Staffing 360 Solutions confirms Q2 2016 record revenue
Staffing 360 Solutions has announced its financial results for its second quarter 2016 ended 30th November 2015, confirming record revenue of $41.3 million as it reported it expected earlier this year.
Revenues increased by 25%, from $33.1 million in the quarter ended 30th November 2014.
The company also reported gross profit of $7.5 million, compared to approximately $5.8 million in the quarter ended 30th November 2014.
Positive Adjusted EBITDA was approximately $1.1m, compared to Positive Adjusted EBITDA of $564,000 in the quarter ended 30th November 2014.
Net loss decreased to approximately $3.4m, compared to a net loss of $8.8m in the quarter ended November 30, 2014.
“We left fiscal 2015 with a bang and achieved many new milestones along the way,” stated Brendan Flood, executive chairman and interim CFO of Staffing 360 Solutions. “We are continuing to build momentum by generating a record $41.3 million in revenues during Q2 2016, representing the single largest quarterly revenue figure in our corporate history. In addition, we have now achieved positive Adjusted EBITDA for the fifth quarter in a row. Importantly, we filed our S-3 registration statement this past week, which starts the clock on raising capital to grow our business as part of the Company’s first registered offering.”
“Our key initiatives and metrics are gaining momentum,” added 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 $1.1 million for the quarter ended November 30, 2015, our strongest quarterly Adjusted EBITDA results ever, breaking through the $1 million threshold.”