-----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, Nh309kUx1SZrH5M8MSssI++e4OG+dz1Xore+AD2PrkmijixvzXqMIVshxrnkqfyh +2Uu9nU7Y0GUrXKDVDnAug== 0000040570-06-000005.txt : 20060428 0000040570-06-000005.hdr.sgml : 20060428 20060428122733 ACCESSION NUMBER: 0000040570-06-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060428 DATE AS OF CHANGE: 20060428 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: 06788250 BUSINESS ADDRESS: STREET 1: ONE TOWER LANE STREET 2: SUITE 2200 CITY: OAKBROOK TERRACE STATE: IL ZIP: 60181 BUSINESS PHONE: 630-954-0400 MAIL ADDRESS: STREET 1: ONE TOWER LANE STREET 2: SUITE 2200 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-060427.txt FORM 8-K UNITED STATES 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): April 27, 2006 GENERAL EMPLOYMENT ENTERPRISES, INC. (Exact name of registrant as specified in its charter) Illinois 1-05707 36-6097429 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification Number) One Tower Lane, Suite 2200, Oakbrook Terrace, Illinois 60181 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (630) 954-0400 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02, Results of Operations and Financial Condition. On April 27, 2006, General Employment Enterprises, Inc. issued a press release containing information regarding its results of operations and financial condition for the quarter ended March 31, 2006. A copy of the press release is furnished as an exhibit to this report. Item 9.01, Financial Statements and 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 April 27, 2006. 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: April 28, 2006 By: /s/ Kent M. Yauch Kent M. Yauch Vice President, Chief Financial Officer and Treasurer EX-99 2 form8k-060427ex9901.txt NEWS RELEASE EXHIBIT 99.01 General Employment News Release General Employment Enterprises, Inc., Oakbrook Terrace Tower, Suite 2200, Oakbrook Terrace, IL 60181, (630) 954-0400 AMEX: JOB FOR IMMEDIATE RELEASE April 27, 2006 COMPANY: General Employment Enterprises, Inc. CONTACTS: Doris A. Bernar Communications Manager & Assistant Corporate Secretary Phone (630) 954-0495 (630) 954-0592 fax e-mail invest@genp.com General Employment Reports Second Quarter Results OAKBROOK TERRACE, IL - General Employment Enterprises, Inc. (AMEX: JOB) reported net income of $175,000, or $.03 per share, for the quarter ended March 31, 2006, compared with net income of $21,000 for the same quarter last year. The Company's consolidated net revenues for the quarter were $5,000,000,up 5% from $4,752,000 for the same quarter last year. Placement service revenues of $2,315,000 were up 17%, while contract service revenues of $2,685,000 decreased 3%. Commenting on the Company's performance for the quarter, Herbert F. Imhoff, Jr., board chairman and CEO, said, "Since 2004, there has been a growing demand for the Company's placement services. We saw this trend continue during the second quarter, as the number of placements increased by 11% and average fees rose by 8% over the prior year, resulting in a 17% improvement in placement service revenues. The average contract hourly billing rate increased by 5% during the second quarter. However, this was offset by a 9% decrease in billable hours, and resulted in lower contract service revenues for the period." Six Months Results For the six months ended March 31, 2006, the Company had net income of $303,000, or $.06 per share, a 116% increase compared with net income of $140,000, or $.03 per share, for the same period last year. Consolidated net revenues for the six-month period were $9,713,000, up 1% compared with $9,634,000 last year. There was no provision for income taxes in either year, because of the availability of losses carried forward from prior years. Concluding his comments, Mr. Imhoff said, "I'm pleased by the Company's improved performance this year and expect to see continuing increases, particularly in placement services. Overall, we believe fiscal 2006 should be another good year for General Employment." Business Information 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 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 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 19 branch offices located in 10 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. GENERAL EMPLOYMENT ENTERPRISES, INC. CONSOLIDATED STATEMENT OF OPERATIONS (In Thousands, Except Per Share) Three Months Six Months Ended March 31 Ended March 31 2006 2005 2006 2005 Net revenues: Contract services $ 2,685 $ 2,771 $ 5,323 $ 5,730 Placement services 2,315 1,981 4,390 3,904 Net revenues 5,000 4,752 9,713 9,634 Operating expenses: Cost of contract services 1,902 1,977 3,758 4,060 Selling 1,420 1,257 2,690 2,411 General and administrative 1,554 1,510 3,056 3,056 Total operating expenses 4,876 4,744 9,504 9,527 Income from operations 124 8 209 107 Investment income 51 13 94 33 Net income (1) $ 175 $ 21 $ 303 $ 140 Average number of shares: Basic 5,148 5,141 5,148 5,139 Diluted 5,328 5,383 5,351 5,390 Net income per share - basic and diluted $ .03 $ -- $ .06 $ .03 __________________________________________________ (1) There was no provision for income taxes in either year, because of the availability of losses carried forward from prior years. GENERAL EMPLOYMENT ENTERPRISES, INC. SUMMARIZED CONSOLIDATED BALANCE SHEET INFORMATION (In Thousands) March 31 September 30 2006 2005 Assets: Cash and cash equivalents $ 5,143 $ 5,236 Accounts receivable, net, and other current assets 2,694 2,496 Total current assets 7,837 7,732 Property and equipment, net 585 632 Total assets $ 8,422 $ 8,364 Liabilities and shareholders' equity: Current liabilities $ 2,269 $ 2,514 Shareholders' equity 6,153 5,850 Total liabilities and shareholders' equity $ 8,422 $ 8,364 -----END PRIVACY-ENHANCED MESSAGE-----