$KFRC
KFORCE INC

2016 Q2 Form 10-Q Financial Statement

#000093042016000477 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2 2014 Q2
Revenue $335.0M $337.4M $302.8M
YoY Change -0.68% 11.43% 14.37%
Cost Of Revenue $228.8M $231.3M $208.4M
YoY Change -1.1% 11.01% 9.19%
Gross Profit $106.3M $106.0M $94.39M
YoY Change 0.23% 12.35% 9.0%
Gross Profit Margin 31.72% 31.43% 31.18%
Selling, General & Admin $85.47M $83.20M $78.39M
YoY Change 2.74% 6.13% -0.14%
% of Gross Profit 80.42% 78.46% 83.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.300M $2.400M $2.400M
YoY Change -4.17% 0.0% -4.0%
% of Gross Profit 2.16% 2.26% 2.54%
Operating Expenses $88.56M $86.61M $81.25M
YoY Change 2.25% 6.59% 3.5%
Operating Profit $18.56M $20.42M $13.60M
YoY Change -9.11% 50.1% 14.48%
Interest Expense -$800.0K -$500.0K -$1.100M
YoY Change 60.0% -54.55%
% of Operating Profit -4.31% -2.45% -8.09%
Other Income/Expense, Net -$831.0K -$991.0K -$470.0K
YoY Change -16.15% 110.85% 129.27%
Pretax Income $17.73M $19.43M $13.13M
YoY Change -8.76% 47.93% 12.46%
Income Tax $6.861M $7.833M $5.179M
% Of Pretax Income 38.71% 40.32% 39.44%
Net Earnings $10.86M $11.59M $10.70M
YoY Change -6.29% 8.32% 54.04%
Net Earnings / Revenue 3.24% 3.44% 3.54%
Basic Earnings Per Share $0.41 $0.41 $0.33
Diluted Earnings Per Share $0.41 $0.41 $0.33
COMMON SHARES
Basic Shares Outstanding 26.18M shares 28.13M shares 32.48M shares
Diluted Shares Outstanding 26.34M shares 28.34M shares 32.71M shares

Balance Sheet

Concept 2016 Q2 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000M $1.700M $1.300M
YoY Change -41.18% 30.77% 18.18%
Cash & Equivalents $1.043M $1.651M $1.651M
Short-Term Investments
Other Short-Term Assets $16.80M $14.80M $16.90M
YoY Change 13.51% -12.43% -11.52%
Inventory
Prepaid Expenses
Receivables $215.7M $215.3M $201.0M
Other Receivables $900.0K $2.000M $4.500M
Total Short-Term Assets $234.4M $233.7M $223.7M
YoY Change 0.32% 4.44% 17.69%
LONG-TERM ASSETS
Property, Plant & Equipment $37.73M $35.64M $36.06M
YoY Change 5.87% -1.19% 0.01%
Goodwill $45.97M $45.97M $48.90M
YoY Change 0.0% -6.0% -22.88%
Intangibles $3.850M $4.628M $4.676M
YoY Change -16.81% -1.03% -12.68%
Long-Term Investments
YoY Change
Other Assets $28.63M $30.31M $31.23M
YoY Change -5.56% -2.93% 5.61%
Total Long-Term Assets $135.4M $138.7M $142.4M
YoY Change -2.38% -2.54% -8.19%
TOTAL ASSETS
Total Short-Term Assets $234.4M $233.7M $223.7M
Total Long-Term Assets $135.4M $138.7M $142.4M
Total Assets $369.8M $372.4M $366.1M
YoY Change -0.69% 1.73% 6.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.30M $40.60M $33.40M
YoY Change -3.2% 21.56% 7.4%
Accrued Expenses $54.40M $55.70M $59.70M
YoY Change -2.33% -6.7% 13.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $97.18M $100.8M $96.54M
YoY Change -3.59% 4.42% 1.1%
LONG-TERM LIABILITIES
Long-Term Debt $99.70M $94.10M $82.60M
YoY Change 5.95% 13.92% 59.77%
Other Long-Term Liabilities $41.83M $39.23M $38.63M
YoY Change 6.61% 1.56% 2.89%
Total Long-Term Liabilities $41.83M $39.23M $38.63M
YoY Change 6.61% 1.56% 2.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.18M $100.8M $96.54M
Total Long-Term Liabilities $41.83M $39.23M $38.63M
Total Liabilities $238.7M $234.2M $217.8M
YoY Change 1.92% 7.53% 17.88%
SHAREHOLDERS EQUITY
Retained Earnings $163.0M $136.3M $57.86M
YoY Change 19.61% 135.54% 15.15%
Common Stock $710.0K $705.0K $698.0K
YoY Change 0.71% 1.0% 1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $457.7M $415.1M $317.8M
YoY Change 10.28% 30.6% 9.75%
Treasury Stock Shares 43.29M shares 41.32M shares 36.75M shares
Shareholders Equity $131.2M $138.2M $148.3M
YoY Change
Total Liabilities & Shareholders Equity $369.8M $372.4M $366.1M
YoY Change -0.69% 1.73% 6.06%

