improved with staffing increases in oil, gas, chemicals, aerospace, industrial and high tech placements in engineering and other kinds of job contracts.

Management Recruiters International, a franchised division of head-hunting agencies, saw increases in staffing revenues, but decreases in royalties and franchise fees.

In fourth quarter results, ending Dec. 31, CDI revenues were up to $270.5 million from $268 million and net income rose to $5 million, from a loss of $657,000 in 2011. CDI expects first quarter 2013 revenues in the $265 million to $275 million range, down from $281 million in the 2012 first quarter. Shares were up about 1 percent, to $16.80 in afternoon trading.    - Jane M. Von Bergen

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