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Economy pulls Comforce revenue down 8%

May 07 2009

First-quarter revenue fell 8.1% year-over-year at Comforce Corp. (AMEX: CFS) to $138.0 million. Revenue suffered mainly because of the declining global economy, management reported.

Comforce reported first-quarter revenue in its human capital management services segment, which includes PRO Unlimited, fell 5.5% year-over-year. PRO provides vendor management services, payrolling and independent contractor compliance services. The segment accounted for 64.2% of the company's revenue in 2008.

In addition to PRO, Comforce provides engineering and information technology staffing and other services. Staffing revenue for the quarter was down 12.5%.

First-quarter gross margin narrowed to 14.9% from 15.8% in the year-ago quarter.

Comforce posted a first-quarter net loss of $95,000 compared with net income of $741,000 in the first quarter of 2008.

Comforce Corp. (AMEX: CFS)
For the first quarter ended March 29, 2009, compared with the same period in 2008.
Revenue: $138.0 million, -8.1%
Net loss: $95,000 vs. net income of $741,000

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