NEW YORK, NY–(Marketwired – September 28, 2016) – Staffing 360 Solutions, Inc. (STAF), a public company executing a global buy-and-build strategy through the acquisition of staffing organizations in the US and the UK, today pre-announced its unaudited financial results for the fiscal first quarter ended August 31, 2016, including record revenue and Adjusted EBITDA levels.
Subject to the completion of the review of Staffing 360 Solutions’ full financial statements and filing with the SEC, the results for fiscal Q1 2017 are expected to be as follows:
- Revenue of $47 million, a 30% increase over $36 million in Q1 2016;
- Gross profit of $8.4 million, a 33% increase over $6.3 million in Q1 2016;
- Net loss of $1.3 million, a 23% improvement compared to $1.7 million in Q1 2016;
- Adjusted EBITDA of $1.7 million, a 180% increase over $0.6 million in Q1 2016.
“The August quarter is typically one of the strongest quarters of the year and we demonstrated this by hitting a record $47 million of revenue and over 30% growth year over year,” stated Brendan Flood, Executive Chairman of Staffing 360 Solutions. “Our net loss has improved year over year, and perhaps even more impressive, is our Adjusted EBITDA, which is expected to be $1.7 million for fiscal Q1 and $5.2 million for the trailing twelve months, a 25% increase over our fiscal year results that were just announced at the beginning of September. Once again we have broken records, and this is the largest quarterly Adjusted EBITDA figure in Staffing 360 Solutions’ history.”
Mr. Flood continued, “This sizable $1.7 million figure has been supported by improving margins at both the gross profit and EBITDA levels and by increased productivity and cost controls. Not only is our Adjusted EBITDA increasing over 180% compared to the same period last year, this puts us on a strong growth trajectory to achieve even more milestones in fiscal 2017 and beyond.”
The Company expects to announce its financial results for the fiscal first quarter ended August 31, 2016 via press release and Form 10-Q before the SEC filing deadline in mid-October, along with an earnings conference call.
Staffing 360 Solutions believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The management team has been engaged in the development of a comprehensive program to create a robust pipeline of prospective acquisitions, with a longer term objective of driving annual revenues to $300 million.
For more information about Staffing 360 Solutions and complete investor materials such as investor presentations, white papers and webcasts of past earnings calls, please visit: www.staffing360solutions.com/res.html.
About Control Solutions International, A Division of Staffing 360 Solutions:
For over 25 years, Control Solutions has provided Internal Audit partnering services to the governmental, public and private sectors. Our firm has helped thousands of organizations maximize the effectiveness of their internal audit and risk management objectives year after year. We provide a full suite of robust Information Technology Audit and Risk Management Services which encompass practice subject matter experts and highly skilled support staff proficient in executing reviews of General Controls, Information Security, Applications, IT Infrastructure, Governance, Pre/Post Implementation System Reviews, Data Analytics Automation, Data Mining, Disaster/Business Continuity Services, Information Technology Risk Assessments, and highly sophisticated Computer Forensics/E Discovery Services.