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Westaff revenue falls 18.8%

August 27 2008

Westaff Inc. (NASD: WSTF) posted an 18.8% decrease in revenue to $99.4 million in its fiscal third quarter ended July 12, according to a filing with the U.S. Securities and Exchange Commission. The company had revenue of $122.4 million in the same period in the previous year.

The Walnut Creek CA-based commercial staffing company said billed hours decreased by 29.9% because of the economic downturn. Revenue from domestic direct hire, transition and transfer fees fell by 26.1% to $1.0 million in the quarter, according to the company. International third-quarter revenue rose 19.6% to $27.5 million.

Gross margin slipped to 16.4% year-over-year from 17.4%. The company's domestic gross margin fell to 17.7% from 18.2% in the same period last year primarily because of the decrease in direct hire revenue, Westaff reported.

Fiscal third-quarter net loss widened to $15.1 million from $2.9 million in the previous year. Westaff had a goodwill impairment of $11.5 million in the quarter.

Westaff Inc. (NASD: WSTF)
For the fiscal third quarter ended July 12, 2008, compared with the same period in the previous year.
Revenue: $99.4 million, -18.8%
Net loss: $15.1 million vs. net loss of $2.9 million

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