Newspaper article The Florida Times Union

Modis Meets Expectations despite Weakening Economy

Newspaper article The Florida Times Union

Modis Meets Expectations despite Weakening Economy

Article excerpt

Byline: Mark Basch, Times-Union business writer

Modis Professional Services Inc. yesterday reported second-quarter earnings that met expectations but said the weakening economy continues to lower its earnings forecasts for the rest of the year.

Jacksonville-based Modis, which provides professional staffing and information technology consulting services, had second-quarter earnings of $3.6 million, or 4 cents per diluted share, down from $12.4 million, or 13 cents a share, in the second quarter of 2000. While earnings dropped sharply from the previous year, the results matched the consensus forecast of analysts surveyed by First Call Corp.

Total revenue fell 12 percent to $409.6 million, but "given the difficult conditions we saw, we were relatively pleased with that," said president and CEO Timothy Payne in a conference call with analysts.

"We felt the impact of the economy, particularly from our clients in the [telecommunications], financial services and technology areas," he said. …

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