WALNUT CREEK, Calif.--(BUSINESS WIRE)--Aug. 23, 2005--Westaff, Inc. (Nasdaq:WSTF - News), a leading provider of staffing services, today reported financial results for its third fiscal quarter, which ended July 9, 2005.
Revenue for the third quarter of fiscal 2005 was $141.1 million, up $1.7 million or 1.2% from the third quarter of fiscal 2004. Domestic revenue decreased 3.6% due partially to a focused shift in business mix in an effort to increase gross margins as well as the effects of the November divestiture of one of the Company's franchises. The slight decline in domestic revenue was more than offset by a 20.9% increase in international revenue, driven by Westaff's Australia operations which reported bill hour increases of 31.5% for the 2005 quarter.
Gross margin for the 2005 quarter increased for the third consecutive quarter to 17.5% as compared to 17.2% for the 2004 quarter. Domestic gross margin increased significantly from 16.1% in the 2004 quarter to 17.2% in 2005 due largely to bill rate increases, changes in business mix and increased permanent placement fees, which grew nearly 73% for the 2005 quarter as compared to 2004.
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Westaff Reports Fiscal 2005 Third Quarter Results
