Gross profit up for Staffing 360 Solutions in Q1
"We are pleased to report several significant milestones this quarter," stated Brendan Flood, executive chairman and interim CFO of Staffing 360 Solutions. "First and foremost, our growth strategy has fueled our expansion to approximately $35.9 million in revenues during Q1 2016. In addition, we have now achieved positive Adjusted EBITDA for four quarters in a row, which has been a strategic objective within our Pathway to Profitability. Lastly, we successfully uplisted to the NASDAQ Capital Market and began trading on September 29, 2015. With all of these developments at Staffing 360, it is clear our growth story is just beginning."
"Across the board we are showing improvements in Staffing 360's financial metrics," stated Mr. Flood. "Although our bottom line still shows a net loss, similar to our past financials, these results include expenses that are either non-cash in nature, acquisition-related or are non-recurring. Despite this, we still posted year-over-year growth, as well as positive Adjusted EBITDA of approximately $460,000 for the quarter ended August 31, 2015, our strongest quarterly Adjusted EBITDA results yet. Not only did we have positive Adjusted EBITDA, we have achieved positive Non-Adjusted EBITDA of $78,000, and more importantly, we become operating cash flow positive for the first time this quarter, which is a major milestone for any growth company."