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Gevity revenue falls 13.9%

July 29 2008

Second-quarter revenue fell 13.9% at Gevity HR Inc. (NASD: GVHR) to $128.7 million from $149.5 million in the same period last year.

Gross margin at the Bradenton FL-based professional employer organization slipped to 29.5% from 31.2%.

Net income fell 96.0% to $188,000 in the second quarter from $4.7 million in the same period in 2007. Gevity said it had a $1.8 million charge for cost alignment in its PEO business and a charge of $1.1 million for an unemployment tax settlement with the state of California.

Gevity said it has now completely exited from its Gevity Edge Select program, which offered services without co-employment.

Gevity HR Inc. (NASD: GVHR)
For the second quarter ended June 30, 2008, compared with the same period in 2007.
Revenue: $128.7 million, -13.9%
Net income: $188,000, -96.0%

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