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Pomeroy says technical staffing consistent

August 07 2008

Pomeroy IT Solutions Inc. (NASD: PMRY) described its technical staffing business in the second quarter as consistent.

The Hebron KY-based company said second-quarter technical staffing revenue rose 67.2% to $31.6 million from $18.9 million in the second quarter of last year. However, it said the increase mainly stems from an accounting change — it is now recognizing revenue for gross billings on subcontractor personnel.

Technical staffing revenue should decrease in upcoming quarters, the company said, because it didn't renew a contract with a major customer that would not have been profitable.

Total second-quarter revenue for Pomeroy rose 12.1% to $155.0 million. Gross margin improved to 12.5% from 11.3%.

Pomeroy posted second-quarter net income of $1.5 million, compared with a net loss of $853,000 in the same period in 2007.

Pomeroy IT Solutions Inc. (NASD: PMRY)
For the second quarter ended July 5, 2008, compared with the same period in 2007.
Revenue: $155.0 million, +12.1%
Net income: $1.5 million vs. net loss of $853,000

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