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Third-quarter revenue fell 27.2% at Staffmark, a Cincinnati-based staffing firm, to $193.3 million from $265.6 million in the same period last year, according to a filing with the U.S. Securities and Exchange Commission by parent company Compass Diversified Holdings (NASD: CODI).
Third-quarter gross margin narrowed to 15.3% from 16.7% in the year-ago quarter. The company said lower direct hire revenue cut into the margin.
Staffmark was formerly known as CBS Personnel Holdings Inc. CBS acquired Staffmark on Jan. 21, 2008, and CBS later adopted the Staffmark name. It provides industrial, clerical, transportation, information technology, engineering, financial, legal and healthcare staffing.
Total third-quarter revenue for Compass Diversified, including nonstaffing businesses, was $324.3 million, down 21.6% on a year-over-year basis. Third-quarter net income was $2.1 million, down 60.0% on a year-over-year basis.