Staffing 360 Solutions Inc.’s (OTCBB: STAF) sales rose to $32.2 million in its fiscal fourth quarter ended May 31, up from $24.6 million in the same quarter of the previous year with the help of acquisitions.

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

For the full fiscal year 2015, sales rose to $128.8 million from $41.2 million in fiscal year 2014. Acquisition strategy fueled the revenue growth. The company reported strong organic growth from the acquisition of various staffing divisions and assets in fiscal 2014, including Monroe Staffing Services, Longbridge Recruitment, Poolia UK and PeopleSERVE. Last month, it acquired Lighthouse Placement Services LLC, an engineering staffing provider serving eastern Massachusetts and southern New Hampshire.

Quote

“Similar to Staffing 360’s past earnings, although our bottom line still shows a net loss, these results include a significant amount of acquisition activity, as well as strong organic growth,” said Executive Chairman Brendan Flood of the fourth-quarter results. “Many of these expenses are either non-cash in nature, acquisition-related or are non-recurring. Despite this, we still posted strong organic year-over-year growth, as well as positive Adjusted EBITDA of approximately $400,000 for the quarter ended May 31, 2015. Needless to say, we are extremely pleased with the progress we have made and the results we have achieved.”

Share price and market cap

Shares in Staffing 360 were unchanged in early afternoon trading today to 51 cents and the company had a market cap of $21.99 million, according to Yahoo!