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Source2 reported revenue rose 4.6 percent to $5.3 million in its first quarter ended March 31, from $5.1 million in the year-ago period. However, first-quarter gross margin at the Winter Park, Fla.-based staffing provider narrowed to 18.9 percent from 20.3 percent in the year-ago period.
The company stated first-quarter results did not meet management expectations. The purchase of Charlotte, N.C.-based staffing firm Bennett Hall Co. at the end of last year — which brought the firm two new vertical markets: cabling services and metal fabrication — added sales revenue. However, it wasn’t enough to compensate for the conclusion of a large strategic staffing outsourcing government contract and the completion of a nursing home strategic staffing outsourcing project.
Net income fell 20.5 percent to $28,385 in the first quarter from $35,712 in the year-ago quarter.
For the first quarter ended March 31, 2013, compared with the same period in 2012.
Revenue: $5.3 million, +4.6 percent
Net income: $28,385, -20.5 percent