Shift in Staffing 360 ownership
Flood, one of the industry’s best known and successful serial entrepreneurs now owns 15.2% of the company, holding 7,191,120 shares.
In a recent press announcement he told shareholders, “Over the past 24 months, we have grown from annualized revenues of zero to $130 million and delivered on the first phase of our growth plan. During the two most recent quarters, we have executed on what we call our "Pathway to Profitability."
"This Pathway is designed to get the Company prepared for the second phase of this growth, which will take us to $300 million in annualized revenues through acquisitions as well as through growing the previously purchased businesses organically.
"To this point, we are very pleased with our progress but we recognize that we have a long way to go to deliver on our stated aims and on the promises that we have made to our loyal investment base. Here are just a few of the milestones that have been reached in fiscal Q3 2015, which were outlined on our most recent earnings conference call.
Financial Results and Organic Growth:
Fiscal Q3 revenue has nearly doubled to $31.0 million, year-over-year, from $15.8 million.
Net loss improved to $81,000, compared to a loss of $1.8 million last year.
Our underlying operations are showing strong 17% organic growth, year-over-year.
We achieved Adjusted EBITDA profitability for the second quarter in a row and are now positive AEBITDA year-to-date.
In addition, we achieved Non-Adjusted EBITDA profitability for the first time. This is a major achievement for us and several quarters ahead of schedule.
Pathway to Profitability:
Notes payables have been reduced by $3 million as part of our restructuring.
Total debt has been slashed by nearly $8 million.
We have achieved cash flow savings of over $9 million over the next few years.
We increased our shareholders' equity value to $11 million.”