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General Employment Enterprises Inc. (AMEX: JOB) reported revenue fell 36.4% year-over-year to $2.5 million in its fiscal second quarter ended March 31.
The Oakbrook Terrace IL-based staffing firm posted a second-quarter net loss of $1.1 million compared with a net loss of $523,000 in the same period in the previous fiscal year.
"It was an extremely challenging environment in the employment industry during the quarter, " said Chairman and CEO Herbert Imhoff Jr. "The demand for our services was depressed by employment conditions throughout the country."
Imhoff said the company cut executive compensation by 22% effective Jan. 1 and reduced its sales and recruiting staff by 24%. The company also plans to raise almost $2 million in cash through the sale of a controlling stake to PSQ LLC.
General Employment Enterprises Inc. (AMEX: JOB)
For the fiscal second quarter ended March 31, 2009, compared with the same period in the previous year.
Revenue: $2.5 million -36.4%
Net loss: $1.1 million vs. net loss of $523,000