Revenues up 115% YoY for GEE Group
GEE Group Inc. has released its results for the first quarter ended 31st December 2017.
Revenue for the fiscal 2018 first quarter was approximately $45.2m, up approximately 115% over the first quarter of fiscal 2017 amount of approximately $21.0m. Contract staffing services contributed approximately $39.4m or approximately 87.2% of revenue and direct placement services contributed approximately $5.8m or approximately 12.8% of revenue.
Overall gross margin for the fiscal first quarter ended 31st December 2017 (including direct placement services) was approximately 34.9% compared to approximately 25.9% for the fiscal first quarter ended 31st December 2016. Professional contract staffing services gross margin (excluding direct placement services) for the 2018 fiscal first quarter was approximately 27.0% compared to approximately 23.9% for the 2017 fiscal first quarter. Industrial contract services gross margin for the 2018 fiscal first quarter was approximately 15.6% compared to approximately 16.4% for the 2017 fiscal first quarter.
Selling, general and administrative expenses (SG&A) as a percentage of revenue for the 2018 fiscal first quarter was approximately 28.2% compared to approximately 21.4% of revenue for the 2017 fiscal first quarter; an increase of approximately 6.8 percentage points. GEE Group's total SG&A of approximately $12.8m for the 2018 fiscal first quarter was down approximately $1.8m compared sequentially to the 2017 fiscal fourth quarter amount of approximately $14.6 million which was approximately 32% of revenue for that period.
GAAP income from operations for the 2018 fiscal first quarter was approximately $1.5m compared to GAAP income from operations of approximately $477,000 for the comparable 2017 fiscal first quarter.
GAAP net loss for the 2018 fiscal first quarter was approximately $1.8m compared to GAAP net income of approximately $51,000 for the comparable 2017 fiscal first quarter.
Adjusted earnings before interest, taxes, depreciation, amortisation, noncash stock and stock option expenses and acquisition, merger, integration and restructuring expenses, loss on asset disposal and change in contingent consideration for the 2018 fiscal first quarter ended 31st December 2017 was approximately $3.3m vs. approximately $1.1m for the comparable prior year fiscal first quarter and up sequentially from $2.4m in adjusted EBITDA for the 2017 fiscal fourth quarter ended 30t September 2017.
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