Employment Enterprises, Inc announced results for the quarter ended December 31, 2010
Employment Enterprises, Inc has reported consolidated net revenues for the quarter ended December 31, 2010 of $5,972,000, which increased by $4,000,000 (203%) from the same period last year and was primarily due to the acquisition of certain assets of On-Site ($2,377,000), RFFG of Cleveland ($485,000), DMCC ($450,000) and fees paid under the Management Agreement ($162,000), which contributed $3,474,000 in revenue for the period. Professional contract and placement services increased by $173,000 (12.3%) and $353,000 (61.9%) from the same period last year, respectively.
The Company had a net income of $15,000, in the first quarter of this year, compared with a net loss of $589,000, in the first quarter last year.
Commenting on the Company's performance, Salvatore J. Zizza, CEO, stated, "We have made substantial progress in our plan to return our Company to profitability and I am very pleased with the first quarter profit numbers reported above. The turnaround in our performance over the first quarter of last year is a direct result of our strategy to grow the Company through acquisitions and I believe the foundation has been laid for future growth, both organically and through future acquisitions. There is every indication that the economy and job market are improving and we have positioned General Employment to take advantage of an emerging job market."