CDI CORP

CIK:0000018396|SEC Filings

Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue	$ 169,468	$ 226,693	$ 357,033	$ 460,217
Cost of services	137,184	184,598	290,630	374,847
Gross profit	32,284	42,095	66,403	85,370
Operating and administrative expenses	38,541	48,315	78,519	95,362
Charges	0	240	0	289
Operating profit	(6,257)	(6,460)	(12,116)	(10,281)
Other income (expense), net	(309)	(452)	(722)	(601)
Income before income taxes	(6,566)	(6,912)	(12,838)	(10,882)
Income tax expense	1,325	572	1,890	1,419
Net income	(7,891)	(7,484)	(14,728)	(12,301)
Net income attributable to CDI	$ (7,891)	$ (7,484)	$ (14,728)	$ (12,301)
Earnings per common share:
Basic (per share)	$ (0.42)	$ (0.39)	$ (0.79)	$ (0.63)
Diluted (per share)	$ (0.42)	$ (0.39)	$ (0.79)	$ (0.63)

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net loss	$ (14,728)	$ (12,301)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	4,156	5,707
Deferred income taxes	986	5,130
Stock-based compensation	1,283	1,156
Loss on disposal of assets, net	133	120
Changes in operating assets and liabilities:
Accounts receivable, net	11,342	(13,048)
Prepaid expenses and other current assets	(325)	133
Accounts payable	3,313	5,478
Accrued compensation and related expenses	(774)	2,725
Accrued expenses and other current liabilities	(1,541)	(3,925)
Income taxes prepaid/payable	580	(2,937)
Other non-current assets	(259)	2,985
Other non-current liabilities	(500)	1,035
Net cash used in operating activities	3,666	(7,742)
Investing activities:
Additions to property and equipment	(1,306)	(4,475)
Acquisition-related payment	0	(2,108)
Proceeds from disposition	0	120
Proceeds from sale of assets	15	7
Net cash used in investing activities	(1,291)	(6,456)
Financing activities:
Stock repurchased under stock repurchase program	0	(5,608)
Borrowings on credit facilities	200,031	80,592
Repayments on credit facilities	(184,146)	(73,322)
Payment of debt issuance costs	0	(28)
Common shares withheld for taxes	(192)	(48)
Change in book overdraft	(2,236)	160
Net cash provided by financing activities	13,457	1,746
Effect of exchange rate changes on cash and cash equivalents	189	195
Net decrease in cash and cash equivalents	16,021	(12,257)
Cash and cash equivalents at beginning of period	3,165	16,932
Cash and cash equivalents at end of period	19,186	4,675
Cash paid for interest	421	308
Cash paid for income taxes, net	$ 237	$ (862)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 19,186	$ 3,165
Accounts receivable, net of allowances of $1,297 and $1,220	167,762	178,365
Prepaid expenses and other current assets	10,754	10,148
Prepaid income taxes	4,059	4,690
Total current assets	201,761	196,368
Property and equipment, net of accumulated depreciation of $90,938 and $88,859	16,627	18,189
Deferred income taxes	2,875	2,729
Goodwill	45,532	45,428
Other intangible assets, net	14,762	15,976
Other non-current assets	10,628	10,602
Total assets	292,185	289,292
Current liabilities:
Credit facility	15,885	0
Accounts payable	36,319	34,923
Accrued compensation and related expenses	30,109	30,545
Other accrued expenses and other current liabilities	13,495	15,008
Income taxes payable	336	394
Total current liabilities	96,144	80,870
Deferred compensation	6,775	7,727
Deferred income tax	5,656	4,495
Other non-current liabilities	6,949	7,224
Total liabilities	115,524	100,316
Commitments and contingencies
Equity:
Preferred stock, $0.10 par value - authorized 1,000 shares; none issued	0	0
Common stock	2,244	2,233
Additional paid-in-capital	77,820	76,726
Retained earnings	164,574	179,302
Accumulated other comprehensive (loss) income	(8,235)	(9,543)
Common stock in treasury, at cost - 3,653 and 3,653 shares	(59,742)	(59,742)
Total equity	176,661	188,976
Total liabilities and equity	292,185	289,292
Common Class B [Member]
Equity:
Common stock	$ 0	$ 0