General Employment Enterprises, Inc reported consolidated net revenues for the first quarter ended D
General Employment Enterprises, Inc reported consolidated net revenues for the first quarter ended December 31, 2011
General Employment Enterprises, Inc reported consolidated net revenues for the first quarter ended December 31, 2011 of $12,780,000, up 114% from last year's first quarter revenue of $5,972,000. The increase is primarily due to the acquisition of RFFG Cleveland, LLC and DMCC Staffing, LLC in November 2010 coupled with a 103% increase in direct hire placement services due to increased demand.
The Company's net income for the first quarter ended December 31, 2011 was $23,000 compared to $15,000 for the first quarter ended December 31, 2010.
Commenting on the Company's performance, Salvatore J. Zizza, Chairman of the Board & CEO stated, "We are pleased to see continued improvement in our performance and we are excited about our future. While on target with our plans for continued expansion and growth, we invested in our business by increasing our sales force and provided intensified training as well. Our recent acquisitions proved to be rewarding and we will continue to evaluate candidates for future growth. As the economy continues to gain strength, we will be well positioned to meet the growing demands for our services."
Business Information General Employment Enterprises, Inc. (the "Company") provides contract and placement staffing services for business and industry, primarily specializing in the placement of information technology, engineering, agricultural and accounting professionals. Effective November 1 2010, the Company and its wholly-owned subsidiary, Triad Personal Services, Inc an Illinois corporation, entered into an asset purchase agreement, with DMCC Staffing, LLC, an Ohio limited liability company ("DMCC"), RFFG of Cleveland, LLC, an Ohio limited liability company ("RFFG of Cleveland"), and Thomas J. Bean, for the purchase of certain assets of DMCC and RFFG of Cleveland, including customer lists, comprising DMCC and RFFG of Cleveland's Industrial services business. DMCC and RFFG of Cleveland's services business is operated from offices in Ohio and provides labor and human resource solutions, including temporary staffing, human resources and payroll outsourcing services, labor and employment consulting and workforce solution. In August of 2011, the Company purchased certain assets of Ashley Ellis, LLC, a professional staffing and placement business.