Corporate Resource Services, Inc. Posts 29.3% Revenue Growth
Corporate Resource Services, Inc. Posts 29.3% Revenue Growth and Hits Fourth Consecutive Quarter of Profitability
Corporate Resource Services, Inc. a diversified technology, staffing, recruiting, and consulting services firm, today announced results for the quarter ended July 5, 2013, which included quarterly revenues of $199.2 million, an increase of 29.3% over the same quarter in 2012, while SG&A expense growth was limited to 0.3%. EBITDA for the quarter was $4.2 million and net income improved to $2.0 million, a record $4.3 million increase from the prior year. This is the fourth consecutive quarter of profitability for the Company.
"We are very pleased with our results for the second quarter and believe that they reflect our success at executing on strategic initiatives aimed at improving profitability," said John Messina, CEO of Corporate Resource Services. "We are generating top-line growth well in excess of most of our competitors and controlling expenses at the same time. As we continue to pursue higher-margin business, including increasing the SaaS and technology services we offer our clients in the staffing industry, we expect that our profitability will continue to improve."
"Our ability to grow our revenues by nearly thirty percent while holding SG&A flat year-over-year has generated significant earnings growth," said Michael Golde, Chief Financial Officer of CRS. "We have successfully integrated our operations and continue to look for ways to improve our efficiency. For the first half of the year, we grew revenues by 32%, improved our EBITDA by $7.7 million and increased our net income by $7.1 million."
Based on preliminary results, the Company expects revenues for the third quarter of fiscal 2013 to be between $205 and $215 million, its EBITDA to be between $5.0 million and $7.5 million, and its net income to be between $3.5 million and $4.0 million. For the full year of 2013, the Company now expects to achieve EBITDA of between $19.0 and $24.0 million and net income of between $10.0 and $11.5 million on revenues of approximately $825 to $855 million.