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Fourth-quarter revenue fell 14.3% year-over-year at Gevity HR Inc. (NASD: GVHR) to $125.1 million as the average number of paid client employees decreased at the Bradenton FL-based professional employer organization. The company is in the process of being acquired by TriNet Group Inc., a San Leandro CA-based PEO. The deal values Gevity at $98 million.
Gevity's fourth-quarter gross margin slipped to 31.1% from 34.5% in the same period a year ago.
Gevity posted a $1.4 million net loss in the fourth quarter compared with net income of $301,000 a year ago. The company said it had an $8.7 million non-cash goodwill impairment charge.
Full-year 2008 revenue fell 13.5% to $520.5 million, and gross margin narrowed to 27.9% from 30.9%.
Gevity reported a full-year 2008 net loss of $4.8 million compared with net income of $10.0 million a year ago.
Gevity HR Inc. (NASD: GVHR)
For the fourth quarter ended Dec. 31, 2008, compared with the same period in the previous year.
Revenue: $125.1 million, -14.3%
Net loss: $1.4 million vs. net income of $301,000
For the full year ended Dec. 31, 2008, compared with the previous year.
Revenue: $520.5 million
Net loss: $4.8 million vs. net income of $10.0 million