Executives
Vince Webb – VP, Corporate Communications and Marketing
Roger Ballou – President and CEO
Mark Kerschner – EVP and CFO
Analysts
James Janesky – Stifel Nicolaus
Jeffrey Silber – BMO Capital Markets
Bill Sutherland – Boenning & Scattergood
CDI Corp. (CDI) Q4 2008 Earnings Call Transcript February 26, 2009 11:00 AM ET
Operator
Good morning. My name is Bevelyn and I will be your conference operator today. At this time, I would like to welcome everyone to the CDI fourth quarter investor conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. (Operator instructions). I would now like to turn the call over to your host, Mr. Vince Webb. Please go ahead, sir.
Vince Webb
Thank you, Bevelyn. Good morning and welcome to the fourth quarter conference call for 2008. At this point, you should have a copy of the fourth quarter press release. If not, please call our office at 215-636-1162 and we'll be happy to send one to you immediately after the call. It’s also available on the Investor Relations section of our website at cdicorp.com
A replay of today's call will begin one hour after we've finished and will run for one week. It can be accessed by dialing 706-645-9291 and entering the pass code 82076939. In addition, a replay will be made available on the Internet for the next 14 days.
On the line with us today are CDI President and Chief Executive Officer, Roger Ballou and our Executive Vice President and Chief Financial Officer, Mark Kerschner. We'll begin with some remarks by Roger and then the line will be opened up for some questions. Before we begin, however we would like to point out the cautionary language contained in the new release and remind everyone that the same language applies to all comments made during this morning’s conference call.
Now, at this time, I'd like to turn the call over to Mr. Roger Ballou. Please go ahead, Roger.
Roger Ballou
Thanks, Vince, and thanks to all of you for joining us this morning to discuss our fourth-quarter results. Following my opening remarks, Mark and I will be happy to answer your questions.
During the 2008 fourth-quarter, CDI was not immune to the severe global economic slowdown that quickly involved many of the markets in which we compete. Earlier in 2008, the company began to take steps to deal with the gradually slowing economy. We initially saw weakness in the permanent placement hiring process as customer uncertainty led to delays in hiring decisions. Beginning in the first quarter and continuing throughout the year, we made timely adjustments to our cost structure and initiated office level programs to address the slower permanent placement hiring environment and slowing in some of our engineering solutions staffing business. However, the global economy began to contract sharply in the fourth quarter as the instability of the global banking systems spread to the world's economies.
This market disruption included steep declines in commodity, chemical and oil demand. These factors quickly caused project delays and cancellations, primarily in our process and industrial vertical. Additionally, this late year contraction accelerated the rate of decline in permanent placement hiring. Throughout this cycle, we have taken aggressive steps to lower costs and to create a lean business platform that are aligned with current business levels. We have trimmed our global workforce by over 20%, exited a plan to exit over 150,000 ft.² of office space and initiated cost savings program ranging from more stringent travel guidelines lines and renegotiating certain software leasing contracts, reducing corporate contribution to our employees’ 401(k) plans and we initiated a salary freeze among our staff and employees.
As summarized in the press release, we reported 1.8 million in pre-tax reorganization charges including severance payments, real estate exit costs, accelerated software charges and in expenses related to the recovery of the majority the MRI segment international master franchise network through determination of a master franchise license. We estimate that as a result of these reorganization charges, we can expect to reduce full-year 2009 operating expenses in the range of $11 million to $13 million. We have also initiated additional cost reduction steps in the first quarter of 2009, which will lead to charges in the range of 1.2 million to 1.5 million which would further lower our cost s structure in 2009 by another $5 million to $7 million.
Now while many of the actions have been difficult, they have not impaired our ability to provide quality customer service and to position CDI to run profitably within the context of the current economic conditions. We have in fact continued to invest in business development and customer service positions. The weakness in the financial sector has caused quite a few companies, including CDI, to have their market capitalization drop a little bit of value. This is a triggering event which required us to perform an updated goodwill impairment analysis as of December 31, 2008. As a result of impairment tests, the company determined that there was no goodwill impairment as of December 31, 2008. However, in connection with the analysis, the company recorded a 0.5 million adjustment to reduce certain discreet asset balances in the engineering solutions segment.
