Full-year 2008 revenue fell 3.1% at Global Employment Holdings Inc. (OTCBB: GEYH.OB) to $168.5 million from $173.9 million in 2007, according to a 10-K filing with the U.S. Securities and Exchange Commission.

Staffing revenue for 2008 fell 1.9% year-over-year to $137.3 million. And the Lone Tree CO-based company reported 2008 professional employer organization revenue fell 8.3% to $31.2 million.

Global Employment's gross margin narrowed to 25.4% in 2008 from 26.1% in 2007.

The full-year net loss was $7.3 million in 2008 compared with net income of $11.0 million in 2007. Global's bottom line was affected by warrants that allow owners of some types of company debt and preferred stock to convert to common stock. The warrants are re-valued each quarter to reflect fair market value. The noncash valuation was $5.4 million in 2008 and $15.2 million in 2007.

Fourth-quarter revenue fell 18.4% year-over-year at Global Employment to $37.6 million, and fourth-quarter gross margin edged down to 24.0% from 24.2% in the same period last year.

The company posted a net loss of $10.2 million compared with a net loss of $7.8 million in the fourth quarter of 2008.

Global Employment Holdings Inc. (OTCBB: GEYH.OB)
For the fourth quarter ended Jan. 4, 2009, compared with the same period in the previous year.
Revenue: $37.6 million, -18.4%
Net loss: $10.2 million vs. net loss of $7.8 million

For the full year ended Jan. 4, 2009, compared with the previous year.
Revenue: $168.5 million, -3.1%
Net loss: $7.3 million vs. net income of $11.0 million