Spherion Corp. (SFN:NYSE)

Spherion Corp. announced its recruitment process outsourcing (RPO) division, SourceRight Solutions, will offer an expanded suite of sourcing offerings to its customers. In addition to its RPO offering, Spherion will now incorporate its managed service programs and contractor compliance solutions under the SourceRight Solutions brand. Through this integrated suite of services, SourceRight Solutions will provide a full range of workforce management solutions for permanent, contingent or contract labor needs. Its RPO offering allows HR organizations to outsource the end-to-end hiring process of permanent staff, while its contractor compliance solutions help companies manage risk related to contractors and consultants. Its managed service programs streamline the administration of multiple vendors and maximize operational efficiency for temporary staffing needs. The contractor compliance solutions offering will provide a progressive plan for the management of an organization's entire contingent labor population and help mitigate risks related to the misclassification of workers. SourceRight Solutions will offer several services for contractor compliance, including: independent contractor compliance management, professional payrolling and consolidated vendor billing services. By outsourcing contractor management to SourceRight Solutions, organizations can reduce administrative burden; automate evaluation, on-boarding and back-office processes; and provide full visibility into workforce metrics in order to make timely business decisions.

Spherion Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 27, 2009. For the quarter, the company's revenues were $420 million compared with $542 million last year. Loss from continuing operations was $0.1 million or $0.00 per share, compared with earnings of $4.1 million or $0.08 per share in the prior year. Adjusted earnings from continuing operations were $0.5 million, or $0.01 per basic and diluted share compared with adjusted earnings in the same prior year period of $4.1 million, or $0.08 per basic and diluted share. Adjusted EBITDA was $9.2 million, or 2.2% of revenues, compared with $15.4 million, or 2.8% of revenues, in the prior year. Net loss was $53,000 or $0.01 per basic and diluted share compared to net loss of $4.2 million or $0.08 per basic and diluted share for the same quarter a year ago. Earnings from continuing operations before income taxes were $472,000 compared to $6.6 million for the same quarter a year ago. Net debt was $11.7 million at the end of the third quarter compared with $31.7 million at the end of 2008. Negative operating cash flow was $7.8 million compared to operating cash flow of $7.1 million for the same quarter a year ago. Capital expenditures were $303,000 compared to $2.4 million for the same quarter a year ago. For the nine months, the company's revenues were $1.3 billion compared with $1.7 billion for the same period in 2008. Adjusted loss from continuing operations was $3.0 million, or $0.06 per share, compared with earnings of $11.8 million, or $0.22 per share, for the same period in 2008. Adjusted EBITDA was $19.2 million compared with $45.7 million for the same period last year. Loss from continuing operations before income taxes was $8.6 million compared to earnings from continuing operations before income taxes of $17.1 million for the same period a year ago. Net loss was $6.5 million or $0.12 per diluted share compared to net earnings of $7.8 million or $0.14 per diluted share for the same period a year ago. Loss from continuing operations was $6.1 million or $0.12 per diluted share compared to earnings from continuing operations was $11.7 million or $0.21 per diluted share for the same period a year ago. Operating cash flow was $30.6 million compared to operating cash flow of $43.7 million for the same period a year ago. Capital expenditures were $1.8 million compared to $7.2 million for the same period a year ago.

Spherion Corp. expected to Report Fiscal Year 2009 Results on February 1, 2010. This event was calculated by Capital IQ (Created on October 28, 2009).