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Gevity revenue down 14%

November 05 2008

Third-quarter revenue fell 14.0% at Gevity HR Inc. (NASD: GVHR) to $125.1 million from $145.5 million in the third quarter of 2007.

The Bradenton FL-based professional employer organization reported third-quarter professional service fee revenue fell 21.1% to $27.9 million from $35.3 million in the same period last year.

Gross margin decreased to 27.4% from 30.3%.

Gevity posted a $2.0 million loss compared with net income of $2.5 million a year ago.

"During the quarter, we took a number of actions to better align our costs, which when coupled with the effects of the challenging economic environment, led to a loss for the period," said Michael Lavington, chairman and chief executive officer. "We remain confident that our ongoing efforts to increase our operating efficiency will strengthen our financial position and enhance our competitiveness in the marketplace."

Gevity HR Inc. (NASD: GVHR)
For the third quarter ended Sept. 30, 2008, compared with the same period in 2007.
Revenue: $125.1 million, -14.0%
Net loss: $2.0 million vs. net income of $2.5 million


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