Staffing 360 Solutions releases revised quarterly revenue guidance
This represents an increase of $2.7 million over the forecast, or an 11% increase.
As part of the Company's buy-and-build strategy, Staffing 360 Solutions has successfully completed five acquisitions over the past year, including operations in the United States and Europe. To help quantify the growth during this period of rapid expansion, Staffing 360 Solutions previously reported revenues of approximately $557,000 for the quarter ended May 31, 2013 versus $26.8 million for the quarter ended May 31, 2014. This represents a year-over-year increase of $26.2 million, or 4,711%.
"With the quarter now closed, we are delighted to announce revenue that is over $2 million greater than our previously released guidance of $24.1 million," said Matt Briand, CEO of Staffing 360 Solutions. "Generating revenue that is significantly greater than the same period last year is a major testament to our consolidation strategy. As we continue to pursue acquisitions, our focus in specific key growth verticals positions us to benefit from the rapid expansion of these sectors. We look forward to providing the investment community with audited results when our year-end financials are filed with the SEC, which is expected in August."
Staffing 360 Solutions' previously announced revenue guidance for subsequent quarters is not affected by the Company's revised guidance for the May quarter.
Staffing 360 Solutions believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The management team has been engaged in the development of a comprehensive program to create a robust pipeline of prospective acquisitions, with a longer term objective of driving annual revenues to $300 million. The five acquisitions the Company has completed over the past year represents a key validator of this strategy's successful implementation.
Staffing 360's investor fact sheet, which contains the Company's previously announced revenue forecast, can be viewed at: www.staffing360solutions.com/content/stafifs.pdf