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Source2 revenue slips, but margin improves

November 02, 2009
Staffing Industry Analysts North American Daily News

Source2, an Orlando FL-based staffing firm, reported third-quarter revenue fell 20.5% to $2.7 million on a year-over-year basis. However, third-quarter gross margin improved to 25.7% from 20.5% in the same period last year.

In addition, the company reported third-quarter net income of $32,152, up from a loss of $73,872 in the third quarter of 2008.

Source2 acquired Professional Alternatives, a Minneapolis-based staffing firm, earlier this year. The company said Professional Alternatives' former president and CEO, David Dodge, joined Source2, as did Professional Alternatives' former executive VP, Robert Backes.

Source2 also said it struck a deal with a New Jersey-based information technology staffing firm to work together on certain projects.

Source2
For the third quarter ended Sept. 30, 2009, compared with the same period in 2008.
Revenue: $2.7 million, -20.5%
Net income: $32,152 vs. a net loss of $73,872