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GEE Group Inc. (JOB-6.12%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing outlines GEE Group's operations, which include providing temporary and permanent personnel in professional and industrial sectors across the United States. The company operates through subsidiaries such as Access Data Consulting Corporation and SNI Companies, Inc.
GEE Group reported net revenues of $116.5 million for fiscal 2024, a decrease from $152.4 million in fiscal 2023. The decline in revenue is attributed to economic conditions affecting job orders and candidate availability.
The company incurred a net loss of $24.1 million for fiscal 2024, primarily due to non-cash impairment charges totaling $20.5 million and reduced business volume.
GEE Group's cost of contract services decreased by 21% to $78.8 million, consistent with the decline in revenues.
Selling, general, and administrative expenses were $41.5 million, representing 35.7% of revenue, up from 31.2% in fiscal 2023 due to fixed costs amid declining revenues.
The company recognized income tax benefits of $2.6 million for fiscal 2024, compared to $7.2 million in fiscal 2023.
GEE Group's cash and cash equivalents were $20.8 million as of September 30, 2024, with working capital of $26.1 million.
The company did not have any outstanding borrowings under its $20 million asset-based credit facility as of the end of fiscal 2024.
GEE Group's strategic initiatives include streamlining operations, integrating past acquisitions, and exploring acquisition opportunities to enhance market position and growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GEE Group Inc. annual 10-K report dated December 19, 2024. To report an error, please email earnings@qz.com.