Gee group inc. announces results for the 2021 fiscal third quarter

Strong revenue, operating income and adjusted ebitda  jacksonville, fl / accesswire / august 16, 2021 / gee group inc. (nyse american:job), ("the company" or "gee group"), a provider of professional staffing services and human resource solutions, today announced results for the fiscal third quarter ended june 30, 2021. 2021 fiscal third quarter highlights revenues were approximately $38.1 million, up approximately 43.1% over the comparable 2020 fiscal third quarter and up approximately 9.6% sequentially over the 2021 fiscal second quarter and on par with the comparable 2019 fiscal third quarter gross profit of approximately $13.8 million, up approximately $4.2 million, or approximately 43.0%, over the comparable 2020 fiscal third quarter and up approximately $2.9 million, or approximately 26.7% sequentially over the 2021 fiscal second quarter and up slightly over the comparable 2019 fiscal third quarter; gross margins were near level for each of the 2021 and 2020 fiscal third quarters (approximately 36.32% and approximately 36.36%, respectively), while gross margin for the 2021 fiscal third quarter was approximately 490 basis points (4.9 percentage points) higher sequentially as compared to the approximately 31.4% reported for the 2021 fiscal second quarter and up slightly over the approximately 35.6% reported for the comparable 2019 fiscal third quarter income from operations was approximately $1.6 million, up approximately $3.3 million as compared to a net operating loss of approximately $(1.7) million for the comparable 2020 fiscal third quarter, and up approximately $1.0 million sequentially over the 2021 fiscal second quarter and up approximately $5.4 million over the comparable 2019 fiscal third quarter's net operating loss net loss available for common shareholders was approximately $(0.9) million, or approximately $(0.01) per diluted share (excluding the effects of net gains and losses on non-recurring debt settlements and interest on former high-cost debt extinguished of approximately $2.5 million, in aggregate, net income available for common shareholders would have been approximately $1.6 million, or approximately $0.02 per diluted share) adjusted ebitda (a non-gaap financial measure 1 ) was approximately $3.1 million (approximately 8.2% of revenues), up approximately $1.7 million, or approximately 129%, over the 2020 fiscal third quarter and up approximately $1.1 million, or approximately 52%, sequentially over the 2021 fiscal second quarter and on par with the comparable 2019 fiscal third quarter cash and cash equivalents were approximately $7.4 million and shareholders' equity was approximately $77.6 million as of june 30, 2021 full availability under the company's $20.0 million asset-backed bank revolving credit facility which was closed during the quarter (approximately $13.1 million was available; no borrowings were outstanding at june 30, 2021) during the quarter, completed a $57.5 million common stock offering, including placement of the full over-allotment, with the net proceeds being utilized to settle and retire former high-cost senior debt (a net non-cash charge of approximately $4.0 million was recognized in the quarter to fully amortize all remaining unamortized debt costs related to the extinguished debt) senior debt leverage ratio (a non-gaap financial measure 1 ) reduced to approximately 1.6 to 1.0 at june 30, 2021; substantially improved from the approximately 12.2 to 1 at september 30, 2020 three additional ppp loans of gee group inc. and its subsidiaries were fully forgiven by the small business administration ("sba") during the quarter resulting in a corresponding net aggregate gain of approximately $1.9 million in the quarter (approximately $2.2 million including the amount of the first loan forgiven during the 2021 fiscal second quarter).
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