Daily News

View All News

Labor SMART revenue edges down in Q2; net loss narrows

August 18, 2015

Labor SMART Inc. (OTCBB: LTNC), a provider of industrial staffing serving the southeastern US, reported second-quarter revenue edged down 1.0% to $6.4 million. The company attributed the decrease to a strategic decision to remove high risk, low margin accounts from its revenue stream during the second and third quarters of 2014.

(US$) Q2 2015  Q2 2014 % growth
Net revenue $6,370,424 $6,437,976 -1.0%
Gross profit $1,727,354 $1,365,749 26.5%
Gross margin 27.1% 21.2%  
Net income/loss -$564,132 -$932,846 nm

“Our results from the second quarter of 2015 illustrate the fantastic progress being made,” said President and CEO Ryan Schadel. “Last year’s decision to shed a sizeable book of business had minimal impact on year over year revenues as we replaced low margin, high risk business with more profitable customer relationships."

The Hiram, Ga.-based firm noted that its goal of 100 offices nationwide remains, despite the recent sale of five locations. It also reiterated its belief that the note that Command Center Inc. bought is not in default.