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General Employment revenue down 33%

January 11 2010
Staffing Industry Analysts North American Daily News

Revenue at General Employment Enterprises Inc. (AMEX: JOB) fell 33.1% on a year-over-year basis to $2.5 million in the company's fiscal fourth quarter ended Sept. 30, 2009, amid a decline in permanent placement revenue.

Fourth-quarter permanent placement revenue fell 65.7% to $668,000 from $1.9 million in the year-ago quarter, at the Oakbrook Terrace IL-based provider of information technology, engineering and accounting staffing. Temporary employment revenue rose 2.0% to $1.8 million on a year-over-year basis.

General Employment posted a fourth-quarter net loss of $69,000 compared with $474,000 in the same period in the previous year.

For the full year, revenue fell 31.8% to $10.4 million. Permanent placement revenue fell 47.0% to $4.1 million, and temporary employment revenue fell 16.0% to $6.3 million

Net loss for the full year was $4.2 million compared with a net loss of $1.8 million in the previous year.

General Employment's financial report comes shortly after it announced a change in CEOs. According to U.S. Securities and Exchange Commission filings, CEO Ronald Heineman resigned effective Dec. 23, and the company named Salvatore Zizza as its new CEO.

Heineman formally took over as CEO in July as part of a deal involving the purchase of 7.7 million shares of the company by PSQ LLC for a purchase price of $1.9 million, the company reported at the time. Former CEO Herbert Imhoff Jr. stepped down.

General Employment Enterprises Inc. (AMEX: JOB)
For the fiscal fourth quarter ended Sept. 30, 2009, compared with the same period in the previous year.
Revenue: $2.5 million, -33.1%
Net loss: $69,000 vs. net loss of $474,000

For the fiscal year ended Sept. 30, 2009, compared with the previous fiscal year.
Revenue: $10.4 million, -31.8%
Net loss; $4.2 million vs. net loss of $1.8 million

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