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View All NewsStaffing 360’s fiscal Q3 revenue doubles on acquisitions, net loss narrows
Staffing 360 Solutions Inc.’s (OTCBB: STAF) sales rose to $31.0 million in its fiscal third quarter ended Feb. 28, up from $15.8 million in the same quarter of the previous year.
| (US$ thousands) | Q3 2015 | Q3 2014 | % growth |
| Revenue | $30,964 | $15,800 | 96.0% |
| Gross profit | $5,526 | $3,207 | 72.3% |
| Gross margin percentage | 17.8% | 20.3% | |
| Net loss | -$184 | -$1,763 | nm |
The company reported acquisition strategy fueled the revenue growth. Staffing 360 Solutions has completed five acquisitions to-date, including The Revolution Group (renamed Cyber 360 and subsequently sold), Control Solutions International, Initio International Holdings Limited (renamed Staffing 360 Solutions Limited), and certain business assets of Poolia UK, and PeopleSERVE.
Staffing 360’s net loss narrowed to $183,634 from a net loss of approximately $1.7 million in the quarter ended February 28, 2014.
Staffing 360 Solutions launched in 2012 and is pursuing acquisition targets in the finance and accounting, administrative, engineering and IT industries.
Share price and market cap
Shares in Staffing 360 rose 14.33% in early afternoon trading today to 32 cents, according to Yahoo!