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Resolve Staffing Inc. (OTCBB: RSFF.OB) reported a 95.1% drop in third-quarter net income to $44,483 from $903,841 in the prior year. However, third-quarter revenue rose 47.9% to $64.6 million from $43.7 million in the third quarter of 2006. Gross margin improved to 13.5% from 12.4%.
Third-quarter operating expenses at the Cincinnati-based staffing company and professional employer organization rose 84.9% to $7.9 million from $4.3 million. The company cited its aggressive growth through acquisitions and new branches as the reason behind the increase. It also reported interest expenses grew to $833,521 in the third quarter from $278,457 in the same period last year.
Resolve Staffing Inc. (OTCBB: RSFF.OB)
For the third quarter ended Sept. 30, 2007, compared with the same period in 2006.
Revenue: $64.6 million, +47.9%
Net income: $44,483, -95.1%