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Second-quarter revenue at CBS Personnel Holdings Inc. would have fallen 10% excluding the company's purchase of Staffmark Investment LLC in January, according to a 10-Q filing with the U.S. Securities and Exchange Commission by its parent company, Compass Diversified Holdings (NASD: CODI).
"The reduction, which was greater than that experienced in the first quarter of 2008, reflects reduced demands for staffing services (primarily clerical) as clients were negatively affected by weaker economic conditions," according to the filing. "We expect this trend to continue through fiscal 2008 as the economy continues to soften."
Including the acquisition, second-quarter revenue rose 89.0% at CBS Personnel Holdings Inc. to $270.2 million from $142.9 million in the same period last year.
CBS' second-quarter gross margin slipped to 17.3% year-over-year from 18.3%.