$KFRC
KFORCE INC

2014 Q2 Form 10-Q Financial Statement

#000119312514303114 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $302.8M $264.7M
YoY Change 14.37% -3.43%
Cost Of Revenue $208.4M $190.8M
YoY Change 9.19% 3.51%
Gross Profit $94.39M $86.60M
YoY Change 9.0% -3.53%
Gross Profit Margin 31.18% 32.71%
Selling, General & Admin $78.39M $78.50M
YoY Change -0.14% 9.93%
% of Gross Profit 83.05% 90.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.400M $2.500M
YoY Change -4.0% -10.71%
% of Gross Profit 2.54% 2.89%
Operating Expenses $81.25M $78.50M
YoY Change 3.5% 9.93%
Operating Profit $13.60M $11.88M
YoY Change 14.48% -123.85%
Interest Expense -$1.100M
YoY Change
% of Operating Profit -8.09%
Other Income/Expense, Net -$470.0K -$205.0K
YoY Change 129.27% -22.64%
Pretax Income $13.13M $11.68M
YoY Change 12.46% -123.31%
Income Tax $5.179M $4.729M
% Of Pretax Income 39.44% 40.5%
Net Earnings $10.70M $6.948M
YoY Change 54.04% -120.95%
Net Earnings / Revenue 3.54% 2.62%
Basic Earnings Per Share $0.33 $0.21
Diluted Earnings Per Share $0.33 $0.21
COMMON SHARES
Basic Shares Outstanding 32.48M shares 33.75M shares
Diluted Shares Outstanding 32.71M shares 33.86M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.300M $1.100M
YoY Change 18.18% 37.5%
Cash & Equivalents $1.651M $1.064M
Short-Term Investments
Other Short-Term Assets $16.90M $19.10M
YoY Change -11.52% -13.57%
Inventory
Prepaid Expenses
Receivables $201.0M $164.7M
Other Receivables $4.500M $5.200M
Total Short-Term Assets $223.7M $190.1M
YoY Change 17.69% -6.08%
LONG-TERM ASSETS
Property, Plant & Equipment $36.06M $36.06M
YoY Change 0.01% 0.73%
Goodwill $48.90M $63.41M
YoY Change -22.88%
Intangibles $4.676M $5.355M
YoY Change -12.68%
Long-Term Investments
YoY Change
Other Assets $31.23M $29.57M
YoY Change 5.61% -48.84%
Total Long-Term Assets $142.4M $155.1M
YoY Change -8.19% -7.2%
TOTAL ASSETS
Total Short-Term Assets $223.7M $190.1M
Total Long-Term Assets $142.4M $155.1M
Total Assets $366.1M $345.2M
YoY Change 6.06% -6.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.40M $31.10M
YoY Change 7.4% -25.95%
Accrued Expenses $59.70M $52.60M
YoY Change 13.5% -0.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $96.54M $95.49M
YoY Change 1.1% -1.56%
LONG-TERM LIABILITIES
Long-Term Debt $82.60M $51.70M
YoY Change 59.77% 323.77%
Other Long-Term Liabilities $38.63M $37.55M
YoY Change 2.89% -14.48%
Total Long-Term Liabilities $38.63M $37.55M
YoY Change 2.89% -33.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.54M $95.49M
Total Long-Term Liabilities $38.63M $37.55M
Total Liabilities $217.8M $184.7M
YoY Change 17.88% 20.67%
SHAREHOLDERS EQUITY
Retained Earnings $57.86M $50.25M
YoY Change 15.15%
Common Stock $698.0K $689.0K
YoY Change 1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $317.8M $289.6M
YoY Change 9.75%
Treasury Stock Shares 36.75M shares 35.39M shares
Shareholders Equity $148.3M $160.4M
YoY Change
Total Liabilities & Shareholders Equity $366.1M $345.2M
YoY Change 6.06% -6.58%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $10.70M $6.948M
YoY Change 54.04% -120.95%
Depreciation, Depletion And Amortization $2.400M $2.500M
YoY Change -4.0% -10.71%
Cash From Operating Activities $6.200M $7.200M
YoY Change -13.89% 38.46%
INVESTING ACTIVITIES
Capital Expenditures -$2.500M -$3.000M
YoY Change -16.67% 57.89%
Acquisitions
YoY Change
Other Investing Activities $1.400M $600.0K
YoY Change 133.33% -14.29%
Cash From Investing Activities -$1.100M -$2.400M
YoY Change -54.17% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.600M -4.600M
YoY Change 0.0% 12.2%
NET CHANGE
Cash From Operating Activities 6.200M 7.200M
Cash From Investing Activities -1.100M -2.400M
Cash From Financing Activities -4.600M -4.600M
Net Change In Cash 500.0K 200.0K
YoY Change 150.0% -300.0%
FREE CASH FLOW
Cash From Operating Activities $6.200M $7.200M
Capital Expenditures -$2.500M -$3.000M
Free Cash Flow $8.700M $10.20M
YoY Change -14.71% 43.66%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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: accounting for goodwill and identifiable intangible assets and any related impairment; stock-based compensation; obligations for pension and postretirement benefit plans; expected annual commission rates; self-insured liabilities for workers&#x2019; compensation and health insurance; allowance for doubtful accounts, fallouts and other accounts receivable reserves and accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.</p> </div>
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
135000
us-gaap Operating Income Loss
OperatingIncomeLoss
28696000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
632729000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
27823000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
22781000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
646000
us-gaap Net Income Loss
NetIncomeLoss
16952000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
16919000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
370000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
21984000
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
918000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3099000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1948000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
