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Staffing 360 revenue rises 10% in fiscal Q1

October 16, 2015

Staffing 360 Solutions Inc. (NASD: STAF) reported revenue rose to $35.9 million in its fiscal first quarter ended Aug. 31, up 10.2% from $32.6 million in the same quarter of the previous year. Mergers and acquisitions activity and organic growth fueled the increase.

Net loss for the quarter fell to approximately $1.7 million. The company attributed the improvement in net loss primarily to increased gross profit, as well as its “Pathway to Profitability” initiative, which helped streamline expenses and decrease consulting and professional fees.

Staffing 360 began trading on the Nasdaq Capital Market in September.

The firm in July acquired engineering staffing firm Lighthouse Placement Services LLC and discussed plans to acquire more firms.

(US$ thousands) Q1 2016 Q1 2015* % growth
Revenue $35,884 $32,575 10.2%
Gross profit $6,320 $5,664 11.6%
Gross margin percentage 17.6% 17.4%  
Net loss -$1,691 -$4,663 nm

*Company has revised historical results to exclude Cyber 360 Inc. as a discontinued operations.

Quote

“This quarter we continued to grow our revenue, made further reductions to our expenses and continued to embark on our M&A program with another acquisition under our belt,” said President and CEO Matt Briand. “Now that we have successfully completed our NASDAQ listing, we believe our path to achieving our stated goal of $300 million in revenue has been streamlined and our ability to raise capital has improved.”

Share price and market cap

Shares in Staffing 360 rose 7.00% in early afternoon trading today to $5.35 and the company had a market cap of $24.47 million, according to Yahoo!