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Labor Smart Inc. (OTCBB: LTNC) reported first-quarter revenue rose to $2.5 million, up 115 percent from the same quarter last year. However, the Hiram, Ga.-based staffing provider reported a net loss of $649,143 in the first quarter, compared to net income of $29,596 in the year-ago quarter. The company partly attributed the loss to stock-based compensation charges and financing-related costs. It also reported additional expenses attributed to staff payroll increases for training.
First-quarter gross margin narrowed to 14.0 percent from 16.7 percent in the first quarter of last year.
The company reported a net loss of $649,143 for the quarter.
Labor Smart has increased its branch count from six to 14 in the first five months of 2013.