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Pomeroy Q4 staffing revenue down 50%

March 18 2009

Pomeroy IT Solutions Inc. (NASD: PMRY), a Hebron KY-based information technology services and staffing company, announced Tuesday that staffing revenue fell 50.4% year-over-year to $13.8 million in its fiscal fourth quarter ended Jan. 5. Pomeroy said the decrease sprang from a decision in June to not renew a contract with a major customer that would have been unprofitable for the company.

Pomeroy's total fourth-quarter revenue fell 26% year-over-year to $120.5 million. It posted a fourth-quarter net loss of $12.3 million compared with a net loss of $21.4 million in the same period last year.

Staffing revenue rose 21.8% for full-year 2008 to $106.2 million. The company said the increase came as its mix of business shifted from fee-based vendor managed services business to more gross revenue for services.

Pomeroy's total 2008 revenue fell 4% to $565.8 million. It reported a 2008 net loss of $13.2 million compared with a net loss of $112.2 million in 2007.

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