Global Employment Holdings Inc.'s (OTCBB: GEYH.OB) first-quarter revenue fell 20.5% year-over-year to $22.6 million amid a difficult economy, according to a filing with the U.S. Securities and Exchange Commission. The Lone Tree CO-based firm, which provides staffing and professional employer organization services, reported a 19.1% decrease in billable hours for its staffing services and a 68.1% decrease in permanent placement fee revenue.

First-quarter staffing services revenue fell 25.0% year-over-year to $15.0 million. First-quarter PEO revenue fell 9.8% to $7.6 million.

First-quarter gross margin narrowed to 26.2% from 29.8% in the year-ago quarter.

Global Employment posted a net loss of $1.5 million compared with a net loss of $169,000 in the same period last year.

Global Employment Holdings Inc. (OTCBB: GEYH.OB)
For the first quarter ended April 5, 2009, compared with the same period in 2008.
Revenue: $22.6 million, -20.5%
Net loss: $1.5 million vs. net loss of $169,000