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Source2 reported revenue rose 8.1 percent to $4.5 million in its third quarter from $4.2 million in the year-ago quarter. However, gross margin at the Winter Park, Fla.-based staffing provider narrowed to 20.2 percent from 20.9 percent in third quarter of last year.
Third-quarter net income fell 57.1 percent year over year to $40,660. Continuing legacy costs associated with its acquisition of Bennett Hall last year contributed to the decrease in net income, according to the company. Management believes the legacy costs will be completely phased out upon total conversion of the Bennett Hall operation to the Source2 business model by the first quarter of 2014.
For the third quarter ended Sept. 30, 2013, compared with the same period in 2012.
Revenue: $4.5 million, +8.1 percent
Net income: $40,660, -57.1 percent