 Strong Revenue, Operating Income and Adjusted EBITDA JACKSONVILLE, FL ACCESSWIRE August 16, 2021 GEE Group Inc. NYSE American:JOB, the Company or GEE Group, a provider of professional staffing services and human resource solutions, today announced results for the fiscal third quarter ended June 30, 2021. 2021 Fiscal Third Quarter Highlights Revenues were approximately 38.1 million, up approximately 43.1 over the comparable 2020 fiscal third quarter and up approximately 9.6 sequentially over the 2021 fiscal second quarter and on par with the comparable 2019 fiscal third quarter Gross profit of approximately 13.8 million, up approximately 4.2 million, or approximately 43.0, over the comparable 2020 fiscal third quarter and up approximately 2.9 million, or approximately 26.7 sequentially over the 2021 fiscal second quarter and up slightly over the comparable 2019 fiscal third quarter; gross margins were near level for each of the 2021 and 2020 fiscal third quarters approximately 36.32 and approximately 36.36, respectively, while gross margin for the 2021 fiscal third quarter was approximately 490 basis points 4.9 percentage points higher sequentially as compared to the approximately 31.4 reported for the 2021 fiscal second quarter and up slightly over the approximately 35.6 reported for the comparable 2019 fiscal third quarter Income from operations was approximately 1.6 million, up approximately 3.3 million as compared to a net operating loss of approximately 1.7 million for the comparable 2020 fiscal third quarter, and up approximately 1.0 million sequentially over the 2021 fiscal second quarter and up approximately 5.4 million over the comparable 2019 fiscal third quarters net operating loss Net loss available for common shareholders was approximately 0.9 million, or approximately 0.01 per diluted share excluding the effects of net gains and losses on non-recurring debt settlements and interest on former high-cost debt extinguished of approximately 2.5 million, in aggregate, net income available for common shareholders would have been approximately 1.6 million, or approximately 0.02 per diluted share Adjusted EBITDA a non-GAAP financial measure 1 was approximately 3.1 million approximately 8.2 of revenues, up approximately 1.7 million, or approximately 129, over the 2020 fiscal third quarter and up approximately 1.1 million, or approximately 52, sequentially over the 2021 fiscal second quarter and on par with the comparable 2019 fiscal third quarter Cash and cash equivalents were approximately 7.4 million and shareholders equity was approximately 77.6 million as of June 30, 2021 Full availability under the Companys 20.0 million asset-backed bank revolving credit facility which was closed during the quarter approximately 13.1 million was available; no borrowings were outstanding at June 30, 2021 During the quarter, completed a 57.5 million common stock offering, including placement of the full over-allotment, with the net proceeds being utilized to settle and retire former high-cost senior debt a net non-cash charge of approximately 4.0 million was recognized in the quarter to fully amortize all remaining unamortized debt costs related to the extinguished debt Senior debt leverage ratio a non-GAAP financial measure 1 reduced to approximately 1.6 to 1.0 at June 30, 2021; substantially improved from the approximately 12.2 to 1 at September 30, 2020 Three additional PPP loans of GEE Group Inc. and its subsidiaries were fully forgiven by the Small Business Administration SBA during the quarter resulting in a corresponding net aggregate gain of approximately 1.9 million in the quarter approximately 2.2 million including the amount of the first loan forgiven during the 2021 fiscal second quarter. 