Connecting to LinkedIn...

Blank

General Employment Enterprise Back In the Black

General Employment Enterprise Back In the Black

General Employment Enterprises, Inc. reported consolidated net revenues of $37,189,000 for the year ended September 30, 2011, an increase of $25,272,000 (212.1%) over the consolidated net revenues of $11,917,000 reported for the same period last year. Revenues from the Company's acquisition of certain assets constituting the businesses of On-Site ($12,412,000), RFFG of Cleveland ($4,290,000), DMCC ($3,017,000), fees earned under the Management Agreement with RFFG, Inc. ($838,000) and Ashley Ellis, LLC ($246,000) collectively contributed $20,803,000 in revenue for the period. Professional contract and placement services increased by $943,000 (15.2%) and $1,533,000 (52.9%) from the same period last year, respectively.

Net income from continuing operations was $358,000 or $.02 per share, for the fiscal year, compared with a net loss of $1,556,000, or $.11 per share, last fiscal year. The Company recorded an adjustment of $1,126,000 related to the loss on impairment of intangible assets and $1,276,000 related to the reduction in estimated contingent consideration. Without these onetime adjustments the Company would have recorded net income of $208,000 for the fiscal year. The Company's acquisitions and control over general and administrative costs were contributing factors in the improvement in the Company's performance. For purposes of calculating the diluted earnings per-share amounts, the number of average common shares outstanding was 18,648,000 for the year ended September 30, 2011, compared with 13,874,000 in the prior-year.

The Company had Earnings Before Income Taxes, Depreciation and Amortization (EBITDA) for the fiscal year ended September 30, 2011 of $1,119,000 compared to a EBITDA loss of $1,277,000 for the fiscal year ending September 30, 2010. See EBITDA reconciliation schedule for additional details of our calculation.

Commenting on the Company's performance, Salvatore J. Zizza, CEO stated, "We're thrilled that the results of this fiscal year show significant progress towards our goals and fulfillment of our vision and strategies. The acquisitions we've made over the past year have had substantial impact on our performance, and looking forward, we are well positioned to meet our goal of further growing the Company both organically and through acquisitions."

Tags:

Articles similar to

Articles similar to