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View All NewsStaffing 360 revenue declines 7%; gets Nasdaq extension
Staffing 360 Solutions Inc. (NASD: STAF), in a pre-release of earnings, reported second-quarter revenue fell 4.6% on a constant currency basis, or 7.1% on a reported basis. However, it reported net loss improved and gross margin rose. Full results are expected in mid-August.
| (US$ millions) | Q2 2017 | Q2 2016 | % change | % change constant currency |
| Revenue | $42.1 | $45.3 | -7.1% | -4.6% |
| Gross profit | $7.9 | $7.8 | 0.9% | |
| Gross margin percentage | 18.8% | 17.3% | ||
| Net loss attributable to common stock | ($1.3) | ($2.4) | nm |
“While revenue showed a decline during the quarter, our growth has restarted when compared to the first quarter,” Executive Chairman Brendan Flood said.
The company also reported Tuesday that it received a 180-day extension from Nasdaq to get its stock trading above $1 share to regain compliance with listing requirements, according to a filing with the US Securities and Exchange Commission. Getting back in line with listing requirements was discussed by the company back in May.
Staffing 360 is aimed at a global “buy-and-build” strategy through acquisitions of staffing firms in the US and UK. Its goal is annual revenue of $300 million. The company ranked on Staffing Industry Analysts' list of largest staffing firms in the US for the first time this year, ranking No. 99.
“We view this as a validation of our strategy and a testament to the hard work of all of our employees and associates,” Flood said.
Shares in Staffing 360 fell 1.42% in early afternoon trading to 63 cents. The company had a market cap of $9.24 million, according to Yahoo.