PHILADELPHIA, May 4, 2016 /PRNewswire/ — CDI Corp. (NYSE: CDI) (the “Company”) today reported results for the first quarter ended March 31, 2016.
“During the first quarter we made progress on implementing our long-term strategic plan. In multiple areas of our business, we are beginning to realize the benefits of our focus on client service and new business development,” said CEO and President Scott J. Freidheim. “While there is evidence of success from our performance improvement programs, much work remains. We will continue to channel resources to our strategic areas of focus to execute our plan.”
First Quarter Overview
- First quarter 2016 revenue of $233.5 million, a decrease of 9.3% versus first quarter 2015
- First quarter 2016 Adjusted EBITDA loss of $0.8 million versus first quarter 2015 Adjusted EBITDA profit of $4.9 million1
- Adjusted loss per diluted share of $(0.24) in the first quarter of 2016 versus adjusted earnings per diluted share of $0.04 in the first quarter of 20151
- Announced authorization of up to $20 million stock repurchase program and eliminated cash dividend. Repurchased 290,888 shares for $1.7 million during the first quarter 2016 and an aggregate of 461,055 shares for $2.7 million from inception of the program through May 2, 2016