GEE Group Inc. - JOB STOCK NEWS

GEE Group reported its fiscal 2024 third quarter and year-to-date results ending June 30, 2024. Consolidated revenues for Q3 and YTD were $29.5 million and $88.1 million, down 23% and 25% YoY due to lower demand and macroeconomic factors. Contract staffing services revenue declined 21% and 22% for Q3 and YTD, while direct hire placement revenues fell 36% and 44%. Gross profit dropped to $9.6 million (Q3) and $28.1 million (YTD). SG&A expenses were $10.2 million (Q3) and $30.8 million (YTD), with planned reductions aiming to save $3.0 million annually. Adjusted EBITDA was negative $(0.4) million (Q3) and $(1.2) million (YTD). The company reported a net loss of $(19.3) million (Q3) and $(21.8) million (YTD), impacted by $20.5 million in non-cash impairment charges. Cash balance stood at $19.6 million with zero long-term debt. Management is taking cost-cutting measures amid challenging economic conditions.

GEE Group Inc. (NYSE American: JOB), a professional staffing services provider, has announced an investor webcast/conference call scheduled for August 15, 2024, at 11 a.m. EDT. The call will discuss the company's Fiscal Third Quarter and YTD results for the period ending June 30, 2024. These results are expected to be reported after market close on August 14, 2024.

The company will post prepared remarks on its website www.geegroup.com prior to the call. Investors can pre-register for the webcast through a provided link. The format allows for real-time question submission via email after the prepared remarks. A full replay of the event will be available shortly after its conclusion.

GEE Group Inc. (NYSE American:JOB) has unveiled a strategic plan to navigate macroeconomic challenges and improve financial results. The plan includes:

• Right-sizing the business, resulting in expected annual cost savings of $3 million
• Implementing pricing enhancements to counter inflationary pressures
• Preparing for value-driven strategic acquisitions in higher-end verticals
• Reducing amortizable intangible assets and goodwill, resulting in non-cash charges of approximately $20.5 million in Q3 2024

These measures aim to streamline operations, maximize efficiency, and position the company for sustainable growth. GEE Group will announce its Q3 2024 financial results on August 14, 2024, with an earnings call scheduled for August 15, 2024.

GEE Group (NYSE American: JOB) reported its fiscal 2024 second quarter and year-to-date results, ending March 31, 2024. Consolidated revenues for Q2 and YTD were $28.0 million and $58.7 million, down 28% and 27%, respectively, from the same periods in fiscal 2023. Professional contract services declined significantly, with revenues down $7.6 million and $14.3 million for Q2 and YTD, respectively. Gross profits and margins also decreased, attributed to lower revenue and factors like inflation and economic uncertainty. SG&A expenses dropped 15% and 16% for Q2 and YTD but increased as a percentage of revenues due to fixed costs against declining revenues. Net income for Q2 and YTD was $(1.0) million and $(2.6) million. Adjusted EBITDA was $(0.6) million for Q2 and $(0.8) million YTD. Free cash flow was $0.4 million YTD compared with $1.3 million in the previous year. GEE Group maintained a cash balance of $21.2 million and zero long-term debt as of March 31, 2024.

GEE Group (NYSE American: JOB), a provider of staffing services and HR solutions, announced an investor webcast/conference call on May 16, 2024, at 11 a.m. EDT to discuss its fiscal second quarter and YTD results ending March 31, 2024. Results will be published on May 15, 2024, after the close of business. The event will be webcast, and pre-registration is required. Prepared remarks will be available on GEE Group’s website before the call. Attendees can submit questions via email during the event. A replay will be accessible shortly after the live event.

GEE Group Inc. (JOB) has announced the conclusion of its strategic alternatives review, opting to focus on internal growth and strategic acquisitions to maximize shareholder value. The decision was made after an extensive evaluation process by the Board of Directors and the Mergers and Acquisition Committee, with the aim of accelerating growth and enhancing shareholder returns.

GEE Group Inc. (JOB) reported a decrease in revenues for the fiscal 2024 first quarter, citing macroeconomic weakness and uncertainties. The company's professional contract services, industrial contract services, and direct hire placement revenues all declined. Gross profit and margins also decreased, leading to a net loss for the quarter. Adjusted EBITDA and free cash flow were down compared to the previous year. The company's cash balance, net working capital, and shareholders' equity were provided, along with information on common share repurchases. Management anticipates continued challenges in the staffing industry for the near future.

GEE Group Inc. (NYSE American: JOB) will host an investor webcast/conference call on February 14, 2024, to discuss its Fiscal First Quarter results. The Company plans to release the results on February 13, 2024, and prepared remarks will be available on www.geegroup.com. Investors can pre-register for the event to participate via the provided link.

GEE Group Inc. (JOB) will hold an investor webcast/conference call to discuss its Fiscal First Quarter results on February 14, 2024. The Company expects to report the results on February 13, 2024. Investors can pre-register to join the webcast and submit questions via email.