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Corporate Resource Revenue Up 11%

August 16 2012

Revenue rose 11.0 percent at Corporate Resource Services Inc. (OTCBB: CRRS.OB) to $153.5 million in its fiscal third quarter ended June 29, 2012, from $138.2 million in the year-ago period, according to a filing with the U.S. Securities and Exchange Commission. Revenue in the third quarter of the previous year was restated to include revenue that came from the acquisition of a related firm, TSS Corp.

Third-quarter gross margin narrowed to 11.8 percent from 12.7 percent in the year-ago period.

Corporate Resource Services posted a net loss of $2.5 million in the third quarter compared with net income of $907,000 in the year-ago period.

The New York-based staffing provider has 187 offices, according to the filing. It provides light industrial, office/clerical and insurance industry-related staffing.

The company also reported in a filing with the U.S. Securities and Exchange Commission that it received a $350,000 payment after a sales executive and 14 others left on Jan. 20 to start a competing firm.

Corporate Resource Services Inc. (OTCBB: CRRS.OB)
For the three months ended June 29, 2012, compared with the same period a year ago.
Revenue: $153.5 million, +11.0 percent
Net loss: $2.5 million vs. net income of $907,000

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