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CDI Corp. Reports Fourth Quarter and Full Year 2010 Results

PHILADELPHIA Feb. 22, 2011 December 31, 2010 $0.13 March 22, 2011 March 8, 2011

$248.0 million $217.2 million $13.0 million June 28, 2010 December 31, 2010 $14.6 million $0.77 $6.9 million $0.36

Paulett Eberhart

December 31, 2010 $10.5 million $0.55 $926.3 million $19.9 million $1.05 $885.0 million

$12.4 million

$8.0 million March 2011

$1.0 million Kuwait

$2.8 million

$0.6 million

Business Segment Discussion

$0.2 million $4.6 million $1.0 million Kuwait

Management Recruiters International, Inc. (MRI) reported a 15.6% increase in fourth quarter revenue versus the year-ago fourth quarter driven by increased royalty revenue, contract staffing and franchise sales.  Operating profit declined 3.2% versus the prior-year fourth quarter.

$10.4 million $1.3 million $8.0 million

$3.5 million

Solid Balance Sheet

December 31, 2010 $28.7 million $13.9 million $14.8 million

Business Outlook

March 31, 2011

Conference Call

11:00 a.m. Eastern Time Paulett Eberhart Mark Kerschner www.cdicorp.com

Company Information

Philadelphia www.cdicorp.com .

Caution Concerning Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  All statements that address expectations or projections about the future, including, but not limited to, statements about the Company’s strategies for growth and future financial results (such as revenues, pre-tax profit and tax rates), are forward-looking statements. Some of the forward-looking statements can be identified by words like "anticipates," "believes," "expects," "may," "will," "could," "should," "intends," "plans," "estimates" and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions that are difficult to predict. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Company’s control or are subject to change, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: weakness in general economic conditions and levels of capital spending by customers in the industries the Company serves; weakness in the financial and capital markets, which may result in the postponement or cancellation of CDI’s customers’ capital projects or the inability of CDI’s customers to pay the Company’s fees; the termination of a major customer contract or project; credit risks associated with the Company’s customers; competitive market pressures; the availability and cost of qualified labor; the Company’s level of success in attracting, training, and retaining qualified management personnel and other staff employees; changes in tax laws and other government regulations; the possibility of incurring liability for the Company’s business activities, including the activities of the Company’s temporary employees; the Company’s performance on customer contracts; negative outcome of pending and future claims and litigation; and government policies, legislation or judicial decisions adverse to the Company’s businesses.  More detailed information about these and other risks and uncertainties may be found in the Company’s filings with the SEC, particularly in the "Risk Factors" section of the Company’s Form 10-K’s and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of the Company’s Form 10-K’s and Form 10-Q’s. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update such statements, whether as a result of new information, future events or otherwise, except as required by law. 

Note on Constant Currency Calculations

Constant currency year-over-year changes should be considered in addition to, and not as a substitute for or superior to, changes in revenue prepared on a US dollar reported basis. Constant currency year-over-year changes in revenue are calculated by translating the prior period’s revenue in local currencies into US dollars using the average exchange rates of the current period.

Financial Tables Follow

CDI Corp. and Subsidiaries

Consolidated Earnings Release Tables

(Unaudited)

(in thousands, except per share data)

For the three months ended

For the year ended

December 31,

September 30,

December 31,

2010

2009

2010

2010

2009

Revenue

$      248,012

$       217,199

$       249,355

$926,289

$884,950

Cost of services

195,597

176,232

194,017

732,326

708,386

Gross profit

52,415

40,967

55,338

193,963

176,564

Goodwill impairment (a)

8,000

8,000

Operating and administrative expenses

53,531

47,406

50,400

185,958

194,699

Operating (loss) profit

(9,116)

(6,439)

4,938

5

(18,135)

Other (expense) income, net

(20)

16

(442)

(540)

81

Equity in losses of affiliated companies

(1,219)

(498)

(312)

(2,299)

(1,357)

(Loss) earnings before income taxes

(10,355)

(6,921)

4,184

(2,834)

(19,411)

Income tax expense (benefit)

4,272

(48)

2,473

7,668

508

Net (loss) earnings

(14,627)

(6,873)

1,711

(10,502)

(19,919)

Less: (loss) earnings attributable to the noncontrolling interest

(3)

(4)

32

44

(17)

Net (loss) earnings attributable to CDI

$      (14,624)

$         (6,869)

$           1,679

$ (10,546)

$ (19,902)

Diluted net (loss) earnings attributable to CDI per share

$          (0.77)

$           (0.36)

$             0.09

$     (0.55)

$     (1.05)

Average diluted number of shares

19,038

18,946

19,244

19,015

18,932

December 31,

September 30,

December 31,

Selected Balance Sheet Data:

2010

2010

2009

Cash and cash equivalents

$        28,746

$         29,140

$         73,528

Accounts receivable, net

$      222,999

$       216,947

$       176,677

Current assets

$      270,011

$       266,298

$       264,697

Total assets

$      398,816

$       401,447

$       375,034

Current liabilities

$      124,088

$       114,293

$         87,193

CDI shareholders’ equity

$      258,887

$       273,649

$       274,755

For the three months ended

For the year ended

December 31,

September 30,

December 31,

Selected Cash Flow Data:

2010

2009

2010

2010

2009

Depreciation and amortization expense

$          2,695

$           2,678

$           2,875

$  10,657

$  11,207

Capital expenditures

$          1,828

$           1,300

$           1,131

$    5,890

$    5,986

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