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General Employment Releases Preliminary Earnings

January 16 2013

General Employment Enterprises Inc. (AMEX: JOB), an Oakbrook Terrace, Ill.-based staffing provider, reported it will file its 10-K annual report late, but announced preliminary and unaudited net revenue of $13 million for its fiscal fourth quarter ended Sept. 30. For the full fiscal year, preliminary net revenue was $52.4 million.

The company had a net loss of $600,000 for the quarter and $1 million for the fiscal year.

“We had several non-cash items which negatively impacted results by approximately $500,000 in the three months ended September 30, 2012,” said Chairman and CEO Michael Schroering. “These items relate to an intangible asset impairment charge in our agricultural division as we lost a major customer in early 2012 and the acceleration of stock based compensation upon a change in control announced in September 2012.”

General Employment anticipates 25 percent growth in revenue and a modest operating profit in the quarter ended Dec. 31, 2012.

General Employment is unable to file its 10-K annual report on time because of a change in auditors announced earlier this year. For more on this, click here.


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