Our management team has not only been proactive in reducing expenses, we have also initiated revenue enhancement tactics consistent with our long-term growth strategies. In AndersElite, we have begun to roll out a national account program targeted at deepening our relationship with firms in the transportation sector which should benefit from the UK government's stimulus spending on rail and underground. Our IT solutions segment has increased its business development capabilities in the IT consulting areas by quality assurance and risk management consulting. Management Recruiters International has an accelerated rollout plan in its Traks program, a comprehensive training package that builds core recruiting skills to ensure that both rookie and tenured recruiters are fully focused on sound execution of the fundamentals. And our engineering solutions team is rotating engineering teams and seasoned project managers from industry sectors that are adversely impacted by commodity chemical weakness into stronger markets in sectors like agricultural chemicals, alternative energy and the Department of Energy.
While adjusting tactics in response to changing economic climate, we remain committed to our three strong long-term strategic principles. First to align our organizations people and skill sets and capture higher margin high client value services such as engineering and IT outsourcing, project management and permanent placement growth. Second, to over time, increase our global services delivery capabilities as we provide our customers a single point of contact for the worldwide engineering and IT solutions needs. Third, to continue to build our skill sets and business development capabilities in those industries, which will benefit from the long-term economic drivers such as growth of the BRIC economies, development of clean energy resources, and the acquisition of a new generation of executive technical professional and managerial talent.
With that as an overview, let us look at our financial results in more detail for the quarter. For the fourth quarter ended December 31, 2008, the company reported net losses from continuing operations of 3.2 million or $0.17 per diluted share on revenue of 253.6 million. Excluding the 4.8 million in event driven charges and a 0.5 million goodwill adjustment, net income from continuing operations for the fourth quarter would have been approximately 0.3 million or $0.02 per diluted share. As I mentioned previously, both the year over year revenue and net earnings declines were driven by the weak economic environment and resulting customer cut back in higher margin permanent placement and engineering staffing business, as well as in project delays and cancellations in the engineering solutions segment.
Let me review our performance in more detail in each of our business units. Engineering solutions revenue decreased by 9.7% in the fourth quarter compared to the year ago period. Strong revenue growth in government services and an increase of 3.5% in aerospace was offset by weakness in the process and industry verticals. Operating profit declined from 10.2 million in the fourth quarter of 2007 to 0.9 million in the 2008, driven by the revenue decline and by the previously noted bad debt provision of $2.5 million. Additionally, engineering solutions recorded reorganization charges of 0.6 million, unsuccessful acquisition cost of 0.5 million, and 0.5 million in a goodwill adjustment noted in the press release. Also included in ES fourth-quarter operating profit results is 0.4 million in operating losses associated with the company's ownership and joint ventures. The revenue declines were primarily in some of our higher margin staffing and project areas, thus further decreasing operating margin.
Defense spending continues to drive performance in government services and we benefited from workload ramp up from the previously announced Naval Surface Weapon Center contract that we won in the second quarter. As noted earlier in my comments, the process and industry verticals face steep challenges due to staffing and project cutbacks by a number of our chemical and specialty chemical customers and by project delays among our alternative energy clients. Additionally, we saw greater than anticipated reductions in permanent placement revenue and our process recruitment outsourcing business within the P&I vertical. Revenue did increase by 3.5% in the fourth quarter on a year over year basis in the aerospace vertical.
Permanent placement weakness in most sectors of the US economy contributed to the 18.5% revenue decline versus the year ago quarter in the Management Recruiters International segment. Additionally, contract staffing revenue declined about 11% versus the year ago quarter, due primarily to the completion of a large customer project, somewhat offset by build rate pieces. Franchise sales also declined primary due to tightened credit availability to prospective franchise owners. Operating profit declined 71.6% versus the prior year quarter driven by the revenue decline, particularly in high margin royalties and reorganization charges of 0.8 million. MRI management continues to focus on back to basics training and has intensified its efforts in working with franchise owners to improve its productivity.
