ClearPoint Business Resources Inc. (OTCBB: CPBR.OB) reported a 93.9% decline in third-quarter revenue to $3.2 million from $52.4 million in the same period last year, according to a filing with the U.S. Securities and Exchange Commission. The decrease came after the company shifted its business model from a supplier of temporary staffing to, instead, focus on its iLabor vendor management system offering, according to the filing.

ClearPoint's third-quarter gross margin rose to 35.3% amid the change from 11.2% in the same period last year.

The company's third-quarter net loss, however, rose to $1.6 million from a loss of $158,204 in the third quarter of 2007.

ClearPoint Business Resources Inc. (OTCBB: CPBR.OB)
For the third quarter ended Sept. 30, 2008, compared with the same period in 2007.
Revenue: $3.2 million, -93.9%
Net loss: $1.6 million vs. net loss of $158,204