GEE Group Q1 revenue up 24% to $42.8M; GAAP net income $16.7M (PPP forgiveness) vs loss a year ago

GEE Group Inc.

2022-Q1 EPS reported $0.14 revenue$42,847,000

Revenue $42.8M, up 24% YoY; contract staffing $36.7M, direct placement $6.2M.
GAAP net income $16.7M ($0.14 diluted EPS) vs net loss $(315K) ($(0.02) EPS) a year ago; includes $16.7M PPP loan forgiveness gain.
Adjusted EBITDA $3.9M vs $3.5M prior year; GAAP loss from operations $(27K) before $2.2M goodwill impairment and $509K severance.
Balance sheet: cash $12M, net working capital $20.6M, shareholders' equity $97.6M, zero debt.
CEO cites strong organic growth and momentum; expects continued demand for flexible labor.

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