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Source2 Revenue Rises 10%

May 06 2011

Source2, a provider of staffing services, reported revenue rose 10.3 percent on a year-over-year basis in the first quarter. Revenue in the first quarter was $3.5 million, up from $3.2 million reported last year.

Gross margin rose to 27.0 percent from 22.6 percent in the year-ago quarter.

The company posted a net loss of $32,549 in the first quarter, compared with net income in the year-ago quarter of $31,411. The company attributed the loss in part to increased legal fees (due to contract negotiations and a possible acquisition that did not materialize) and start-up costs for two large contracts.


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