Staffing 360 Solutions Inc. (NASD: STAF) reported revenue rose to $44.0 million in its fiscal third quarter ended Feb. 29, up 42.0% from $31.0 million in the same quarter of the prior year. Mergers and acquisitions activity and organic growth fueled the increase. Staffing 360 acquired The JM Group last year.

*Company has revised historical results to exclude Cyber 360 Inc. as a discontinued operation.

Net loss for the quarter increased to $1.8 million from $181,000. The company attributed the increase in net loss primarily to non-cash accounting charges associated with the company’s capital structure.

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“This quarter has resulted in the achievement of several new milestones,” said CEO Brendan Flood. “Our organic business has continued to improve, we received our first analyst coverage since listing on the Nasdaq and we couldn’t be more pleased with Dave joining the team as our new chief financial officer. Importantly, our S-3 registration statement went effective, and we just tested the waters with a $2 million raise as part of our first registered offering. We are very pleased with the result as this represents part of our larger initiative to strengthen our balance sheet.”

Share price and market cap

Shares in Staffing 360 fell 4.26% in early afternoon trading today to $3.15 and the company had a market cap of $17.47 million, according to Yahoo!