Radia Holdings Inc., a Tokyo-based company that provides staffing and other services, announced Friday that revenue fell 44.3% year-over-year to 259.06 billion yen (US$2.66 billion) in the first nine months of its fiscal year ended March 31.

It reported U.S. revenue fell 20.0% year-over-year in the first nine months of its fiscal year to 87.31 billion yen (US$897.6 million). Its Japanese revenue fell 56.0% to 141.94 billion yen (US$1.46 billion).

Radia's net loss was 13.58 billion yen (US$139.6 million) vs. a net loss of 1.11 billion yen in the same period in the previous year.

The company said it also reported net losses of 27.42 billion yen in its last fiscal year ended June 2008 and a net loss of 40.71 billion yen in the fiscal year before that.

Radia said the losses along with debt raise doubts about it as a going concern; however, the company is moving ahead with a restructuring plan. The company's board voted on March 2 to cut 4,000 jobs at three of its engineering staffing firms and another 500 job cuts.

Other aspects of the restructuring plan, that were previously announced, included changing its name to Radia Holdings in October 2008 from the Goodwill Group Inc. and hiring as chairman Charles Abadie, formerly president and CEO of Boca Raton FL-based Tandem Staffing.

Radia Holdings Inc.
For the nine months ended March 31, 2009, compared with the same period in the previous fiscal year.
Revenue: 259.06 billion yen (US$2.66 billion), -44.3%
Net loss: 13.58 billion yen (US$139.6 million) vs. a net loss of 1.11 billion yen