Staffing 360 Solutions pre-announces 26% increase in gross profit YoY
Staffing 360 Solutions, Inc. has pre-announced its unaudited financial results for the fiscal year ended 31st May 2016.
Subject to the completion of Staffing 360 Solutions' audit, the results are expected to be as follows:
- Revenue of $165m, a 28% increase compared to $129m in the prior year,
- Gross profit of $29m, a 26% increase compared to $23m in the prior year;
- Adjusted EBITDA of $4.1m, more than a 400% increase over the prior year of $750 thousand and a new record level for the company.
In addition, the fiscal fourth quarter results over the prior year period are expected to be as follows:
- Revenue of $44m, a 38% increase compared to $32m in the prior period,
- Gross profit of $7m, a 40% increase compared to $5m in the prior period;
- Adjusted EBITDA of $1.0m, a 150% increase over the prior period of $400 thousand.
"We are delighted to report another set of record results," stated Brendan Flood, executive chairman of Staffing 360 Solutions. "Our revenue improvements demonstrate how quickly our M&A strategy is coming together. However, the real stand-out figure is our Adjusted EBITDA number. We expect a 400% increase over our prior year numbers, which represents a major validator for everyone following the company. We are now comfortably running at an average clip of $1 million in Adjusted EBITDA per quarter."
Matt Briand, president and CEO, added, "As we remain steadfast in our M&A strategy, our metrics are continuing to build upon one another and improve. We look forward to discussing our full results when we release our audited numbers later this summer."
The company has stated that it expects to announce its financial results for the fiscal year ended 31st May 2016 via press release and Form 10-K before the SEC filing deadline, along with hosting an earnings conference call.
Staffing 360 Solutions believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The management team claims it 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 $300m.