Attached files
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| 8-K - FORM 8-K - CDI CORP | d324963d8k.htm |
Exhibit 99
Reporting Segments
The financial information provided below is a reclassification of certain CDI historical financial information to reflect the Company’s new reporting segments in 2012. As a result of the organizational changes announced in December 2011, certain support functions previously contained in the reporting segments are being consolidated and centralized in Corporate, which impacts the presentation of previously reported results for Corporate and each of the reporting segments. The financial information provided below is unaudited and subject to adjustment in future public filings by the Company.
Reporting segment data on a quarterly basis is presented in the tables below:
| 2011 | ||||||||||||||||
| First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
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| Revenue: |
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| GETS |
$ | 78,997 | $ | 80,169 | $ | 83,229 | $ | 81,151 | ||||||||
| PSS |
161,940 | 165,170 | 171,539 | 169,013 | ||||||||||||
| MRI |
15,699 | 17,400 | 17,706 | 17,790 | ||||||||||||
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| Total revenue |
$ | 256,636 | $ | 262,739 | $ | 272,474 | $ | 267,954 | ||||||||
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| Gross profit: |
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| GETS |
$ | 23,945 | $ | 24,699 | $ | 24,586 | $ | 23,578 | ||||||||
| PSS |
22,735 | 23,876 | 24,875 | 24,083 | ||||||||||||
| MRI |
7,650 | 8,385 | 8,281 | 8,608 | ||||||||||||
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| Total gross profit |
$ | 54,330 | $ | 56,960 | $ | 57,742 | $ | 56,269 | ||||||||
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| Operating profit (loss): |
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GETS1 |
$ | 3,982 | $ | 4,137 | $ | 5,768 | $ | 1,092 | ||||||||
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PSS1,2 |
2,198 | 12,995 | 4,125 | 2,869 | ||||||||||||
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MRI1 |
1,761 | 2,477 | 2,461 | 2,769 | ||||||||||||
| Corporate1 |
(5,188 | ) | (5,905 | ) | (7,933 | ) | (7,233 | ) | ||||||||
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| Total operating profit (loss)1,2 |
2,753 | 13,704 | 4,421 | (503 | ) | |||||||||||
| Other (expense) income, net |
(43 | ) | (116 | ) | (63 | ) | (23 | ) | ||||||||
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| Income (loss) before income taxes1,2 |
$ | 2,710 | $ | 13,588 | $ | 4,358 | $ | (526 | ) | |||||||
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| (1) | In the fourth quarter of 2011, the Company recorded an aggregate pre-tax charge of $8.1 million to “Restructuring and other related costs” in the consolidated statement of operations. The following table summarizes the amount of restructuring and other related costs recognized during the year ended December 31, 2011, by reporting segment: |
| 2011 | ||||
| GETS |
$ | 4,467 | ||
| PSS |
2,622 | |||
| MRI |
372 | |||
| Corporate |
639 | |||
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| Restructuring and other related costs |
$ | 8,100 | ||
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| (2) | PSS operating profit in the second quarter of 2011 includes a $9.7 million benefit related to the final settlement of a legal matter. |
Reporting segment data on an annual basis is presented in the tables below:
| 2011 | 2010 | |||||||
| Revenue: |
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| GETS |
$ | 323,546 | $ | 280,552 | ||||
| PSS |
667,662 | 584,421 | ||||||
| MRI |
68,595 | 61,316 | ||||||
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| Total revenue |
$ | 1,059,803 | $ | 926,289 | ||||
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| Gross profit: |
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| GETS |
$ | 96,808 | $ | 76,903 | ||||
| PSS |
95,569 | 84,685 | ||||||
| MRI |
32,924 | 32,375 | ||||||
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| Total gross profit |
$ | 225,301 | $ | 193,963 | ||||
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| Operating profit (loss): |
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GETS1 |
$ | 14,979 | $ | 9,529 | ||||
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PSS1,2 |
22,187 | (2,118 | ) | |||||
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MRI1 |
9,468 | 6,943 | ||||||
| Corporate1 |
(26,259 | ) | (16,960 | ) | ||||
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| 20,375 | (2,606 | ) | ||||||
| Less equity in losses of affiliated companies |
— | 2,299 | ||||||
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| Total operating profit (loss)1,2 |
20,375 | (307 | ) | |||||
| Equity in losses from affiliated companies |
— | (2,299 | ) | |||||
| Other (expense) income, net |
(245 | ) | (540 | ) | ||||
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| Income (loss) before income taxes1,2 |
$ | 20,130 | $ | (3,146 | ) | |||
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| (1) | In the fourth quarter of 2011, the Company recorded an aggregate pre-tax charge of $8.1 million to “Restructuring and other related costs” in the consolidated statement of operations. |
| (2) | PSS operating profit (loss) includes a $9.7 million benefit related to the final settlement of a legal matter in 2011 and an $8.3 million goodwill impairment charge in 2010. |
Inter-segment activity is not significant. Therefore, revenues reported for each reporting segment are substantially all from external clients. Total depreciation and amortization by reporting segment is presented in the table below:
| 2011 | 2010 | |||||||
| Depreciation and amortization: |
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| GETS |
$ | 5,761 | $ | 5,265 | ||||
| PSS |
1,210 | 1,281 | ||||||
| MRI |
400 | 443 | ||||||
| Corporate |
3,637 | 3,668 | ||||||
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| Total depreciation and amortization |
$ | 11,008 | $ | 10,657 | ||||
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