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Source2 Revenue Rises 1%

August 03 2011

Source2, an Orlando, Fla.-based workforce and process management outsourcing solutions provider,  reported second quarter revenue rose 0.7 percent to $3.8 million.

Gross margin fell to 20.5 percent from 27.6 percent, while net income fell 89.9 percent to $28,707 from $283,881.

The company attributed the drops in gross margin and net income to the loss of a large, client, which cancelled its contract when it pulled out of a credit card sales operation in a major theme park after selling its interest in the property.

In the second quarter, the company landed a recruitment process outsourcing agreement with a regional leader in senior housing and assisted living, expanded its relationship with a national/international global leader in multi-line insurance and finance to include candidate contact and sourcing services for product development and management positions, and was chosen by a Midwest nonprofit healthcare system to provide strategic staffing outsourcing.

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