GEE Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>GEE Group Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, providing an update on its financial performance and operations.</b>

AI Summary

GEE Group Inc. (JOB) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. GEE Group Inc. reported financial results for the period ending March 31, 2024. The company's fiscal year ends on September 30th. GEE Group Inc. is incorporated in Illinois. The company's business address is in Jacksonville, Florida. The filing is a 10-Q, indicating a quarterly report.

Why It Matters

For investors and stakeholders tracking GEE Group Inc., this filing contains several important signals. This filing provides investors with crucial, up-to-date financial information to assess the company's performance and make informed investment decisions. As a publicly traded company, GEE Group Inc. is required to file regular reports like this 10-Q to maintain transparency with shareholders and the market.

Risk Assessment

Risk Level: low — GEE Group Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments that would suggest high risk.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand GEE Group Inc.'s current financial health and future outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-15 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)
• 001-05707 — SEC File Number (SEC file number)

Key Players & Entities

• GEE Group Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• 7361 (other) — Standard Industrial Classification for Employment Agencies
• IL (other) — State of incorporation
• 904-512-7504 (other) — Business phone number
• GENERAL EMPLOYMENT ENTERPRISES INC (company) — Former company name
• 1992-07-03 (date) — Date of name change

FAQ

Industry Context

GEE Group Inc. operates in the employment services industry, providing staffing solutions.

Regulatory Implications

As a publicly traded company, GEE Group Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 10-Q filing for the period ending March 31, 2024. Comparative data from previous filings would be needed for a direct comparison.

Filing Documents

• job_10q.htm (10-Q) — 713KB
• job_ex3101.htm (EX-31.01) — 12KB
• job_ex3102.htm (EX-31.02) — 11KB
• job_ex3201.htm (EX-32.01) — 4KB
• job_ex3202.htm (EX-32.02) — 4KB
• 0001477932-24-002987.txt (&nbsp;) — 3633KB
• job-20240331.xsd (EX-101.SCH) — 38KB
• job-20240331_lab.xml (EX-101.LAB) — 227KB
• job-20240331_cal.xml (EX-101.CAL) — 40KB
• job-20240331_pre.xml (EX-101.PRE) — 186KB
• job-20240331_def.xml (EX-101.DEF) — 101KB
• job_10q_htm.xml (XML) — 547KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Shareholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

Signatures

Signatures 28 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS As a matter of policy, the Company does not provide forecasts of future financial performance. The statements made in this quarterly report on Form 10-Q, which are not historical facts, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements often contain or are prefaced by words such as "anticipate", "believe", "may", "might", "could", "will", "shall", "plan" and "expect", or similar expressions of future tense. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. As a result of a number of factors, our actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause the Company's actual results to differ materially from those in the forward-looking statements include, without limitation, general business conditions, economic uncertainties, changed socioeconomic norms following the Coronavirus Pandemic ("COVID-19"), 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, the possibility of incurring liability for the Company's business activities, including the activities of its contract employees and events affecting its contract employees on client premises, cyber risks, including network security intrusions and/or loss of information, and the ability to attract and retain qualified corporate and branch management, as well as those risks discussed in the Company's Annual Report on Form 1

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS (unaudited)

ITEM 1. FINANCIAL STATEMENTS (unaudited) GEE GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Amounts in thousands) March 31, 2024 September 30, 2023 ASSETS CURRENT ASSETS: Cash $ 21,200 $ 22,471 Accounts receivable, less allowances ($ 573 and $ 562 , respectively) 14,217 18,451 Prepaid expenses and other current assets 1,395 847 Total current assets 36,812 41,769 Property and equipment, net 715 846 Goodwill 61,293 61,293 Intangible assets, net 6,967 8,406 Deferred tax assets, net 7,759 7,064 Right-of-use assets 3,057 3,637 Other long-term assets 409 596 TOTAL ASSETS $ 117,012 $ 123,611 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,534 $ 2,762 Accrued compensation 4,336 5,464 Current operating lease liabilities 1,331 1,475 Other current liabilities 1,172 1,778 Total current liabilities 9,373 11,479 Noncurrent operating lease liabilities 2,001 2,470 Other long-term liabilities 165 361 Total liabilities $ 11,539 $ 14,310 Commitments and contingencies (Note 12) SHAREHOLDERS' EQUITY: Common stock, no par value; authorized - 200,000 shares; 114,900 shares issued and 108,772 shares outstanding at March 31, 2024, and 114,900 shares issued and 111,489 shares outstanding at September 30, 2023 113,225 112,915 Accumulated deficit ( 4,193 ) ( 1,630 ) Treasury stock, at cost - 6,128 shares at March 31, 2024 and 3,411 shares at September 30, 2023 ( 3,559 ) ( 1,984 ) Total shareholders' equity 105,473 109,301 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 117,012 $ 123,611 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 4 Table of Contents GEE GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Amounts in thousands, except basic and diluted earnings per share) Three Months Ended Six Months Ended March 31,

View Full Filing

View this 10-Q filing on SEC EDGAR