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Global Employment revenue slips

August 19 2008

Second-quarter revenue fell 2.3% at Global Employment Holdings Inc. (OTCBB: GEYH.OB), a Lone Tree CO-based company that provides staffing and professional employer organization services, to $43.3 million from $44.3 million in the same period last year, according to its 10-Q filing with the U.S. Securities and Exchange Commission.

Staffing revenue fell 0.8% year-over-year to $35.4 million in the second quarter. PEO revenue decreased 8.5% to $7.9 million. The company cited the loss of residential construction jobs and softness in the Florida market for the decrease in PEO revenue.

Gross margin slipped to 26.6% year-over-year from 26.7%.

Net income dropped 68.4% to $2.9 million from $8.9 million.

Global Employment Holdings is the parent company of Global Employment Solutions, which operates several subsidiaries including Excell Personnel Services Corp. and Southeastern Personnel Management Inc.

Global Employment Holdings Inc. (OTCBB: GEYH.OB)
For the second quarter ended June 30, 2008, compared with the same period in 2007.
Revenue: $43.3 million, -2.3%
Net income: $2.8 million, -68.4%

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