Record quarterly Adjusted EBITDA of $1.7m for Staffing 360 Solutions
Staffing 360 Solutions, Inc. has pre-announced its unaudited financial results for the fiscal first quarter ended 31st August 2016, including record revenue and Adjusted EBITDA levels.
Subject to the completion of the review of Staffing 360 Solutions' full financial statements and filing with the SEC, the results for fiscal Q1 2017 are expected to be as follows:
- Revenue of $47m, a 30% increase over $36m in Q1 2016;
- Gross profit of $8.4m, a 33% increase over $6.3m in Q1 2016;
- Net loss of $1.3m, a 23% improvement compared to $1.7m in Q1 2016;
- Adjusted EBITDA of $1.7m, a 180% increase over $0.6m in Q1 2016.
Brendan Flood (pictured), executive chairman of Staffing 360 Solutions, commented, "The August quarter is typically one of the strongest quarters of the year and we demonstrated this by hitting a record $47 million of revenue and over 30% growth year over year.
"Our net loss has improved year over year, and perhaps even more impressive, is our Adjusted EBITDA, which is expected to be $1.7 million for fiscal Q1 and $5.2 million for the trailing twelve months, a 25% increase over our fiscal year results that were just announced at the beginning of September. Once again we have broken records, and this is the largest quarterly Adjusted EBITDA figure in Staffing 360 Solutions' history.
"This sizable $1.7 million figure has been supported by improving margins at both the gross profit and EBITDA levels and by increased productivity and cost controls. Not only is our Adjusted EBITDA increasing over 180% compared to the same period last year, this puts us on a strong growth trajectory to achieve even more milestones in fiscal 2017 and beyond."
The Company expects to announce its financial results for the fiscal first quarter ended 31st August 2016 via press release and Form 10-Q before the SEC filing deadline in mid-October, along with an earnings conference call.