Labor Smart Inc. (OTCBB: LTNC), a provider of industrial staffing serving the southeastern U.S., first-quarter revenue rose to $4.8 million, up 91.4 percent from revenue of $2.5 million in the first quarter of last year. However, the Hiram, Ga.-based firm posted a first-quarter net loss of almost $1.1 million compared to a net loss of $649,143 in the year-ago quarter. The company attributed much of the net loss is to non-cash charges connected with servicing corporate debt.

Quote

“During the second quarter we will complete the majority of our organic expansion for 2014 and begin looking for more acquisition opportunities that fit our model and culture,” said CEO Ryan Schadel. “During the upcoming quarters, our focus is to deliver higher operating income through continued execution of our business plan and improving our financing options to drive profitability.”

Revenue

Gross margin

Net loss

Share price and market cap

Shares in Labor Smart were unchanged at 23 cents in late morning trading and Labor Smart had a market cap of $5.11 million, according to Yahoo!