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Corporate Resource revenue rises 23%

February 12 2013

Corporate Resource Services Inc. (OTCBB: CRRS) reported revenue rose 23.2 percent to $200.2 million in its fiscal fourth quarter ended Dec. 28, when including the impact of acquisitions made during 2012 that added $12.9 million in revenue.

The New York-based staffing firm reported fourth-quarter net income increased 74.2 percent to $2.0 million.

Gross margin fell to 11.7 compared to 12.2 percent for the same period year prior.

Corporate Resources Services changed its fiscal year to the end of December from the end of September and reported its quarter ending Dec. 28, 2012, as a transition period. The company last month reported revenue rose 19.6 percent to $179.7 million in its fiscal fourth quarter ended Sept. 28. Read the story here.

“The results for our most recent quarter demonstrate that we are on track with our plans to integrate our recently acquired operations,” said CEO John Messina. “At the same time, we continue to drive revenue growth at a rate that is among the highest in the staffing industry and we are very pleased that our quarterly revenue exceeded $200 million for the first time. We will continue to focus on rationalizing our cost structure and improving our profit margins. We are off to a great start for 2013.”

The company increased its guidance for expected revenues in the first quarter of fiscal 2013 from its initial range of $165 million to $170 million to $175 to $180 million. For the full year, Corporate Resource Services now expects net income of between $7.0 million and $8.5 million on revenues of approximately $750 million to $800 million.

Corporate Resources Services had a market capitalization of $114.58 million this morning, according to Yahoo.

Corporate Resource Services Inc. (OTCBB: CRRS.OB) For the three months ended Dec. 28, 2012, compared with the same period a year ago.

 Revenue: $200.2 million, +23.2 percent

 Net income: $2.0 million, +74.2 percent

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