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General Employment Enterprises Inc. (AMEX: JOB) said revenue for its fiscal first quarter ended Dec. 31 fell 27.2% to $2.9 million. The Oakbrook Terrace IL-based staffing firm also said it cut executive compensation and reduced headcount for a savings to administrative payroll at its corporate office of 22%.
The CEO's compensation was cut by 31%, while its VP of operations saw compensation cut by 18%.
The company also announced it hired an outside consultant to help improve performance.
"The demand for our placement services during the quarter was depressed by employment conditions throughout the country," said CEO Herbert Imhoff Jr. "It was an extremely challenging environment in which to make placements."
General Employment Enterprises posted a first-quarter net loss of $776,000, compared with a net loss of $227,000 in the same period in the previous year.
General Employment Enterprises Inc. (AMEX: JOB)
For the fiscal first quarter ended Dec. 31, 2008, compared with the same period in the previous year.
Revenue: $2.9 million, -27.2%
Net loss: $776,000 vs. net loss of $227,000