Gross profit up over 31% at year-end 2018 for Staffing 360
Staffing 360 Solutions, Inc. has released its fiscal 2018 year-end financial results.
In the fourth quarter of 2018, revenue grew by 24.6% to $74.1m from $59.5m in Q4 2017. Gross profit grew by 3.6% to $12.3m, from $11.9m in Q4 2017. Gross margin was 16.7% compared with 20% in Q4 2017.
Income from operations of $1.3m compared with a loss from operations of $5.4m in Q4 2017. Net loss of $1.4m compared with net loss of $7.3m in Q4 2017.
EBITDA of $2.0m compared with EBITDA loss of $3.3m in Q4 2017. Adjusted EBITDA of $2.8m was flat compared to Q4 2017. EPS loss of ($0.29) compared with a loss of ($2.20) per share in Q4 2017.
Brendan Flood (pictured), chairman and chief executive officer, said, “2018 was a very successful year by any standard. We continue to grow…we continue to improve already positive EBITDA and Adjusted EBITDA…and we continue to march toward net profit, which we expect to happen in the current year.”
For the full year 2018, revenue grew by $68.3m, or 35.4%, to $260.9m. Gross profit grew by $11.6m, or 31.5%, to $48.3m. Gross margin of 18.5% compared with 19.1% in fiscal 2017.
Net loss of $6.5m compared with net loss of $18.5m in fiscal 2017. EBITDA of $5.6m compared with an EBITDA loss of $7.5m in Fiscal 2017. Adjusted EBITDA of $9m as compared with $7.4m in fiscal 2017. EPS loss of $1.57 compared with Fiscal 2017 EPS loss of $7.39.