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Westaff revenue tumbles

June 10 2008

Fiscal second-quarter revenue fell 14.4% at Westaff Inc. (NASD: WSTF) to $102.8 million. The Walnut Creek CA-based commercial staffing firm cited a decrease in billable hours, changes in field management and the ending of some unprofitable accounts for the decline.

Westaff said domestic revenue fell 23.5%, while revenue from its international operations, which include Australia and New Zealand, rose 26.5%.

Westaff sold its United Kingdom operations in the second quarter to Fortis Recruitment Group Ltd. for $6.7 million, representing a gain of $1.2 million.

The company said its loss for the quarter ended April 19 increased to $25.2 million, compared with a net loss of $700,000 in the same period last year.

Westaff Inc. (NASD: WSTF)
For the second quarter ended April 19, 2008, compared with the same period in 2007.
Revenue: $102.8 million, -14.4%
Net loss $25.2 million vs. net loss of $700,000

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