CDI Corporation

CDI Corp. Reports Fourth Quarter and Full Year 2015 Results

PHILADELPHIA, March 2, 2016 /PRNewswire/ — CDI Corp. (NYSE: CDI) (the “Company”) today reported results for the fourth quarter and full year ended December 31, 2015.

“Our fourth quarter results reflect continued pressure from macroeconomic and discrete challenges within our concentrated client base,” said President and Chief Executive Officer Scott J. Freidheim. “However, throughout 2015, we strengthened client relationships and retention, increased operational discipline, enhanced our management team, and improved our strategic and financial position.”

Mr. Freidheim continued, “We start 2016 with a strategic plan centered on highly specialized talent deployed through staffing, project and managed solutions. We will transition our North American talent business to focus on high value-added skill-based practices; thus, we are creating a Specialty Talent and Technology segment. In addition, we will integrate and position our new Energy, Chemicals & Infrastructure business as a leading provider of engineering, design and project delivery solutions to small- and mid-cap projects in core infrastructure markets. This strategy embraces our company’s 65-year heritage and unique ability to deploy technical skills through flexible delivery models.”

Fourth Quarter and Fiscal Year Overview

  • Fourth quarter 2015 revenue of $236.6 million, a decrease of 11.3% versus fourth quarter 2014; fiscal 2015 revenue of $985.5 million, a decrease of 12.2% versus fiscal 2014
  • Fourth quarter 2015 Adjusted EBITDA of $0.4 million versus $9.0 million in the fourth quarter of 2014; fiscal 2015
    Adjusted EBITDA of $13.2 million versus $40.1 million in fiscal 20141
  • Adjusted loss per diluted share of $(0.06) in the fourth quarter of 2015 versus adjusted earnings per diluted share of $0.18 in the fourth quarter of 2014; adjusted earnings per diluted share of $0.04 in fiscal 2015 versus $0.84 in fiscal 20141
  • Completed acquisition of EdgeRock Technology Partners, a provider of highly specialized IT staffing services
  • Generated $14.3 million in cash flow from operating activities for the full year and $11.8 million during the fourth
    quarter.

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