RemedyTemp Ends Year With Lower Income

RemedyTemp Inc., which provides temporary staffing services, reported lower net income in the fiscal year ended Sept. 29, related mainly to a change in corporate status.

Net income dropped to $4.2 million, from $6.4 million, for the previous year. Revenue rose 37% to a record $285.5 million, from $209 million.

The company, which had its initial public stock offering in July, reported that as a public corporation, net income would have totaled $7.1 million, or 89 cents a share, for the year, compared with $3.9 million, or 51 cents a share, for the previous year.

RemedyTemp posted a net loss of $4.1 million for the fourth quarter, contrasted with profit of $2.2 million for the same period last year. As a public company, net income would have totaled $2 million, or 23 cents a share, compared with $1.4 million, a year ago. Revenue increased 35%, to $82.5 million, from $61.1 million.