GEE Group, Inc. (NYSE:JOB) Q3 2021 Results Conference Call August 17, 2021 10:00 AM ET Company Participants Derek Dewan - Chairman and CEO Kim Thorpe - Chief Financial Officer Conference Call Participants John Basler - Basler Capital Partners Marty Elbaum - Horizon Network Operator Good day everyone and welcome to the GEE Group Incorporated Third Quarter Earnings Call. Today's call is being recorded. At this time I'd like to turn the conference over to Derek Dewan. Please go ahead. Derek Dewan Thank you and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Illinois 36-6097429 (I.R.S. Employer Identifi ...

10-Q 1 job_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Illinois 36-609 ...

10-Q 1 job_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Illinois 36- ...

10-K 1 job_10k.htm FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended September 30, 2020 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) Illinois 36-6097429 (State or other jurisdiction of incorporation or organizati ...

10-Q 1 job_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 7751 Belfort Parkway, Suite 150, Jacksonville, FL 32256 (Address of principal executive offices) (630) 954-0400 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registr ...

☒ QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 10-Q 1 job_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Illinois 36-6097429 (I.R.S. Employer Identification Number) 7751 Belfort Parkway, Suite 150, Jacksonville, FL ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) GEE Group Inc. reported Q1 2020 net revenues of **$37.6 million**, a **$3.6 million** net loss, and shareholders' equity decreased to **$6.6 million** [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased slightly to **$125.2 million**, liabilities rose to **$90.9 million**, and shareholders' equity decreased to **$6.6 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2019 | Sep 30, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $23,684 | $27,102 | | Goodwill | $72,293 | $72,293 | | Intangible assets, net | $22,483 | $23,881 | | Right-of-use assets | $5,470 | - | | **Total Assets** | **$125,156** | **$124,481** | | **Total Current Liabilities** | $13,432 | $18,568 | | Total long-term liabilities | $77,426 | $69,093 | | **Total Liabilities** | **$90,858** | **$87,661** | | **Total Shareholders' Equity** | **$6,645** | **$9,209** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net revenues decreased to **$37.6 million**, resulting in a net loss of **$3.6 million** primarily due to higher SG&A and interest expense Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended Dec 31, 2019 | Three Months Ended Dec 31, 2018 | | :--- | :--- | :--- | | Net Revenues | $37,557 | $38,543 | | Gross Profit | $12,595 | $12,731 | | (Loss) Income from Operations | $(173) | $19 | | Interest Expense | $(3,219) | $(2,948) | | **Net Loss** | **$(3,563)** | **$(3,452)** | | Basic and Diluted Loss Per Share | $(0.27) | $(0.32) | [Condensed Consolidated Statements of Shareholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity decreased from **$9.2 million** to **$6.6 million**, driven by a **$3.6 million** net loss, partially offset by share-based compensation Changes in Shareholders' Equity (in thousands) | Description | Amount | | :--- | :--- | | Balance, September 30, 2019 | $9,209 | | Share-based compensation | $597 | | Issuance of stock for interest | $402 | | Net loss | $(3,563) | | **Balance, December 31, 2019** | **$6,645** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities used **$1.5 million** in cash, leading to an overall cash decrease of **$1.9 million** for the quarter, ending at **$2.1 million** Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended Dec 31, 2019 | Three Months Ended Dec 31, 2018 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(1,450) | $779 | | Net cash used in investing activities | $(58) | $(36) | | Net cash used in financing activities | $(408) | $(456) | | **Net change in cash** | **$(1,916)** | **$287** | | Cash at beginning of period | $4,055 | $3,213 | | **Cash at end of period** | **$2,139** | **$3,500** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The company faces significant liquidity challenges from net losses, relying on lender waivers for its complex debt, and adopted the ASC 842 lease accounting standard - The company faces significant liquidity challenges due to recent net losses, and its ability to meet future obligations is dependent on improving operations and maintaining lender support through waivers and amendments to its credit agreement[21](index=21&type=chunk)[87](index=87&type=chunk)[159](index=159&type=chunk) - On October 1, 2019, the company adopted the new lease accounting standard ASC 842, resulting in the recognition of right-of-use assets of **$5.9 million** and total lease liabilities of **$6.3 million** on the balance sheet[58](index=58&type=chunk) - The company has repeatedly required and successfully negotiated waivers and amendments to its Credit Agreement, with the sixth amendment occurring on February 12, 2020, which extended the maturity date to June 30, 2021, and was in compliance with its amended covenants as of December 31, 2019[85](index=85&type=chunk)[86](index=86&type=chunk)[171](index=171&type=chunk) Segment Performance (in thousands) | Segment | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | :--- | | **Industrial Staffing** | Revenue | $5,655 | $5,620 | | | Gross Margin % | 15.6% | 13.9% | | | Operating Income | $281 | $255 | | **Professional Staffing** | Revenue | $31,902 | $32,923 | | | Operating Income | $1,562 | $2,219 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Consolidated net revenue declined 3% due to fewer workdays, despite improved gross margin to **33.5%**, leading to an operating loss and continued liquidity pressure Consolidated Net Revenues Breakdown (in thousands) | Revenue Source | Q1 2020 | Q1 2019 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Professional contract services | $27,423 | $28,394 | $(971) | (3%) | | Industrial contract services | $5,655 | $5,620 | $35 | 1% | | Direct hire placement services | $4,479 | $4,529 | $(50) | (1%) | | **Consolidated net revenues** | **$37,557** | **$38,543** | **$(986)** | **(3%)** | - The decrease in contract staffing revenue was primarily due to fewer workdays in the quarter because of holidays and inclement weather, as well as lower demand from a few key customers[141](index=141&type=chunk) - The combined gross profit margin increased to **33.5%** from **33.0%** year-over-year, attributed to a better mix of higher-margin IT contract services and improved margins in the industrial staffing segment[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) - The company continues to face liquidity challenges due to significant net losses and relies on its ability to negotiate waivers and amendments with its senior lenders to maintain operations and service its debt[159](index=159&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the reporting period - The company has indicated that quantitative and qualitative disclosures about market risk are not applicable[186](index=186&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of December 31, 2019, with no material changes in internal control over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[187](index=187&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[188](index=188&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - There are no legal proceedings to report[190](index=190&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) This section is not required for this filing - Disclosure of risk factors is not required in this quarterly report[191](index=191&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not required for this filing - Disclosure of unregistered sales of equity securities and use of proceeds is not required in this quarterly report[192](index=192&type=chunk) [Defaults Upon Senior Securities](index=42&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - There were no defaults upon senior securities during the period[193](index=193&type=chunk) [Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Mine safety disclosures are not applicable to the company's business[194](index=194&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) The company reported no other information - There is no other information to report for the period[195](index=195&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) Key exhibits filed include the Sixth Amendment to the Credit Agreement, a Subordinated Promissory Note amendment, and officer certifications - Key exhibits filed include: - 10.01: Sixth Amendment to the Revolving Credit, Term Loan and Security Agreement - 10.02: First Amendment to the Subordinated Promissory Note - 31.01 & 31.02: CEO and CFO certifications required by Rule 13a-14(a) - 32.01 & 32.02: CEO and CFO certifications required by Section 1350[197](index=197&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended September 30, 2019 ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Illinois 36-6097429 (I.R.S. Employer Identifi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q x QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-05707 GEE GROUP INC. (Exact name of registrant as specified in its charter) Illinois 36-6097429 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identifi ...