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Source2 revenue up 9%

February 12 2014

Source2 reported fourth quarter revenue rose 9.3 percent year over year in the fourth quarter to $4.9 million. Gross margin at the Winter Park, Fla.-based staffing provider improved to 19.4 percent from 18.2 percent in fourth quarter of last year.

However, fourth-quarter net income fell 58.5 percent year over year to $24,789. The company attributed the decrease to continuing legacy costs associated with last year’s acquisition of Bennett Hall, as well as increases in recruiting, sales and marketing, corporate administrative costs and increased interest expense.

Source2 completed the integration of Bennett Hall into the Source2 business model as of Dec. 31. The Bennett Hall name will no longer be used and all Source2 business lines now use the Source2 operating name.

Full-year 2013 revenue rose 7.5 percent to 19.7 million, and full-year net income fell 31.9 percent to $235,549.

In December, Norrell Corp.’s founder and former CEO Guy Millner joined the board of Source2 as vice chairman.

Source2 also announced that Mark Hain, executive vice president, general counsel and corporate secretary for Atlanta-based AssuranceAmerica Corp., will fill an open position on the Source2 board of directors through the current term. Additionally, Brent Brown joined the company in December as chief sales officer and will head up the Atlanta sales office.

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