CDI Corporation

CDI Corp. Reports Third Quarter 2016 Results

PHILADELPHIA, Nov. 2, 2016 /PRNewswire/ — CDI Corp. (NYSE: CDI) (the “Company”) today reported results for the third quarter ended September 30, 2016.

“Business performance during the third quarter includes actions taken to improve our expense structure and cash conversion, as well as strategic focus with the sale of UK-based AndersElite Limited,” stated President and Interim Chief Executive Officer Michael S. Castleman. “Going forward, we share as a company a clear operating imperative to build on common pillars of our business, such as talent acquisition and management, to deliver improved growth and profitability. This imperative is supported by the tremendous commitment and collaborative spirit of all CDI employees.”

Third Quarter Overview

  • Recorded revenue of $220.3 million compared to $244.7 million in third quarter 2015; this third quarter 2016 figure excludes approximately $3.5 million of revenue due to the sale of Anders, on September 16, 2016, prior to quarter end
  • Net loss attributable to CDI of $17.8 million, or $(0.96) per diluted share, versus a net loss of $20.2 million, or $(1.03)
    per diluted share, in third quarter 2015
  • Adjusted EBITDA of $0.9 million versus third quarter 2015 Adjusted EBITDA of $3.3 million1
  • Repurchased 260,960 shares for $1.6 million during the third quarter 2016 and an aggregate of 1,190,356 shares for $7.3 million from inception of the program through September 30, 2016
  • Implemented a restructuring, resulting in a charge of $3.5 million, to further align our organizational structure, facilities and resource utilization with business volumes and strategic direction
  • Generated $14.2 million in cash flow from operating activities

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