Effective January 22, 2009, we terminated our agreement with our international master licensee who control territories outside of Japan. We anticipate that this will over time improve services and should lead to profitable royalty and franchise sales revenue. UK-based AndersElite had a revenue decline [ph] of 42.7% or 21.1% on a constant currency basis, reflecting profound weakness in the UK commercial property development and residential housing construction industry. We have taken aggressive measures to reduce our operating expenses since we anticipate continued weakness in these sectors of the UK economy. We continue to redeploy recruiting and business development talent to healthier sectors of the UK economy with particular focus on areas which will benefit from government spending and transportation infrastructure.
Anders reported operating losses of 1.7 million, a decline of approximately 4 million from the year ago quarter, driven by the revenue decline, particularly in high margin permanent placements as well as by charges of 0.2 million related to reorganization expenses. As previously disclosed in October 2008, the United Kingdom's Office Of Fair Trading issued a statement of objections in which the OFT proposes to make a finding that the company’s AndersElite subsidiary violated the UK Competition Act of 1998 by engaging in anti competitive behavior with a number of its competitors in the UK construction recruitment industry.
In response to the statement of objection on January 16, 2009, we submitted written representations to the OFT. On February 18, 2009, we made an oral presentation to the OFT. We continue to believe that a fine will be imposed on the company by the OFT and the amount of such fine could be material. We are however unable at this point to determine with any reliability the amount or range of such a fine. We are also unable to predict when the OFT will issue its decision.
CDI IT solutions revenue increased by 1.4% over the prior year quarter driven by the continued ramp up of the large client account expansion that we had announced in July 2008. The revenue gains from the staffing account were somewhat offset by continued weakness in the automotive sector and with certain local office accounts. Operating profit margin increased by 50 basis points reflecting effective cost reductions, somewhat offset by 0.2 million in reorganization costs charged during the quarter. I am pleased with the progress we have made in IT solutions and we hope to continue positive revenue profit trends as a result of our investment in business development talent in the IT consulting and IT outsourcing arena.
Now let us look at some other financial details for the quarter. We continue to manage our cash and accounts receivables very closely. We finished the quarter with 61.8 million in cash and cash equivalents. With our cash on hand and untapped borrowing capacity, we should have sufficient resources to support organic growth when the market begins to recover. Additionally, we believe these resources are sufficient to support our stock repurchase program, capital expenditures, shareholder dividends and potential strategic acquisitions.
Corporate overhead declined by 12.8% on a year over year basis, primarily reflecting lower variable compensation costs. Despite the fact that the company reported an operating loss during the fourth quarter, we reported income tax expense of $25 million. This is due to several factors including operating losses occurring predominantly in foreign jurisdictions on which tax benefits could not be recognized but which were recognized at tax rates lower than in the US. The non-deductibility of the goodwill adjustment and state income taxes incurred are not based on earnings.
As noted in the village, we repurchased 536,397 shares of common stock during the quarter for approximately $6.8 million. We have approximately $20 million remaining in our original authorization of $50 million. CDI will also pay a dividend of $0.13 per share to all shareholders of record as of March 12, 2009 to be paid on March 26, 2009.
Through the 2008 fourth quarter, and this year first quarter, we have taken prompt and effective steps to right size the organizations in the face of the continuing economic downturn. We feel we have created an operating structure that can remain profitable at first-quarter revenue rates, which would decline 18% to 25% below the year ago quarter, or 12% to 18% on a constant currency basis. The global economic crisis makes it much more difficult to have a reliable visibility into market dynamics beyond the first quarter. We are confident however that our ability to recognize and react to rapidly changing market conditions, our largely blue-chip customer base, and our more globally dominant business portfolio will allow us to successfully weather the economic storm.
With that, Mark and I would be happy to take your questions. Bevelyn, could you handle the questions?
Question-and-Answer-Session
Operator
(Operator instructions). Your first question comes from the line of James Janesky of Stifel Nicolaus.
