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AccountAbilities revenue falls, to drop finance

February 18 2009

AccountAbilities Inc.'s (OTCBB: ACBT.OB) revenue fell 4.4% to $17.4 million in its fiscal first quarter ended Dec. 31, according to a filing with the U.S. Securities and Exchange Commission. The Manalapan NJ-based staffing company also reported it was exiting the finance and accounting staffing business.

First-quarter gross margin narrowed to 15.5% from 16.9% in the year-ago period.

AccountAbilities' first-quarter net income fell 56.1% year-over-year to $18,000.

The company said it will sell or discontinue its finance and accounting-related services. The services posted revenue of $695,000 in the quarter, but generated an operating loss of $186,000.

AccountAbilities also provides commercial staffing (80% of revenue) as well as information technology and pharmaceutical staffing.

The company also named Robert Cassera, owner of Tri-State Employment Services Inc., to its board of directors, according to the filing. Cassera and his affiliates own approximately 43% of AccountAbilities' stock.

AccountAbilities Inc. (OTCBB: ACBT.OB)
For the fiscal first quarter ended Dec. 31, 2008, compared with the same period in the previous fiscal year.
Revenue: $17.4 million, -4.4%
Net income: $18,000, -56.1%

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