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Quarterly Message from the Executive Chairman

Quarterly Message from the Executive Chairman

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Julian Parker

To all associates and employees of Staffing 360 Solutions, Inc. (Ticker: STAF)

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You may have noticed that earlier this week we released our latest financial results. These results, which were filed with the Securities and Exchange Commission in the United States, covered the quarter and nine months ending February 28, 2014.

The following are the headline numbers:

9 Months Ended - Feb 28, 2014:
Revenue - 20,216
Gross Profit – 4,526
(000’s) USD – Feb 28, 2014
Net Assets – 9,371

9 Months Ended:
Revenue – 91
Gross Profit – 40

3 Months Ended – Feb 28, 2014:
Revenue – 16,909
Gross Profit – 3,502
(000’s) USD - May 31, 2013
Net Assets – 778

3 Months Ended:
Revenue – 70
Gross Profit – 31

Needless to say, we are extremely pleased to report these results as our business improves by leaps and bounds in every category. This is driven in large part by our high-growth accretive acquisition strategy, which is on track and producing a significant amount of buzz throughout the staffing industry.  I commend and thank all of you for the efforts that have gone into delivering such remarkable growth in less than a year.

During the course of the last reporting period Staffing 360 Solutions completed the acquisitions of The Revolution Group, Control Solutions International and Initio International, which contains the brands of Monroe Staffing Services and Longbridge Recruitment. These numbers, however, only include two months of Initio’s results since it closed on January 3, 2014, and do not include any results of our most recent acquisition of Poolia UK, which closed on February 28th and therefore will first appear in the following quarter’s numbers.

As you may know, after our first acquisition of The Revolution Group it was quickly rebranded as Cyber 360 Solutions and, recently, the Longbridge Recruitment and Poolia UK businesses have been rebranded as Longbridge 360.  In fact, our new Longbridge 360 branding now adorns the entrance to our brand new UK offices, which we just moved into last week in London, with room for over 40 employees. These are exciting times for us all.

The Board of Directors continues to explore and evaluate further acquisitions as we move towards our publicly stated mission of being a $300 million revenue business within the next 18 to 24 months. This growth will certainly result in more milestone announcements throughout 2014 and beyond. The Board now includes: Brendan Flood (Executive Chairman), Alfonso J. Cervantes (Vice Chairman and President) and Matt Briand (Chief Executive Officer), as well as our Independent Directors of Robert Mayer, Dimitri Villard and Jeff Grout.

During the latest quarter we also strengthened the senior management team at Staffing 360 Solutions with the appointment of Jeff Mitchell (Chief Financial Officer), Wade Pearson (SVP Finance), Nick Koutsivitis (Controller) and the promotion of Darren Minton (Executive Vice President). We now have a robust Board of Directors and highly capable senior management team whose principal role is to guide our operations as we quickly grow into the next stage of our corporate evolution.

With the economy continuing to improve in our primary markets of the US and the UK, the resulting market forces are supporting our vision and providing Staffing 360 Solutions with even more opportunities to expand and add additional staff and services. You should all take great pride in the journey so far and get as prepared as possible for the remarkable journey to come.

Respectfully,
 
Brendan Flood
Executive Chairman