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million in its first quarter of 2009, basedf partly on a significant revenue decline inthe quarter. The Irving-baseed company (NASDAQ: TGIS) brought in $3.3 milliohn in revenue for the quarter compared with revenueof $12.43 million for the same quarter of 2008. The loss comparesd with a slight profitof $400,0000 in the comparable period. "The deterioratiom of the economic situation in the fourtjh quarter of 2008 and continuing into 2009 has made the challengese of our recovery more said President and CEOEarle Steinberg.
"Although not yet evidenced in ourfinancial performance, we believe our prospect list and pipeline is improveed both in quantity and Steinberg said the current economy has extended the sales requiring more levels of approvals for new projects. He said the company'sx balance sheet "is sufficient to provide the resourcez to enable usto recover." The expiration of two multiyeard contracts with the in early 2008 continues to impac 2009 results as the company attempts to make up for this significanr work, which at the time accountede for 85 percent of revenue. In the company enacted a plan to returnm to profitability that included a reduction of staffand expenses.
"Wre continue to seek ways to reduce costs," the company stated in a press release. "Aws of March 31, 2009, we had 24 consultants on Subsequentto quarter-end, we furloughed one additional consultant." "Wes anticipate that we will operate at a loss untik we are able to develop the required level of new business to reach break-event," the statemen concluded.
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