PHILADELPHIA, May 10, 2017 /PRNewswire/ — CDI Corp. (NYSE: CDI) (the “Company”) today reported results for the first
quarter ended March 31, 2017.
“During the first quarter, our investments in sales capacity and our collaborative programs to restore growth demonstrated positive momentum, with an expanding sales pipeline, add-on business secured from existing clients, and multiple new client wins,” stated President and Interim Chief Executive Officer Michael S. Castleman. “We are progressing from a complex portfolio of independent staffing and service operations to a collaborative company that delivers managed, project and staffing services fueled by technical talent. As we continue this transformation, we remain intensely focused on opportunities to improve sales effectiveness, productivity and operating efficiency.”
First Quarter 2017 Overview
- First quarter revenue of $187.6 million versus $233.5 million in first quarter 2016, or $210.6 million in first quarter
2016 excluding CDI AndersElite Limited (“Anders”), which was sold in September 2016
- First quarter net loss of $6.8 million, or $(0.37) per diluted share, versus net loss of $4.8 million in first quarter 2016,
or $(0.24) per diluted share
- First quarter adjusted EBITDA1 loss of $2.6 million versus a loss of $0.8 million in first quarter 2016
- First quarter cash flow from operating activities was a deficit of $7.9 million, and total liquidity was $117.0 million as of
March 31, 2017.