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Fortune revenue slips 12%

February 16, 2010

Fortune Industries Inc. (AMEX: FFA), an Indianapolis-based provider of professional employer organization services, said revenue fell 11.7% to $15.0 million in its fiscal second quarter ended Dec. 31, 2009, compared with $17.0 million in the second quarter of last year.

Second-quarter gross margin widened...

TeamStaff revenue falls 10%

February 16, 2010

TeamStaff Inc. (NASD: TSTF), a Somerset NJ-based staffing firm with a focus on serving the government, said in-sourcing of some positions under its existing government contracts and overtime restrictions cut into revenue. TeamStaff's revenue fell 10.2% to $10.8 million in its fiscal first quarter ended...

Stronger GDP growth expected in 2010

February 12, 2010

Economists are projecting stronger growth than anticipated over the next three quarters, according to the first quarter 2010 Survey of Professional Forecasters released today by the Federal Reserve Bank of Philadelphia. However, this upward revision comes at the expense of slower growth at year's end....

Staffmark announces new leader

February 12, 2010

Staffmark, a Cincinnati-based staffing firm, named Lesa Francis as president. Francis joined Staffmark in 2006 as chief operating officer, and will hold that title as well as president. She served as senior VP of business development and operations at Spherion Corp. (NYSE:SFN) and has more than 25...

Technical difficulties in SIA's Daily News

February 12, 2010

The Staffing Industry Daily News e-mail system is experiencing technical difficulties. However, daily news is updated each business day on Staffing Industry Analysts' Web site, www.staffingindustry.com. Work to fix the difficulties continues. In the meantime, we apologize for the inconvenience.

Atlas shareholders terminate merger with Select

February 12, 2010

Atlas Acquisition Holdings Corp. announced today the termination of its proposed merger with Koosharem LLC that does business as Select Staffing.

Privately held Select Staffing had revealed its plans to become a public company in December. The 11th-largest U.S. staffing firm was to merge with Atlas...

Medical Staffing Network talks with lenders over default

February 12, 2010

Medical Staffing Network Holdings Inc. (OTCBB: MNSW.PK) said it is in discussion with lenders over a default, but hopes to reach new agreements, according to a filing on Feb. 1 with the U.S. Securities and Exchange Commission.

A previous forbearance agreement expired Feb. 1, and the company expects...

Administaff revenue falls 7%

February 11, 2010

Fourth-quarter revenue fell 7.1% at Administaff Inc. (NYSE: ASF) to $395.9 million from $426.0 million in the same period last year.

The Kingwood TX-based professional employer organization reported that average number of worksite employees paid per month in the fourth quarter fell 9.9% while revenue...

Hudson revenue down 12%

February 11, 2010

The Hudson Highland Group Inc. (NASD: HHGP) reported fourth-quarter revenue fell 12.1% on a year-over-year basis to $182.5 million.

Fourth-quarter gross margin at the New York-based professional staffing firm fell to 38.0% from 40.8% in the year-ago quarter.

Hudson reported a net loss of $10.4 million...

Volt reaches agreement with lenders

February 11, 2010

Volt Information Sciences Inc. (NYSE: VOL) said this week it reached agreements with its lenders to extend the time for delivery of its audited financial statements for fiscal year 2009 to May 2010.

Volt is conducting a review and may restate prior years' financial statements. As a result, it hasn't...