SPHERION CORP

CIK:0000914536|SEC Filings

Comprehensive Income (Loss)

6 Months Ended

Jun. 26, 2011

7. Comprehensive Income (Loss)

The following table displays the computation of comprehensive income (loss) (in thousands):

	Three Months Ended				Six Months Ended
	June 26,		June 27,		June 26,		June 27,
	2011		2010		2011		2010
Net earnings (loss)	$	8,570	$	2,720	$	11,262	$	(456)

Other comprehensive income:
Foreign currency translation and other adjustments
arising during the period		491		(40)		651		(2)

Total comprehensive income (loss)	$	9,061	$	2,680	$	11,913	$	(458)

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands	6 Months Ended
	Jun. 26, 2011	Jun. 27, 2010
Cash flows from operating activities:
Net earnings (loss)	$ 11,262	$ (456)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	9,237	13,948
Deferred income tax expense (benefit)	4,740	(973)
Restructuring and other charges		3,302
Share-based compensation	2,384	2,642
Other non-cash charges	470	784
Changes in assets and liabilities, net of effects of acquisitions:
Receivables, net	8,726	(39,588)
Other assets	1,550	3,854
Accounts payable, income taxes payable, accrued liabilities and other liabilities	(15,867)	20,111
Net cash provided by operating activities	22,502	3,624
Cash flows from investing activities:
Acquisitions, net of cash acquired	(1,538)	(30,684)
Capital expenditures, net	(2,184)	(1,741)
Other	233	313
Net cash used in investing activities	(3,489)	(32,112)
Cash flows from financing activities:
Debt repayments	(2,430)	(2,576)
Borrowings of line of credit, net	253	28,634
Proceeds from the exercise of employee stock options	4,609
Purchases of treasury stock	(29,324)	235
Net cash (used in) provided by financing activities	(26,892)	26,293
Effect of exchange rates on cash and cash equivalents	88	(5)
Net decrease in cash and cash equivalents	(7,791)	(2,200)
Cash and cash equivalents, beginning of period	18,478	8,034
Cash and cash equivalents, end of period	10,687	5,834
Supplemental Cash Flow Information:
Interest expense	1,121	2,410
Income taxes	1,696	1,889
Non-cash activities:
Accrual of fixed assets purchased	1,098
Financing of purchases of hardware and related costs	$ 3,956	$ 1,906

Condensed Consolidated Balance Sheets (USD $) In Thousands	Jun. 26, 2011	Dec. 26, 2010
Assets
Cash and cash equivalents	$ 10,687	$ 18,478
Receivables, less allowance for doubtful accounts of $2,963 and $3,382, respectively	282,965	291,691
Deferred tax asset	25,571	26,974
Other current assets	9,787	9,930
Total current assets	329,010	347,073
Property and equipment, net of accumulated depreciation of $156,022 and $154,465, respectively	37,425	40,179
Deferred tax asset	108,462	110,000
Goodwill	31,073	31,073
Tradenames and other intangibles, net	57,719	60,810
Other assets	23,120	23,073
Total assets	586,809	612,208
Liabilities and Stockholders' Equity
Current portion of long-term debt and revolving lines of credit	3,757	2,592
Accounts payable and other accrued expenses	85,568	100,129
Accrued salaries, wages and payroll taxes	68,598	68,157
Accrued insurance reserves	22,591	21,501
Accrued income tax payable	430	1,016
Other current liabilities	5,604	7,832
Total current liabilities	186,548	201,227
Long-term debt, net of current portion	3,013	2,422
Accrued insurance reserves	15,140	18,214
Deferred compensation	18,615	17,559
Other long-term liabilities	2,601	2,910
Total liabilities	225,917	242,332
Stockholders' Equity:
Preferred stock, par value $0.01 per share; authorized, 2,500,000 shares; none issued or outstanding
Common stock, par value $0.01 per share; authorized, 200,000,000; issued 65,341,609 shares	653	653
Additional paid-in capital	852,784	851,023
Treasury stock, at cost, 16,340,976 and 14,683,747 shares, respectively	(124,664)	(102,006)
Accumulated deficit	(372,055)	(383,317)
Accumulated other comprehensive income	4,174	3,523
Total stockholders' equity	360,892	369,876
Total liabilities and stockholders' equity	$ 586,809	$ 612,208