James Janesky – Stifel Nicolaus
Hi, yes. Good morning, Roger. A couple of questions, I might have missed your comment there at the end about the expected profitability, do you believe that with the outlook in revenues for the first quarter that you could still remain profitable on a GAAP basis or do you think that that – or was that comment more directed to all of 2009?
Roger Ballou
The answer is that the comet is directed at the business structure that we think it would allow us to remain profitable through 2009, but in answer to your question, yes, we expect to remain profitable in Q1 on a GAAP basis.
James Janesky – Stifel Nicolaus
Okay. And in terms of where the expected weakness is in the first quarter, can you go over – rather than going over segment by segment, can you go over what changes you might expect sequentially from the fourth quarter? For example, would you still expect IT solutions with the project ramp up to have positive growth in revenues in the first quarter or are there other mitigating circumstances?
Roger Ballou
Yes. I won't give individual segment forecast, but what I would say Jim is, we expect to see basically the same trends as we saw in Q4 continuing in the sense that you would expect to see strength in government, aerospace, we would expect to see weakness in the P&I sector, we would expect to see weakness in Anders, weakness in the royalties at MRI, relative strength in IT. So it is going to pretty much mirror the fourth quarter pattern directionally. The only thing is that you are comparing to a different basis for the first quarter last year, so we are expecting slightly weaker performance than we saw in the fourth quarter. I think on a currency adjusted basis, our fourth quarter was down by 9% constant currency. So we are seeing 12 to 18 here in the first quarter, but similar pattern of strengths and weaknesses. And from an expense perspective, obviously we would expect to see significant savings in Q1 from the stuff we took in Q4.
James Janesky – Stifel Nicolaus
Yes. And will those savings flow through direct costs or through SG&A or through a combination of both?
Roger Ballou
The cost that we are talking about here will all flow through in indirect. We’ve had reduction in direct costs as well but the things we are talking about will all be in the indirect area, SG&A.
James Janesky – Stifel Nicolaus
Okay, fair enough. And would you expect the – o obviously the steps that you are taking in the first quarter of 2009 on the expense side won’t have a significant or maybe will have a significant effect on the first quarter, but the steps you have taken in 2008, we outlined the 11 to 13 million on an annualized basis, those should have a full effect in the first quarter, is that correct?
Roger Ballou
I mean in round numbers it should be pretty much quarter by quarter in the same range. So roughly 13-ish million in the quarter.
James Janesky – Stifel Nicolaus
Okay. And then last question is obviously the timing is uncertain and the amount is uncertain in terms of any infrastructure investments or other parts of the stimulus bill that you think could benefit you, do you have any just initial comments on that now, what areas could be affected and how positively and just wanted to get your thoughts there?
Roger Ballou
Yes. I think if I look at the US stimulus bill, because we do operate in Canada, we operate in the UK, we operate in Australia, and we operate here, and all of those markets customers have stimulus bills. So we will benefit in a number of areas. We will start with the UK where there is a combination of Olympic spending plus significant stimulus spending that is essentially orientated to infrastructure. They are doing significant transportation spending on rail and London Underground plus roads plus social housing, and then the Olympics build out. So all of that spending is really a sweet spot in the UK and we would expect particularly in transportation to see some early days benefit from that.
In Australia, spending is going again in transportation and infrastructure as well as in things like hospitals, schools, et cetera, so again in the building environment, so again we will see some benefit from that. When I go to the US, I think the place that we’d probably see the most significant benefit here would be in alternative energy, where I have not seen the details of the budget bill, but my understanding is that there are – certainly there are components of the stimulus bill that are directed at alternative energy. There is fairly incremental money in the budget bill for alternative energy and we’re looking for a cap and trade bill to come through as well.
I would believe the cap and trade should soon lead to significant work for us in the petrochemical industries and the spending in alternative energy obviously should benefit us as well. So I see those areas strongly. And then there are other markets. As an example like China where it is not a stimulus package but you have a mandated 20% of all energy development has to go into renewables. And that means that regardless of the oil price, the coal price and the gasoline price, China is spending 20% of their energy investment on clean alternatives, which is nuclear, wind, solar and biofuels. So we would see expect to see stimulus in that as well.
