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USG People revenue falls 6%

March 04, 2009

USG People, an Almere, Netherlands-based staffing firm that operates in Europe, reported a 6% decline in fourth-quarter revenue to euro952.0 million (US$1.34 billion).

Fourth-quarter gross margin narrowed to 25.3% from 25.9%.

USG posted a fourth-quarter net loss of euro77.0 million (US$108.5 million) compared with net income of euro36.0 million in the same period last year. The company reported a goodwill impairment of euro68.0 million (US$95.9 million).

Full-year 2008 revenue rose 4% to euro4.03 billion (US$5.67 billion).

Full-year gross margin was 24.7%, down 0.2 of  a percentage point from 2007.

USG registered full-year 2008 net income of euro17.0 million (US$24.0 million), down 88.4% from euro140.0 million in 2007.

USG People
For the fourth quarter ended Dec. 31, 2008, compared with the same period in the previous year.
Revenue: euro952.0 million (US$1.34 billion), -6%
Net loss: euro77.0 million (US$108.5 million) vs. net income of euro36.0 million

For the full year ended Dec. 31, 2008, compared with the previous year.
Revenue: euro4.03 billion (US$5.67 billion), +4%
Net income: euro17.0 million, -88.4%