Spherion Corp. (SFN) on Tuesday said it completed the integration of Todays Staffing and has completed the field integration of Technisource, Inc. ahead of schedule. Todays Staffing was acquired on September 28, 2007 and integration was scheduled for completion by December 31, 2007. Technisource was acquired on December 3, 2007 and field integration was scheduled for early 2008, while business systems and back office integration were originally scheduled for mid 2008. Resulting the completion of integration activities, Spherion expects to fully realize the $5 million of cost savings in 2008 associated with the Todays Staffing integration.
The company's board authorized the repurchase of up to $25 million of its outstanding common stock.
Further, the company said it now expects fourth earnings per share from continuing operations in the range of $0.18 to $0.19, up from the previous estimates in the range of $0.15 to $0.18. Six Street analysts expect the company to report earnings of $0.17 per share.
The company also raised its fourth quarter revenue estimates to range between $558 million and $563 million, excluding the four week impact of the Technisource acquisition. Including the Technisource acquisition, revenue would range between $578 million and $583 million. Previously, the company had estimated revenues in the range of $535 to $550 million.
Five analysts, on average, expect the company to report revenues of $556.07 million.
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