James Janesky – Stifel Nicolaus
Okay, thanks. And Mark do you have stock-based compensation for the quarter by any chance?
Mark Kerschner
Yes I do. For Q4 we were at 875,000, which is very close to what we were at in Q4 of 2007.
James Janesky – Stifel Nicolaus
Right. Okay, thank you.
Operator
(Operator instructions). Your next question comes from the line of Jeffrey Silber of BMO Capital Markets.
Jeffrey Silber – BMO Capital Markets
Thank you very much. A couple of follow ups from Jim’s question, you mentioned the potential impact this year of the cost savings of the cost moves you did the last year, you also talked about some additional moves in the first quarter with a $5 million to $7 million savings, will that be – is that an annualized run rate beginning in the second quarter, just to clarify that?
Roger Ballou
We will have a charge in the first quarter as we called out and there will be some amount of savings that will flow through in the first quarter, but we should hit that run rate effectively in the second quarter is probably the best thing to look at. So you can think of that as being again if you pick the midpoint of it instead of the 6 million, you only get close to 2 million a quarter from Q2 on.
Jeffrey Silber – BMO Capital Markets
Great, just wanted to clarify that. In terms of the IT solutions business, I don't know if you can qualify, can you talk about the ramp up in this large selective client, if I had taken that out, would IT solutions have been down year over year, and assuming yes, and roughly how much?
Roger Ballou
It would have been down and I don't have an exact number that I could you, Jeff, because we don’t really give you the exact numbers on the account versus the other stuff, but it would have been down, and it would have been down in single digits somewhere.
Jeffrey Silber – BMO Capital Markets
Okay. That’s fair enough. I appreciate that. And just a couple of number questions for us to model, what should we expect in the first quarter in terms of tax rate and share count?
Roger Ballou
Well share count, we do have as we said a buyback program that was announced (inaudible) more on that. We did end the year – Mark will probably give you the exact amount of shares we ended the year with, I will give him a chance to look it out.
Mark Kerschner
I think it is 90.1 [ph] million
Roger Ballou
89 – well, that is the average number of diluted shares. I think we ended the year at an average of 8975-something for the fourth quarter, so probably that is a decent starting point. And as I said, we do have an announced buyback program. So you certainly should use that number as a starting reference point. For tax purposes, I think we're looking at somewhere in the 36 to 39% range for full-year 2009 as a reasonable tax rate.
Jeffrey Silber – BMO Capital Markets
All right. Also on full year 2009, what is your CapEx budget for the year?
Roger Ballou
We won’t reveal the budget but I would expect it to be reduced somewhat from last year. Last year full year CapEx came in at –
Mark Kerschner
It came in at around 10 million.
Roger Ballou
I think it was around 10 million for the year.
Mark Kerschner
CapEx, 10 million.
Roger Ballou
CapEx was a little over 10 million last year, and I would expect to see that come down a million or two this year.
Jeffrey Silber – BMO Capital Markets
Okay. And then stock-based compensation you mentioned what it was in the quarter, should that be the run rate we will use on a quarterly basis going forward?
Roger Ballou
You actually will probably a see slight reduction in stock-based and it is simply a factor of the current share rises, the new grants will have lower (inaudible) value, so it is more to do with the mix of the pricing assumptions that are in there, but it'll probably be a little bit below that 8.75 clip.
Jeffrey Silber – BMO Capital Markets
Yes, that makes sense. All right, I will jump off, let someone else get on. Thank so much.
Roger Ballou
Okay.
Operator
(Operator instructions). Your next question comes from the line of Bill Sutherland of Boenning & Scattergood.
Bill Sutherland – Boenning & Scattergood
Thanks. Hi, Mark and Roger. I was wondering, you mentioned earlier in the year Roger when you put out the additional figure for the year end, that it felt like a bottoming phase to the placement trends, and I was curious if you could give us a little bit color on that, may be a bit by different groups, whether it seems like it is truly bottoming or it is hard to tell at this point?
