General Employment sees 14 pct hike in revenues
Oakbrook Terrace-based General Employment Enterprises said net revenues for the first quarter increased more than 14.5 percent due to demand for its services as a result of Hurricane Sandy.
Net revenues for the period ending Dec. 31, 2013 was approximately $14.6 million, compared to approximately $12.8 million for the same period in the prior year, the company said in a release. The increase in from contract and direct hire placements partially offset a loss of a major customer in the agriculture division, the company said in a release. The increase in contract services was attributable to Hurricane Sandy cleanup efforts, the opening of a new office and growing customer base.
Cost of contract services for the first quarter ended increased by approximately 12 percent to approximately $10.4 million, compared with the prior period of approximately $9.3 million. The overall increase in cost of contract services was directly related to the increase in revenue. The decrease of approximately 1.6 percent of cost of contract services as a percentage of contract services revenue was related to the increase in Professional Contract services and the decrease in the agricultural business, the amount was slightly offset by an increase of Industrial Contract services to one customer that has a lower than average margin.
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