-----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, QwsF5bLlWYrtNSYqneZQUn+pOoC0bZY+kBepw4ZIZNhJtptIZGk61WMY6XciXGB5 Hi9LW+AfVWerKm4TCPgplA== 0000040570-06-000009.txt : 20060728 0000040570-06-000009.hdr.sgml : 20060728 20060728104807 ACCESSION NUMBER: 0000040570-06-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060728 DATE AS OF CHANGE: 20060728 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: 06986333 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-060727.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): July 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 July 27, 2006, General Employment Enterprises, Inc. issued a press release containing information regarding its results of operations and financial condition for the quarter ended June 30, 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 July 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: July 28, 2006 By: /s/ Kent M. Yauch Kent M. Yauch Vice President, Chief Financial Officer and Treasurer EX-99 2 form8k-060727ex9901.txt NEWS RELEASE Exhibit 99.01 General Employment Enterprises, Inc., One Tower Lane, Suite 2200, Oakbrook Terrace, IL 60181, (630) 954-0400 AMEX: JOB FOR IMMEDIATE RELEASE July 27, 2006 COMPANY: General Employment Enterprises, Inc. CONTACT: Doris A. Bernar Communications Manager & Assistant Corporate Secretary Phone (630) 954-0495 (630) 954-0592 fax e-mail invest@genp.com General Employment Reports Third Quarter Results - 54% Increase in Net Income OAKBROOK TERRACE, IL - General Employment Enterprises, Inc. (AMEX: JOB) reported net income of $400,000, or $.08 per share, for the quarter ended June 30, 2006, compared with net income of $259,000, or $.05 per share, for the same quarter last year. The Company's consolidated net revenues for the quarter were $5,321,000, about even with $5,319,000 for the same quarter last year. Placement service revenues of $2,755,000 were up 19%, while contract service revenues of $2,566,000 decreased 15%. Commenting on the Company's performance for the quarter, Herbert F. Imhoff, Jr., board chairman and CEO, said, "I am pleased with the growth that the Company achieved in placement service revenues and earnings. Due to a growing demand for placement services, our net income increased 54% over the third quarter of last year, and we had our most profitable quarter since the 2001 recession began." Mr. Imhoff went on to say, "The improvement in placement service revenues resulted from a 20% increase in the number of placements and the downturn in contract service revenues reflects a 16% decrease in billable contract hours. Our average placement fees and hourly billing rates were about the same as last year. Because of the stronger demand for placement services, the Company focused its efforts on that business and therefore experienced a lower level of contract business during the quarter." Nine Month Results For the nine months ended June 30, 2006, the Company had net income of $703,000, or $.13 per share (diluted), compared with net income of $399,000, or $.07 per share (diluted), for the same period last year. Consolidated net revenues for the nine-month period were $15,034,000, up 1% compared with $14,953,000 last year. There was no provision for income taxes in either year, because of the availability of losses carried forward from prior years. Business Information General Employment provides professional staffing services through a network of 20 branch offices located in 10 states, and specializes in information technology, accounting and engineering placements. The Company's business is highly dependent on national employment trends in general and on the demand for professional staff in particular. The Company's past revenues and revenue patterns are not necessarily indicative of future performance. 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 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 ENTERPRISES, INC. CONSOLIDATED STATEMENT OF OPERATIONS (In Thousands, Except Per Share) Three Months Nine Months Ended June 30 Ended June 30 2006 2005 2006 2005 Net revenues: Contract services $ 2,566 $ 3,011 $ 7,889 $ 8,741 Placement services 2,755 2,308 7,145 6,212 Net revenues 5,321 5,319 15,034 14,953 Operating expenses: Cost of contract services 1,848 2,133 5,606 6,193 Selling 1,664 1,403 4,354 3,814 General and administrative 1,453 1,548 4,509 4,604 Total operating expenses 4,965 5,084 14,469 14,611 Income from operations 356 235 565 342 Investment income 44 24 138 57 Net income (1) $ 400 $ 259 $ 703 $ 399 Average number of shares: Basic 5,148 5,141 5,148 5,140 Diluted 5,313 5,383 5,340 5,361 Net income per share: Basic $ .08 $ .05 $ .14 $ .08 Diluted $ .08 $ .05 $ .13 $ .07 __________________________________________________ (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) June 30 September 30 2006 2005 Assets: Cash and cash equivalents $ 5,544 $ 5,236 Accounts receivable, net, and other current assets 2,633 2,496 Total current assets 8,177 7,732 Property and equipment, net 735 632 Total assets $ 8,912 $ 8,364 Liabilities and shareholders' equity: Current liabilities $ 2,359 $ 2,514 Shareholders' equity 6,553 5,850 Total liabilities and shareholders' equity $ 8,912 $ 8,364 -----END PRIVACY-ENHANCED MESSAGE-----