Roger Ballou
Well, I think it is hard to tell in a couple of areas. In IT, I think we have given the expectation here that we would expect to see probably some mild revenue momentum there as we look at the year. I think that if you look at Anders, we do feel we have been in sort of a bottoming phase. And it is up to our guys in the market to take advantage of various where there are opportunities, but we do think there are opportunities especially in the transportation sector et cetera such that we should not see strong continuation of down ticks in the UK. Obviously the currency when you translate everything into dollars, our currency rate continues to be lower.
So we've seen in dollar terms weaker numbers out of the UK. I think that in government and aerospace, there is good continuing momentum in those spaces. So when I look at the business overall, the three places we have got the most uncertainty would be in the P&I vertical, Bill, where it is just hard to tell what is going to happen with oil prices, with cap spending projects, things like that. And then secondly would be in the US perm market, where it is just hard to predict how the US economy will continue to evolve. I think we’ve bottomed by any news there, I think the unemployment rate is going to continue to rise, so I’d expect to see continuing softness in the permanent placement job market in the US, probably further deterioration there.
Unemployment is currently sevens and projected to go depending on surveys to somewhere between high 8s to 11. The white-collar piece which are college grads/white collar obviously is significantly lower levels, but it'll go up too. So if I looked at year, what I’d say is we would actually expect to see not unlike the first quarter a trend which has areas like defense and aerospace will look okay, that IT will look okay, that our Canadian business will continue to perform reasonably well, that we may have gotten to a bottoming phase in the UK market, and that the space – as I say, IT will be okay and the spaces we are most worried about would be perm in the US market, particularly franchise royalties and MRI and P&I in the interim.
Bill Sutherland – Boenning & Scattergood
Okay, that is good. Are you planning for bad debt this year?
Roger Ballou
Well, we don't ever give guidance on bad debt but what I would tell you, Bill, is that we have extremely rigorous credit monitoring standards and very aggressive management of our DSOs. We also have the benefit of having a blue-chip client base but in this kind of environment somebody who is blue chip can still go bankrupt quite quickly. So we are prognosticating that we will have higher bad debts than normal than in good times, but we don't expect to see devastatingly bad bad debts because of the mix of our client base.
Bill Sutherland – Boenning & Scattergood
Okay. Last on, Roger, on the SG&A line, which is what I think you were mostly referring to when you talk about the cost savings, you did have a 3 million-dollar step down sequentially, did that reflect any of your initiatives that you called out in terms of the 11 to 13 annualized…
Roger Ballou
It did reflect those, I mean in the sense that there were partial saves at some of those things in Q4, but we would certainly expect to see, what we're saying is when we give you the 11 to 13, that is the 2009 annualized save expected versus 2008…
Bill Sutherland – Boenning & Scattergood
Okay.
Roger Ballou
So, you should expect incremental…
Bill Sutherland – Boenning & Scattergood
Okay, we will see the full quarterly impact in Q1, okay.
Roger Ballou
Yes.
Bill Sutherland – Boenning & Scattergood
Okay, thanks.
Roger Ballou
Okay.
Operator
(Operator instructions). There are no further questions at this time. Mr. Ballou, do you any closing remarks?
Roger Ballou
Yes, I do. The view of our relevant marketplace from CDI’s perspective are indicating sheer pockets of opportunity. We see areas of ongoing growth potential from defense-related demand in our government services vertical to life sciences hiring demand in MRI to transportation infrastructure spending plans in the UK. At the same time, we have right-sized our organization based on current overall market conditions while maintaining investments in business development efforts. We believe that these prudent cost containment initiatives could keep CDI profitable through the recessionary cycle, assuming no significant further economic deterioration. Additionally, this leaner operating platform could allow us to profitably leverage any rebound through significant gains in productivity and our cash position and untapped borrowing capacity could allow us to take advantage of strategic opportunities.
Thank you very much for joining us this morning and thank you for your interest in CDI.
Operator
This concludes today's conference call. You may now disconnect.
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