General Employment 4Q revenues up 33 percent

Marketwired

An increase in contract staffing helped boost General Employment Enterprises' fourth quarter 2015 revenues by 33 percent over the same period last year, the company announced.

Revenue for the fiscal 2015 fourth quarter was $12.5 million. Contract staffing services contributed $10.7 million or 86 percent of revenue and direct placement services contributed $1.8 million or 14 percent of revenue. The figures compare to contract staffing services of $7.6 million or 81 percent of revenue and direct placement services of $1.8 million or 19 percent of revenue respectively for the same quarter of fiscal 2014.

For the 2015 fiscal year, revenue was $43.4 million, up 9 percent over the prior fiscal year ended September 30, 2014. Contract staffing services contributed $36.7 million or 85 percent of revenue and direct placement services contributed 6.7 million or 15 percent of revenue. That compares to contract staffing services of $32.7 million or 82 percent of revenue and direct placement services of $7.1 million or 18 percent of revenue respectively for the 2014 fiscal year.

"Fiscal 2015 was a successful year for the company as we raised approximately $2 million from a convertible preferred stock offering, approximately $8 million in equity capital from a secondary stock offering as part of General Employment's $75 million shelf registration, approximately $4.2 in subordinated debt and completed the strategic acquisitions of Scribe Solutions, Agile Resources and Access Data Consulting," said General Employment Chairman and Chief Executive Officer Derek E. Dewan.

"Our pro forma revenue mix as we enter 2016 is expected to be approximately 66 percent professional staffing and solutions and 34 percent light industrial staffing," he added. "We made excellent progress implementing

operational changes this year and believe we are now well positioned to capitalize on these improvements to drive significant profitability going forward."