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General Employment exits agriculture sector

July 02 2013

General Employment Enterprises Inc. (NYSE MKT: JOB), an Oakbrook Terrace, Ill.-based staffing provider, announced the closure of its agricultural division, On-Site Services Inc. The company expects all agricultural staffing operations to cease by July 7, and the entire division and support of that division to cease no later than Aug. 1.

The agricultural division has reported negative net income since the loss of a major customer in 2012. It had revenue of about $7.85 million in 2012 and about $12.41 million in 2011.

“The business is in the process of focusing on its core strengths, consolidating operations and restructuring to create a foundation that will allow management to implement its strategic initiatives over the next five years,” said CFO Andrew Norstrud. “The agricultural division does not have the growth potential of the rest of the business segments and after several options were evaluated, it was determined that it was in the company’s best interest to cease operations as soon as reasonably feasible.”

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