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GEE Group Inc. (NYSE American: JOB) is a well-established provider of specialized staffing solutions across the United States. With roots tracing back to employment offices operating since 1893, GEE Group has evolved into a diversified staffing company servicing multiple industries.
The company operates in two primary segments: Professional Staffing Services and Industrial Staffing Services. The Professional Staffing Services segment is the more prominent revenue generator, specializing in information technology, engineering, finance, accounting, and healthcare staffing. Their brands, including Access Data Consulting, Agile Resources, Ashley Ellis, General Employment, Omni-One, Paladin Consulting, and Triad, are recognized for providing highly skilled professionals across these specialties.
In the healthcare sector, GEE Group, through its Scribe Solutions brand, provides medical scribes to assist physicians in hospital emergency departments and medical practices, ensuring accurate documentation for patient care in connection with electronic medical records (EMR). Additionally, GEE Group offers contract and direct hire professional staffing services through SNI brands: Accounting Now®, SNI Technology®, Legal Now®, SNI Financial®, Staffing Now®, SNI Energy®, and SNI Certes.
Recent achievements include the announcement of fiscal 2023 results, showcasing resilience in a challenging economic environment. The company's revenues for fiscal 2023 were $152.4 million, with a notable portion coming from professional services. Despite a decline in total revenues compared to the previous year, GEE Group managed to maintain strong client retention rates.
GEE Group has also been proactive in managing its financial health, implementing cost reductions to save approximately $4.0 million annually. The company’s strategic focus includes pursuing growth through mergers and acquisitions, leveraging a strong balance sheet with no debt to capitalize on market opportunities.
Looking ahead, GEE Group remains cautiously optimistic about an economic recovery and its potential to drive demand for staffing services. The company is committed to providing flexible, on-demand workforce solutions to meet the evolving needs of corporate America.
For the latest updates and further information, visit their official website at www.geegroup.com.
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
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.
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