GEE Group(US:JOB)2024-12-19 21:45Financial Performance - Consolidated revenues for Q4 and fiscal year 2024 were $28.3 million and $116.5 million, down 17% and 24% respectively compared to fiscal 2023[2] - Contract staffing services revenues for Q4 and fiscal year 2024 were $25.0 million and $104.3 million, down 19% and 22% respectively compared to fiscal 2023[3] - Direct hire placement revenues for Q4 and fiscal year 2024 were $3.4 million and $12.2 million, down from $3.6 million and $19.4 million in fiscal 2023[4] - Gross profits for Q4 and fiscal year 2024 were $9.5 million and $37.6 million, with gross margins of 33.7% and 32.3% respectively, compared to 33.9% and 34.7% in fiscal 2023[5] - Net loss for Q4 and fiscal year 2024 was $(2.3) million and $(24.1) million, compared to net income of $0.2 million and $9.4 million in fiscal 2023[9] - Adjusted net loss for Q4 and fiscal year 2024 was $(2.1) million and $(7.6) million, compared to net income of $1.1 million and $11.1 million in fiscal 2023[10] - Adjusted EBITDA for Q4 and fiscal year 2024 was $(1.0) million and $(2.3) million, compared to $1.2 million and $7.0 million in fiscal 2023[11] - Free cash flow for fiscal year 2024 was $0.1 million, down from $5.8 million in fiscal 2023[12] - Net income for the twelve months ended September 30, 2024, was a loss of $24,102,000 compared to a profit of $9,418,000 in 2023, representing a significant decline[28] - Non-GAAP adjusted net income for the twelve months ended September 30, 2024, was a loss of $7,559,000, down from a profit of $11,120,000 in 2023[28] - Total net revenues for the three months ended September 30, 2024, were $28,346,000, a decrease of 17.5% from $34,265,000 in 2023[33] - Gross profit for the three months ended September 30, 2024, was $9,548,000, down from $11,612,000 in 2023, indicating a decline of 17.7%[33] - Non-GAAP EBITDA for the twelve months ended September 30, 2024, was a loss of $3,999,000 compared to a profit of $5,295,000 in 2023[28] - Net cash provided by operating activities for the twelve months ended September 30, 2024, was $202,000, a significant decrease from $5,890,000 in 2023[31] - Non-GAAP free cash flow for the twelve months ended September 30, 2024, was $144,000, down from $5,801,000 in 2023[31] - The company incurred acquisition, integration, and restructuring costs of $762,000 for the twelve months ended September 30, 2024, compared to $838,000 in 2023[28] - Total liabilities and shareholders' equity as of September 30, 2024, were $95,901,000, down from $123,611,000 in 2023[37] Outlook and Risks - The company is cautiously optimistic about the outlook for 2025, expecting gradual improvement in demand conditions[19] - The company acknowledges that the COVID-19 pandemic has had a significant negative impact on its business operations and the global economy[40] - Forward-looking statements include anticipated cash flow generation and expected shareholder benefits, although actual results may differ due to various risks[40] - The company faces risks such as customer bankruptcy, changes in economic conditions, and increased credit risk from customers[40] - There is no assurance that the adverse conditions caused by the pandemic will not persist or worsen, further impacting the company[40] - The company emphasizes the importance of attracting and retaining quality recruiters and account managers to support growth[40] - The company has not provided specific guidance on share repurchases or future financial performance due to uncertainties[41] - The company is subject to various known risks and uncertainties that could materially affect its future results[40] - The company does not intend to publicly update or revise its forward-looking statements unless required by law[41] - The company highlights the potential impact of geopolitical events and natural disasters on its operations[40] - The company urges investors to review its filings with the SEC for more detailed information on risk factors[40]