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Source2 revenue falls in Q4, but still swings to profit

February 15 2013

Fourth-quarter revenue fell 10.7 percent at Source2 to approximately $4.5 million from $5.0 million in the same period last year. However, the company reported net income of $59,704, compared to a net loss of $24,623 in the year-ago quarter.

A large project for a healthcare client in 2011 did not repeat in 2012, causing the reduction in revenue, the Winter Park, Fla.-based staffing provider reported. It also resulted in lower gross margin, which fell to 18.2 percent in the fourth quarter from the 19.6 percent in the year-ago quarter.

Source2 recently acquired Bennett Hall Co., a Charlotte, N.C.-based staffing firm specializing in the cable and wiring industry. Read the story here.

The company also announced that USIC, a utility location company, chose Source2 as its exclusive RPO provider. Hiring forecast for 2013 with USIC exceeds 1,700 jobs nationwide. Buca di Beppo Italian Restaurant, which hires approximately 8,000 employees annually, also selected Source2 for a pilot program to evaluate Source2’s RPO hiring process for its restaurant workers.

For the fourth quarter ended Dec 31, 2012, compared with the same period in 2011.
Revenue: $4.5 million, -10.7 percent
Net Income: $59,704 vs. a net loss of $ 24,623

For full-year ended Dec. 31, 2012, compared with the previous year.
Revenue: $18.3 million, +12.9 percent
Net income: $346,104 vs. $4,336


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