Exhibit 99.1
JOULE Inc. Reports Fiscal 2003 Second-Quarter and First-Half Financial
Results
EDISON, N.J.--(BUSINESS WIRE)--May 7, 2003--The management of
JOULE Inc. (AMEX:JOL) today announced financial results for its fiscal
2003 second quarter and first half ended March 31, 2003.
Second-quarter 2003 revenues were $16,509,000, five percent less
than the $17,404,000 reported for the comparable period of 2002. The
net loss for the period of $324,000, or $0.09 per share, compared with
a net loss of $191,000, or $0.05 per share, a year ago.
For the first six months of fiscal 2003, revenues declined nine
percent to $33,526,000 from $36,793,000 for last year's first half.
The Company reported a net loss of $439,000, or $0.12 per share,
versus the net loss of $75,000, or $0.02 per share, in 2002's
comparable period.
Commenting on the results, John G. Wellman, Jr., JOULE's President
and Chief Operating Officer, stated, "The protracted economic softness
continued to negatively impact sales and earnings for our Commercial
staffing and Industrial services units during the fiscal second
quarter. Despite a weak performance overall, we were pleased with the
relative strength demonstrated by our Technical staffing segment.
Another bright spot was our new acquisition Wennik&Motta, a small
Boston-area specialty staffing company acquired early in the quarter,
which is performing according to plan.
"We are encouraged by very recent signs of improving demand. This,
in combination with positive effects from our continuing
cost-reduction efforts, including the closure of five offices this
fiscal year, should position us to benefit as our markets recover.
Based on these factors, we continue to expect improving results during
the second half of the current fiscal year," Wellman concluded.
JOULE Inc. is a staffing company providing a variety of technical,
commercial and industrial services. Established in 1965, JOULE Inc.
operates 17 branch offices, primarily in the greater New Jersey area
as well as Alabama, Illinois, Massachusetts and Florida.
This news release includes forward-looking statements within the
meaning of the federal securities laws that are subject to risks and
uncertainties. Factors that could cause the Company's actual results
and financial condition to differ from the Company's expectations
include, but are not limited to, a change in economic conditions that
adversely affects the level of demand for the Company's services,
competitive market and pricing pressures, the availability of
qualified temporary workers, the ability of the Company to manage
growth through improved information systems and the training and
retention of new staff, and government regulation.
JOULE INC.
Financial Highlights
(In thousands, except per-share amounts)
Three Months Ended Six Months Ended
March 31, March 31,
2003 2002 2003 2002
------- ------- ------- -------
Revenues $16,509 $17,404 $33,526 $36,793
Loss before income taxes (533) (333) (721) (156)
Income tax benefit (209) (142) (282) (81)
------- ------- ------- -------
Net loss $ (324) $ (191) $ (439) $ (75)
======= ======= ======= =======
Basic loss per share $ (0.09) $ (0.05) $ (0.12) $ (0.02)
======= ======= ======= =======
Diluted loss per share $ (0.09) $ (0.05) $ (0.12) $ (0.02)
======= ======= ======= =======
Common shares outstanding
--basic 3,684 3,682 3,684 3,682
Common shares and common
equivalents outstanding
--diluted 3,684 3,682 3,684 3,682
CONTACT: JOULE Inc.
John G. Wellman, Jr., 732/548-5444