GEE Group Announces Fiscal 2024 Q3 and YTD Results

Jacksonville, FL / ACCESSWIRE / August 14, 2024 - GEE Group Inc. (NYSE American: JOB) announced results for the fiscal 2024 third quarter and year-to-date period ending June 30, 2024. Consolidated revenues for Q3 and the nine-month period were $29.5 million and $88.1 million, respectively, down 23% and 25% from the previous year. The reduction is linked to macroeconomic factors like inflation, interest rate volatility, and geopolitical instability.

Contract staffing revenues fell by 21% and 22% for Q3 and the nine-month period, while direct hire placement services dropped to $3.3 million and $8.8 million, respectively. Gross profits and margins also declined, affected by reduced direct hire revenue and increased contractor pay.

SG&A expenses dropped 13% for Q3, totaling $10.2 million, and 15% for the nine-month period. Adjusted EBITDA showed a negative $(0.4) million for Q3. Net income was heavily impacted, presenting a loss of $(19.3) million, mainly due to non-cash impairment charges.

The company maintains strong liquidity with $19.6 million in cash and zero long-term debt. Management is implementing cost-saving measures and remains focused on strategic investments to drive growth.