GEE Group Inc. (NYSEAMERICAN: JOB) reported revenue fell 4.0% in its fiscal first quarter ended Dec. 31 to $41.1 million.

The Jacksonville, Florida-based staffing provider reported contract staffing revenue fell 3.5% year over year; however, when excluding the effects of nonrecurring Covid-19-related project revenue, it rose 5%.

Direct-hire revenue fell 6.7% year over year. GEE Group noted last year’s record high performance and said it remains cautiously optimistic about the overall potential for direct-hire revenue for this fiscal year.

“Our 2023 first quarter results compared with those of the prior fiscal year's first quarter, adjusted for non-recurring and one-time items, compare favorably, especially considering the volatility and uncertainties that persist in our economy and labor markets,” Chairman and CEO Derek Dewan said.

Share price and market cap

Shares in GEE Group were down 10.75% to 45 cents as of 10:41 a.m. today; they set a new 52-week low today, according to FT.com. The company has a market cap of $58.4 million.