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Pomeroy IT Solutions Inc. (NASD: PMRY) described its technical staffing business in the second quarter as consistent.
The Hebron KY-based company said second-quarter technical staffing revenue rose 67.2% to $31.6 million from $18.9 million in the second quarter of last year. However, it said the increase mainly stems from an accounting change it is now recognizing revenue for gross billings on subcontractor personnel.
Technical staffing revenue should decrease in upcoming quarters, the company said, because it didn't renew a contract with a major customer that would not have been profitable.
Total second-quarter revenue for Pomeroy rose 12.1% to $155.0 million. Gross margin improved to 12.5% from 11.3%.
Pomeroy posted second-quarter net income of $1.5 million, compared with a net loss of $853,000 in the same period in 2007.
Pomeroy IT Solutions Inc. (NASD: PMRY)
For the second quarter ended July 5, 2008, compared with the same period in 2007.
Revenue: $155.0 million, +12.1%
Net income: $1.5 million vs. net loss of $853,000