Gee group announces fiscal year 2021 and fourth quarter results
Non-gaap adjusted ebitda $12.3 million for fiscal year; $3.6 million for quarter jacksonville, fl / accesswire / december 23, 2021 / gee group inc. (nyse american:job) ("the company" or "gee group"), a provider of professional staffing services and solutions, today announced consolidated financial results for the fourth quarter and fiscal year ended september 30, 2021. fourth quarter highlights q4 2021 revenue of approximately $41.5 million, up by approximately $10.5 million, or approximately 34%, over q4 2020 revenue of approximately $31million; up by approximately $2.6 million, or approximately 7%, over q4 2019 revenue of approximately $38.9 million; and, up sequentially by approximately $3.4 million, or approximately 9%, over q3 2021 revenue of approximately $38.1 million q4 2021 gross profit of approximately $15.2 million, up by approximately $4.7 million, or approximately 45%, over q4 2020 gross profit of approximately $10.5 million and up by approximately $1.9 million, or approximately 14%, over q4 2019 gross profit of approximately $13.3 million; and, up sequentially by approximately $1.4 million, or approximately 10%, over q3 2021 gross profit of approximately $13.8 million q4 2021 overall gross margin of approximately 36.7%, up by approximately 2.7 percentage points over q4 2020 overall gross margin of approximately 34.0% and up by approximately 2.5 percentage points over q4 2019 overall gross margin of approximately 34.2%; and, up sequentially by approximately 0.4 percentage points over q3 2021 overall gross margin of approximately 36.3% q4 2021 selling, general and administrative (sg&a) of approximately $11.9 million, or approximately 29% of revenue, compared to q4 2020 sg&a of approximately $10.1 million, or approximately 33% of revenue q4 2021 gaap income from operations of approximately $2.3 million compared to q4 2020 gaap loss from operations of approximately ($9.6) million inclusive of a noncash goodwill impairment charge of approximately $8.9 million q4 2021 gaap net income of approximately $3.0 million inclusive of a gain on debt extinguishment of approximately $1.2 million compared to a q4 2020 gaap net loss of approximately $(12.6) million inclusive of a noncash goodwill impairment charge of approximately $8.9 million q4 2021 adjusted ebitda (a non-gaap financial measure) of approximately $3.6 million (approximately 8.7% of revenue), up by approximately $1.9 million, or approximately 112%, over q4 2020 and up approximately $500,000, or approximately 16%, sequentially over q3 2021 and up by approximately $700,000, or 24%, over q4 2019 as of september 30, 2021, cash and cash equivalents of approximately $10 million; and approximately $15 million available on bank abl credit facility (no borrowings outstanding) subsequent to the 2021 fiscal year end, on december 14, 2021, the company and its subsidiaries were notified by pnc bank and the u.s. small business administration ("sba") that all remaining ppp loans in the aggregate principal amount of approximately $16.5 million plus aggregate accrued interest of approximately $268,000 were forgiven by the sba, which will be reflected in gee group's results for the first quarter ending december 31, 2022 as eliminations of these loans and accrued interest from our consolidated balance sheet with corresponding gains in income all ppp loans of gee group and subsidiaries in the aggregate principal amount of approximately $19.9 million plus aggregate accrued interest of approximately $302,000 have been forgiven and, after giving effect to the forgiven ppp loans, the pro forma balance sheet as of september 30, 2021 would have reflected zero debt, pro forma net working capital of approximately $19.3 million and a pro forma current ratio of approximately 2.3 full year highlights revenue for the 2021 fiscal year of approximately $148.9 million, up by approximately $19.1 million, or approximately 15%, over the 2020 fiscal year revenue of approximately $129.8 million; and approximately $2.8 million, or approximately 1.8%, lower than fiscal 2019 revenue of approximately $151.7 million gross profit for the 2021 fiscal year of approximately $52.5 million, up by approximately $7.8 million, or approximately 17.5%, over the 2020 fiscal year gross profit of approximately $44.7 million and up by approximately $520,000, or approximately 1%, over fiscal 2019 gross profit of approximately $52 million overall gross margin for the 2021 fiscal year of approximately 35.3%, up by approximately 0.9 percentage points over the 2020 fiscal year overall gross margin of approximately 34.4% and up by approximately 1 percentage point over the 2019 fiscal year overall gross margin of approximately 34.3% selling, general and administrative (sg&a) for the 2021 fiscal year of approximately $41.7 million, or approximately 28% of revenue, compared to the 2020 fiscal year sg&a of approximately $44.4 million, or approximately 34% of revenue gaap income from operations for the 2021 fiscal year of approximately $6.5 million compared to a gaap loss from operations for the 2020 fiscal year of approximately ($13.8) million, which was inclusive of a noncash goodwill impairment charge of approximately $8.9 million gaap net income for the 2021 fiscal year of approximately $6,000 which was inclusive of a loss on debt extinguishment of approximately $548,000 and interest expense of approximately $5.9 million, compared to a gaap net loss of approximately $(14.4) million for the 2020 fiscal year which was inclusive of interest expense of approximately $12.2 million, a gain on extinguishment of debt of approximately $12.3 million, and a noncash goodwill impairment charge of approximately $8.9 million adjusted ebitda (a non-gaap financial measure) of approximately $12.3 million (approximately 8.2% of revenue), up by approximately $6.2 million, or approximately 100 %, over the fiscal year 2020 and up by approximately $500,000, or approximately 4%, over the 2019 fiscal year fourth quarter and full year discussion revenue for the fiscal 2021 fourth quarter was approximately $41.5 million compared to approximately $31 million for the fiscal 2020 fourth quarter and approximately $38.9 million for the fiscal 2019 fiscal fourth quarter.
