Boston, MA 02/12/2014 (wallstreetpr) – Kforce Inc. (NASDAQ:KFRC) which is a leader in the provision of professional, technical specialty, staffing services and solutions has posted its fourth quarter results which indicate a loss of $8.23 million or $0.25 per share compared to a profit of $6.12 million that was posted for the same quarter a year ago. The company has provided a per share guidance of $0.15-$0.18 against Thomson Reuters consensus earnings per share of $0.15.
Kforce Q4 financial outlook
Kforce recorded total revenue for the quarter amounting to $302.90 million against consensus estimates of $301.12 million. A year ago the company recorded earnings per share of $0.24 with the company’s revenues in the fourth quarter increasing by 12.3% on year over year basis. For the current fiscal year analysts have essentially put a tag of $0.85 of earnings per share.
Adjusted net income which is an income before realignment related and non-cash good will impairment charges came in at $9.1 million or 0.28 a share against 9.0 million for the third quarter of the same financial year. During the fourth quarter, Kforce implemented a plan aimed at streamlining its leadership and revenue enabling settlement structure which resulted in total costs amounting to $11.9 million
Full year financial report
Total revenues for the full year F2013 came in at 1.15 billion as of December 31, 2013 as compared to F2012 revenues of $1.08 billion which represented an increase of 6.4%. Adjusted full year income came in at $28.2 million against $30.8 million that was recorded in F2012. GAAP net income on the other hand came in at $10.8 million or $0.32 a share against a net loss of $13.7 million recorded in December 31 2012. Kforce search revenues for the Fourth quarter came in at $11.8 million a decrease of 4% from the $12.2 million that was recorded in the third quarter of the same fiscal year.
Kforce Inc. (NASDAQ:KFRC) Chief executive officer exhumed confidence of an even better F2014 in the financial front as the full year result for F2013 were satisfying. The fourth quarter results for F2013 were a record thus the reason behind the excitement by the management team. Fourth quarter growth was mainly driven by Tech Flex segment of the company which saw its growth accelerate by highs of 18.3%.