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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