3184000
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
1037000
us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
187000
us-gaap Cost Of Services
CostOfServices
438435000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-9629000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1752000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
592000
us-gaap Share Based Compensation
ShareBasedCompensation
1404000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
921000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
315569000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
33000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
702000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
4763000
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-320000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
421000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
932000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2089000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
2215000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
71000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
33000
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
317000
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
968000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
160835000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10871000
kfrc Severance Payment Under Agreement Description
SeverancePaymentUnderAgreementDescription
Certain of the agreements also provide for a severance payment of one to three times annual salary and one half to three times average annual bonus if such an agreement is terminated without good cause by the employer or for good reason by the employee.
kfrc Percentage Of Net Service Revenues From International Operations
PercentageOfNetServiceRevenuesFromInternationalOperations
0.02 pure
kfrc Fair Value Asset Transfer Among Level One Level Two Level Three
FairValueAssetTransferAmongLevelOneLevelTwoLevelThree
0
kfrc Litigation Settlement Unpaid Compensation Period
LitigationSettlementUnpaidCompensationPeriod
P4Y
kfrc Proceeds From Sale Of Assets Held In Trust
ProceedsFromSaleOfAssetsHeldInTrust
1373000
kfrc Payments From Purchase Of Assets Held In Trust
PaymentsFromPurchaseOfAssetsHeldInTrust
1400000
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P5Y
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Number Of Employees Affected
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationNumberOfEmployeesAffected
87 Employees
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
109000
CY2014Q1 kfrc Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Number Of Shares Affected
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationNumberOfSharesAffected
268000 shares
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33859000 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
105000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33754000 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2013Q2 us-gaap Gross Profit
GrossProfit
92847000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-205000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
11882000
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
283689000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
11677000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
6948000
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6982000
CY2013Q2 us-gaap Cost Of Services
CostOfServices
190842000
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2462000
CY2013Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-34000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
78503000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4729000
CY2013Q2 kfrc Percentage Of Net Service Revenues From International Operations
PercentageOfNetServiceRevenuesFromInternationalOperations
0.02 pure
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32710000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
229000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32481000 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2014Q2 us-gaap Gross Profit
GrossProfit
103195000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-508000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
18170000
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
327417000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
17662000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
10703000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10705000
CY2014Q2 us-gaap Cost Of Services
CostOfServices
224222000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2400000
CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
82625000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6959000
CY2014Q2 kfrc Percentage Of Net Service Revenues From International Operations
PercentageOfNetServiceRevenuesFromInternationalOperations
0.02 pure
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P10Y
CY2013Q4 kfrc Closing Stock Price Grant By Pre Established Period
ClosingStockPriceGrantByPreEstablishedPeriod
P10D

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