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Global Employment Holdings Inc. (OTCBB: GEYH.OB) posted an 11.3% decrease in third-quarter revenue to $41.6 million from $46.9 million in the same period last year, according to a 10-Q filing with the U.S. Securities and Exchange Commission. Still, third-quarter gross margin rose to 26.7% from 25.9%.
The Lone Tree CO-based company provides staffing and professional employer organization services. It is the parent company of Global Employment Solutions, which operates several subsidiaries including Excell Personnel Services Corp. and Southeastern Personnel Management Inc.
Third-quarter operating income fell 21.3% to $1.8 million.
Global's bottom line was affected by warrants that allow owners of some types of company debt and preferred stock to convert to common stock. The warrants are re-valued each quarter to reflect fair market value. The noncash valuation was $377,000 for the third quarter, but was $9.3 million for the third quarter of 2007. As a result, the company's net income fell to $223,000 in the most recent quarter from $8.9 million in the same period last year.
Global Employment Holdings Inc. (OTCBB: GEYH.OB)
For the third quarter ended Sept. 30, 2008, compared with the same period in 2007.
Revenue: $41.6 million, -11.3%
Net income: $223,000, -97.5%