Labor Smart Inc. (OTCBB: LTNC), a provider of industrial staffing serving the southeastern U.S., reported second-quarter revenue rose to $6.4 million, up 59.5 percent from revenue of $4.0 million in the second quarter of last year. However, the Hiram, Ga.-based firm posted a second-quarter net loss of $932,846, compared to a net loss of $761,593 in the year-ago quarter. The company attributed the net loss to non-cash charges.

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“I am extremely pleased with the results from this quarter. We continue to improve our operating results while at the same time expensing the costs of our branch expansion,” said CEO Ryan Schadel. “With a total of 30 offices across the South and Southwest United States, I am happy to report that Labor Smart added 289 businesses to our growing community of customers during the quarter. We also became largely self-insured in June, which should have a significant positive impact on our gross profit margins in future quarters. We continue to see 2014 as a major year of growth for the company and I believe that we have reached the scale required to run a profitable business while also expanding quickly through strategic acquisitions and new branch locations.”

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Share price and market cap

Shares in Labor Smart were down 9.91 percent to 20 cents in early afternoon trading today and Labor Smart had a market cap of $4.51 million, according to Yahoo!