PHILADELPHIA, March 8, 2017 /PRNewswire/ — CDI Corp. (NYSE: CDI), (the “Company”) today reported results for the fourth quarter and full year ended December 31, 2016.
“We are pleased to see the benefit of our efficiency and cost management actions on our operating expenses and cash flows in the fourth quarter, providing a stronger foundation for our future success,” stated President and Interim Chief Executive Officer Michael S. Castleman. “As we enter 2017, the entire CDI team remains squarely focused on our transformation. Through targeted programs that leverage inherent strengths of the CDI platform, we are aligned on our primary mission: to deliver profitable growth and thereby generate improved investor returns.”
Fourth Quarter and Full-Year 2016 Overview
- Fourth quarter revenue of $183.9 million versus $236.6 million in fourth quarter 2015, or $211.5 million in fourth quarter 2015 excluding CDI AndersElite Limited (“Anders”), which was sold in September 2016
- Fourth quarter net loss attributable to CDI of $1.5 million, or $(0.08) per diluted share, versus net loss attributable to CDI of $17.1 million in fourth quarter 2015, or $(0.87) per diluted share
- Fourth quarter adjusted EBITDA1 of $0.5 million versus $0.4 million in prior year
- Fourth quarter cash flow from operating activities of $7.0 million
- Full-year 2016 revenue of $864.4 million versus $985.5 million in 2015; Excluding Anders, full-year 2016 revenue was $805.1 million versus $880.5 million in 2015
- Full-year 2016 net loss attributable to CDI of $31.6 million, or $(1.66) per diluted share, versus net loss attributable to CDI of $37.0 million, or $(1.88) per diluted share for 2015
- Full-year adjusted EBITDA1 loss of $2.1 million versus adjusted EBITDA1 of $13.2 million in 2015
- Full-year cash flow from operating activities of $13.5 million.