Cashflow Statement

Concept 2016 Q2 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $10.86M $11.59M $10.70M
YoY Change -6.29% 8.32% 54.04%
Depreciation, Depletion And Amortization $2.300M $2.400M $2.400M
YoY Change -4.17% 0.0% -4.0%
Cash From Operating Activities $12.70M $14.60M $6.200M
YoY Change -13.01% 135.48% -13.89%
INVESTING ACTIVITIES
Capital Expenditures -$1.900M -$2.700M -$2.500M
YoY Change -29.63% 8.0% -16.67%
Acquisitions
YoY Change
Other Investing Activities $400.0K $1.400M
YoY Change -71.43% 133.33%
Cash From Investing Activities -$1.900M -$2.200M -$1.100M
YoY Change -13.64% 100.0% -54.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.60M -12.70M -4.600M
YoY Change -16.54% 176.09% 0.0%
NET CHANGE
Cash From Operating Activities 12.70M 14.60M 6.200M
Cash From Investing Activities -1.900M -2.200M -1.100M
Cash From Financing Activities -10.60M -12.70M -4.600M
Net Change In Cash 200.0K -300.0K 500.0K
YoY Change -166.67% -160.0% 150.0%
FREE CASH FLOW
Cash From Operating Activities $12.70M $14.60M $6.200M
Capital Expenditures -$1.900M -$2.700M -$2.500M
Free Cash Flow $14.60M $17.30M $8.700M
YoY Change -15.61% 98.85% -14.71%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15657000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
11593000 USD
us-gaap Net Income Loss
NetIncomeLoss
17378000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
10864000 USD
us-gaap Net Income Loss
NetIncomeLoss
14514000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
86612000 USD
us-gaap Operating Expenses
OperatingExpenses
171814000 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
88557000 USD
us-gaap Operating Expenses
OperatingExpenses
177007000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
20417000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
30408000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
18443000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
27737000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
28671000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
28629000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
11594000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
17380000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10862000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
14509000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
2000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
5000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1287000 USD
CY2016Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1513000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
40626000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
41825000 USD
CY2015Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
3351000 USD
CY2016Q2 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
3894000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-124000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-124000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-991000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1444000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-718000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1273000 USD
CY2015Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
5051000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
CY2016Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
4887000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6298000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
17678000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22185000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
144000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6201000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
481000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3604000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3182000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
968000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
954000 USD
CY2015Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
11337000 USD
CY2016Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
12218000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9060000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12754000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
316481000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
455028000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
856000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
1579000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
445000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
381000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
172000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37476000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37726000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1403000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
774000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
630000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
937000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
316193000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
439715000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
155096000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
163004000 USD
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
337353000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
649964000 USD
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
335047000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
657248000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
83195000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
165547000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
85587000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
171155000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2913000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3706000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
316000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
384000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
139627000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
131166000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
42130000 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
43290000 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
436768000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
457749000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28337000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28407000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26335000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26587000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28134000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28204000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26180000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26436000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most important of these estimates and assumptions relate to the following: allowance for doubtful accounts, fallouts and other accounts receivable reserves; accounting for goodwill and identifiable intangible assets; self-insured liabilities for workers&#8217; compensation and health insurance; stock-based compensation; obligations for pension plans; accounting for income taxes and expected annual commission rates. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.</font></div></div>

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