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General Employment hit by slow economy

July 29 2008

General Employment Enterprises Inc. (AMEX: JOB) reported a 25.5% year-over-year decrease in revenue to $3.6 million in its fiscal third quarter ended June 30.

"The depressed economy had a significant impact on our revenues and operating results this quarter," said Chairman and CEO Herbert Imhoff Jr. To deal with the slowdown, the company closed three branch offices this year and has hired a national training manager to focus on increasing branch production.

The company posted a net loss of $582,000 compared with net income of $184,000 in the same period in the previous year.

Pressure on General Employment's revenue comes as the company tries to turn things around.

In June, shareholder Timothy Stabosz said in a filing with the U.S. Securities and Exchange Commission that management should consider selling the company, and that the top executive's pay was too high.

General Employment Enterprises Inc. (AMEX: JOB)
For the fiscal third quarter ended June 30, 2008, compared with the same period in the previous year.
Revenue: $3.6 million, -25.5%
Net loss: $582,000 vs. net income of $184,000

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