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General Employment Enterprises Inc. (JOB) Suffering From Deep Recession

General Employment Enterprises Inc. announced its third fiscal quarter earnings results reporting a net loss of $2.295 million, or $0.44 per share, and consolidated net revenues of $2.52 million. These results were down sharply from the same quarter in 2008.

The company is in the midst of a strategic restructuring, and recorded a non-cash charge of $1.475 million in the quarter as part of this restructuring. Ronald E. Heineman, the CEO said, “This strategic restructuring will provide us with a stable platform for future growth.”

General Employment Enterprises Inc. is impacted greatly by the trends in national employment, and has seen a sharp drop in business due to the recession, and high unemployment rate. General Employment Enterprises Inc. recently raised capital through the issuance of 7.7 million shares of its common stock to PSQ, LLC for $1.925 million. The company received $1.432 million after fees.

General Employment Enterprises Inc. is a Staffing and Outsourcing Services Company headquartered in Illinois. The company has a niche and focuses mostly on information technology, accounting and engineering staffing and placement. General Employment Enterprises Inc. has eight offices located in Arizona, California, Indiana, Massachusetts, North Carolina, Ohio and Texas.

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