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Gevity revenue, client employees decline

May 12, 2009

Gevity HR Inc. (NASD: GVHR), the Bradenton FL-based professional employer organization, reported first-quarter revenue fell 8.5% year-over-year to $129.6 million. The number of client employees in the first quarter fell 11.6% from the first quarter of 2008.

Gross margin narrowed to 19.7% from 24.2%.

Gevity reported a net loss of $3.7 million compared with a net loss of $1.6 million.

The company opted against a conference call with analyst to discuss its first-quarter results because it is in the process of being acquired by TriNet Group Inc., a San Leandro CA-based PEO.

Gevity HR Inc. (NASD: GVHR)
For the first quarter ended March 31, 2009, compared with the same period in 2008.
Revenue: $129.6 million, -8.5%
Net loss: $3.7 million vs. net loss of $1.6 million