-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R4alSLbN3kaz/YWGBsbqAI0jMF9eQPf6VnsU+V0iwjpPzL6jOSf3dLEfUD5QaPH4 W7tu4A/IyAf5MJgLxl77IA== 0000040570-04-000002.txt : 20040128 0000040570-04-000002.hdr.sgml : 20040128 20040128123254 ACCESSION NUMBER: 0000040570-04-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040127 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL EMPLOYMENT ENTERPRISES INC CENTRAL INDEX KEY: 0000040570 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EMPLOYMENT AGENCIES [7361] IRS NUMBER: 366097429 STATE OF INCORPORATION: IL FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05707 FILM NUMBER: 04548429 BUSINESS ADDRESS: STREET 1: ONE TOWER LANE SUITE 2100 CITY: OAKBROOK TERRACE STATE: IL ZIP: 60181 BUSINESS PHONE: 630-954-0400 MAIL ADDRESS: STREET 1: ONE TOWER LANE STREET 2: SUITE 2100 CITY: OAKBROOK TERRACE STATE: IL ZIP: 60181 FORMER COMPANY: FORMER CONFORMED NAME: OSHEA CHARLES M CORP DATE OF NAME CHANGE: 19670413 8-K 1 form8k-040127.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 27, 2004 Commission File Number 1-05707 GENERAL EMPLOYMENT ENTERPRISES, INC. (Exact name of registrant as specified in its charter) Illinois 36- 6097429 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) One Tower Lane, Suite 2100, Oakbrook Terrace, Illinois 60181 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (630) 954-0400 Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. Exhibits The following exhibit is filed as a part of this report: No. Description of Exhibit 99.01 Press release issued by General Employment Enterprises, Inc., dated January 27, 2004. Item 12. Results of Operations and Financial Condition. On January 27, 2004, General Employment Enterprises, Inc. issued a press release containing information regarding its results of operations and financial condition for the quarter ended December 31, 2003. A copy of the press release is furnished as an exhibit to this Form 8-K Current Report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GENERAL EMPLOYMENT ENTERPRISES, INC. (Registrant) Date: January 28, 2004 By: /s/ Kent M. Yauch Kent M. Yauch Vice President, Chief Financial Officer and Treasurer EX-99 3 form8k-040127ex99.txt NEWS RELEASE EXHIBIT 99.01 General Employment News Release General Employment Enterprises, Inc., Oakbrook Terrace Tower, Suite 2100, Oakbrook Terrace, IL 60181, (630) 954-0400 AMEX: JOB FOR IMMEDIATE RELEASE January 27, 2004 COMPANY: General Employment Enterprises, Inc. CONTACT: Doris A. Bernar Communications Manager & Assistant Corporate Secretary Phone (630) 954-0495 (630) 954-0592 fax invest@genp.com e-mail General Employment Reports First Quarter Results OAKBROOK TERRACE, IL - General Employment Enterprises, Inc. (AMEX: JOB) reported a net loss of $462,000, or $ .09 per share, for the quarter ended December 31, 2003, compared with a net loss of $644,000 or $ .13 per share, for the same quarter last year. The Company's consolidated net revenues for the quarter were $4,563,000, down 7% from $4,900,000 last year. Contract service revenues of $3,392,000 increased 3%, while placement service revenues of $1,171,000 declined 28%. Commenting on the Company's first quarter performance, Herbert F. Imhoff, Jr., board chairman and CEO, said, "We saw some improvement in the demand for contract services during the quarter. As a result, the Company had an 18% increase in the number of billable hours. Weakness in the demand for placement services continued, however, and the number of placements was down 20%. In addition, we continued to experience downward pressures on pricing, resulting in lower average fees in both of the divisions." Mr. Imhoff continued, "Through aggressive cost-cutting programs, we were able to reduce general and administrative expenses by 16% versus last year's first quarter. As a result, we were able to reduce the size of our net loss by 28%, despite the lower consolidated revenues. Our financial condition remained strong, with $3,301,000 of cash and cash equivalents and a current ratio of 3.2 to 1 as of December 31, 2003." (more) GENERAL EMPLOYMENT ENTERPRISES, INC. ADD ONE Mr. Imhoff concluded his comments by saying, "As I have said before, the key to returning the Company to profitability lies in increasing its overall revenues. The improvement in billable contract hours that we experienced during the first quarter is an encouraging sign. That is because, in past economic recoveries, employers have tended to use temporary help services before they committed to full-time hiring. However, we have yet to see any noticeable improvement in the demand for full-time hiring in our operations." This news release contains forward-looking statements that are based on management's current expectations and are subject to risks and uncertainties. Some of the factors that could affect the Company's future performance include, but are not limited to, general business conditions, the demand for the Company's services, competitive market pressures, the ability of the Company to attract and retain qualified personnel for regular full- time placement and contract project assignments, and the ability of the Company to attract and retain qualified corporate and branch management. General Employment provides professional staffing services through a network of 21 branch offices located in 11 states, and specializes in information technology, accounting and engineering placements. The Company's shares are traded on the American Stock Exchange under the trading symbol JOB. (more) GENERAL EMPLOYMENT ENTERPRISES, INC. ADD TWO GENERAL EMPLOYMENT ENTERPRISES, INC. CONSOLIDATED STATEMENT OF OPERATIONS (In Thousands, Except Per Share) Three Months Ended December 31 2003 2002 Net revenues: Contract services $3,392 $3,280 Placement services 1,171 1,620 Net revenues 4,563 4,900 Operating expenses: Cost of contract services 2,370 2,217 Selling 803 1,124 General and administrative(1) 1,869 2,221 Total operating expenses 5,042 5,562 Loss from operations (479) (662) Investment income 17 18 Loss before income taxes (462) (644) Credit for income taxes(2) -- -- Net loss $ (462) $ (644) Net loss per share - basic and diluted $ (.09) $ (.13) Average number of shares - basic and diluted 5,121 5,121 __________________________________________________ (1) General and administrative expenses include a provision for office closings of $25,000 in the three month period ended December 31, 2003. (2) There were no credits for income taxes as a result of the pretax losses for the periods ended December 31, 2003 and 2002, because the tax losses must be carried forward for income tax purposes and there was not sufficient assurance that future tax benefits would be realized. (more) GENERAL EMPLOYMENT ENTERPRISES, INC. ADD THREE GENERAL EMPLOYMENT ENTERPRISES, INC. SUMMARIZED CONSOLIDATED BALANCE SHEET INFORMATION (In Thousands) December 31 September 30 2003 2003 Assets: Cash and cash equivalents $3,301 $3,905 Accounts receivable and other current assets 2,573 2,595 Total current assets 5,874 6,500 Property, equipment and goodwill, net 2,021 2,191 Total assets $7,895 $8,691 Liabilities and shareholders' equity: Current liabilities $1,824 $2,167 Shareholders' equity 6,071 6,524 Total liabilities and shareholders' equity $7,895 $8,691 -30- -----END PRIVACY-ENHANCED MESSAGE-----