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ClearPoint Business Resources Inc. (NASD: CPBR) posted a 93.9% decline in second-quarter revenue to $3.3 million from $54.4 million in the same period last year.
The company said the decrease was a result of a shift in its business model where it moved most of its staffing branches to franchise operations in the second half of 2007 in order to concentrate on its iLabor vendor management system, the company said in a filing with the U.S. Securities and Exchange Commission.
Gross margin slipped to 11.6% from 14.5%.
ClearPoint's second-quarter net loss widened to $4.9 million from $2.0 million in the second quarter of 2007.
ClearPoint is currently appealing a delisting decision by Nasdaq.
ClearPoint Business Resources Inc. (NASD: CPBR)
For the second quarter ended June 30, 2008, compared with the same period in 2007.
Revenue: $3.3 million, -93.9%
Net loss: $4.9 million vs. net loss of $2.0 million