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Source2 Revenue Up 8%

November 17 2011

Source2, an Orlando, Fla.-based staffing provider, reported third-quarter revenue rose 7.6 percent to $3.8 million from $3.5 million in the third quarter of last year.

However, gross margin narrowed to 23.2 percent from 28.6 percent in the year-ago quarter.

Third-quarter net income fell 77.8 percent to $32,800 from $147,925 in the prior-year period. The company attributed the declining gross margin and income to a changing business mix to less recruitment process outsourcing and more strategic staffing outsourcing.

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