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Smart-Tek Solutions (OTCBB: STTN.PK), a professional employer organization that also provides nurse staffing, reported full-year revenue rose 26.3 percent year over year to $21.8 million in 2011, according to a filing with the U.S. Securities and Exchange Commission. However, 2011 gross margin fell to 4.3 percent in 2011 from 22.7 percent in the previous year. The company said the decline in gross profit was the result of increased workers’ compensation expense.
The company posted a full-year net loss of $8.1 million compared with net income of $855,188 in the previous year.
The company included a going concern note in its 10-Q filing.
Smart-Tek acquired Solvis Medical Group, a healthcare staffing provider, in October.
Smart-Tek Solutions (OTCBB: STTN.PK)
For the full-year ended Dec. 31, 2011, compared with 2010.
Revenue: $21.8 million, +26.3 percent
Net loss: $8.1 million, compared with net income of $855,188