Staffing 360 Solutions gross profit totals $8m in Q2 2017
Staffing 360 Solutions has reported revenue of $47.1m and gross profit of $8.1m as it today released financial results for its fiscal Q2 2017, ended 30th November 2016.
Revenue increased 14.0% to $47.1m, compared to $41.4m in the fiscal quarter ended 30th November 2015. The company said this was due to its acquisition of The JM Group and organic growth.
Gross profit increased 8.4% to $8.1m, compared to $7.5m in the fiscal quarter ended 30th November 2015.
Net loss attributable to common stock decreased 57.0% to $1.5m, compared to $3.4m in the fiscal quarter ended 30th November 2015.
The net loss attributable to common stock is primarily due to non-cash accounting charges, as well as professional, legal, capital raising and other non-recurring expenses, Staffing 360 Solutions declared.
Adjusted EBITDA increased 10.1% to $1.4m, compared to Adjusted EBITDA of $1.3m in the fiscal quarter ended 30th November 2015.
The company stated this growth is attributable to earnings from acquisitions, as well as flow through of revenue arising from organic growth.
Brendan Flood, executive chairman of Staffing 360 Solutions, said, "We have announced another quarter with growth in almost all categories. We saw revenue, gross profit, net loss attributable to common stock and Adjusted EBITDA all improve on a year-over-year basis. In fact, our revenue grew to $47.1 million in the second quarter of 2016, a 14% improvement compared to the same period last year. Although we are engaged in an M&A strategy, this growth is not just a result of acquisitions, as we're seeing underlying organic growth of 7% for the quarter and 10% for the six-month period. This growth helps support the mission of improving our balance sheet, which is one of our core objectives in 2017.
"We continue to make progress on the bottom line as well. Our Adjusted EBITDA of $1.4 million for the quarter, has resulted in the continued improvement of our trailing twelve month Adjusted EBITDA -- at $5.4 million ending November 2016. This exceeds our prior year results for the same period by over 120%. In addition to Adjusted EBITDA, we are highly focused on strengthening our balance sheet, and although it was a subsequent event, we are pleased with the successful refinancing of over $2.7 million of debt and extending its maturity 21 months -- a major win for our organization that was recently announced last week. There is still more work to be done, but we are making considerable progress and we are positioning ourselves for the next phase of our journey."
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