nelson1234
3 years ago
JOB welp, they sorta preannounced, but they did not get specific on the earnings numbers.
GEE Group Announces Full Forgiveness of $19.9 Million PPP Loans Zero Debt on Pro forma 2021 Year End Balance Sheet....
...its subsidiaries previously received PPP loan forgiveness from the SBA of approximately $3.4 million in aggregate principal and approximately $34,000 in aggregate accrued interest in fiscal year 2021, which was accounted for and/or disclosed in GEE Group's Quarterly Reports on Form 10Q filed with the SEC. On December 14, 2021, the Company and its subsidiaries received notification from PNC that the SBA granted forgiveness of all remaining PPP loans in the aggregate principal amount of approximately $16.5 million plus aggregate accrued interest of approximately $268,000. After giving effect to the aforementioned PPP loan forgiveness, the Company's pro forma balance sheet as of September 30, 2021 would have reflected zero debt. The financial impact of the most recent PPP loan forgiveness will be reflected in GEE Group's results for the first quarter ending December 31, 2021.
.....Dewan further commented, "Later this week, we expect to report outstanding financial results for the fourth quarter and fiscal year ended September 30, 2021. We are very strong financially with approximately $10 million in cash, no outstanding debt ... The hiring environment and demand for the Company's services remains strong in the current quarter and we expect to continue to deliver stellar financial results and create additional value for our shareholders."
gilead23
3 years ago
Btw wanted to ask
You felt they were doing a hail mary to try to scale into their overhead costs. Was that something they stated or more your interpretation on the SNI acquisition? I read through some of the releases around that time and don't recall seeing that being explicitly stated.
I don't think the CEO has done that well at JOB, but It may be one big error he had to dig out of.
Pretty good numbers during his Accustaff tenure.
DEC. 31, Dec. 31, Dec. 31, Jan. 1, Jan. 2,
(in thousands, except per share amounts) 1997 (1) 1996 (1) 1995 (1) 1995 (1) 1994 (1)
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<S> <C> <C> <C> <C> <C>
Statement of Income Data:
Revenue $ 2,424,826 $ 1,611,447 $ 862,968 $ 621,033 $ 497,795
Cost of Revenue 1,811,098 1,234,754 670,589 482,801 389,817
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Gross Profit 613,728 376,693 192,379 138,232 107,978
Operating expenses 422,164 274,806 148,201 112,479 95,774
Merger related costs 5,000 28,502 - - -
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Income from operations 186,564 73,385 44,178 25,753 12,204
Other income, (expense), net - - 146 46 135
Interest expense, net (18,989) (3,403) (2,764) (3,042) (6,380)
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Income before taxes 167,575 69,982 41,560 22,757 5,959
Provision for income taxes 65,542 38,772 12,988 7,635 2,138
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Income before extraordinary item 102,033 31,210 28,572 15,122 3,821
Extraordinary item - - - (1,403) -
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Net income 102,033 31,210 28,572 13,719 3,821
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Basic net income per common share $ 1.00 $ 0.34 $ 0.46 $ 0.28 $ 0.09