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General Employment revenue down 30%

August 03, 2009

General Employment Enterprises Inc. (AMEX: JOB), an Oakbrook Terrace IL-based professional staffing firm, reported revenue fell 30.4% year over year to $2.5 million in its fiscal third quarter ended June 30.

The company reported a third-quarter net loss of $2.3 million vs. a net loss of $582,000 in the year-ago quarter.

General Employment Enterprises recently sold a majority stake to PSQ LLC. The company recorded additional compensation expenses of $1.1 million during its third quarter under an agreement that called for the company's former chairman, CEO and president to step down and take on a consulting role with the company. In addition, the firm recorded costs for closing branch offices of $350,000. Current President and CEO Ronald Heineman said the restructuring charges did not require the use of cash.

General Employment Enterprises Inc. (AMEX: JOB)
For the fiscal third quarter ended June 30, 2009, compared with the same period in the previous year.
Revenue: $2.5 million, -30.2%
Net loss: $2.3 million vs. net loss of $582,000