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Staffing 360 Solutions Announces Financial Results for Fiscal Q3 2015

Staffing 360 Solutions Announces Financial Results for Fiscal Q3 2015

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Julian Parker

Company Reports Revenue of $31.0 Million and Positive Adjusted EBITDA of $148,000 for the Fiscal Quarter Ended February 28, 2015. 

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NEW YORK, NY--(Marketwired - Apr 14, 2015) - Staffing 360 Solutions, Inc. (OTCQB: STAF), a public company executing a global buy-and-build strategy through the acquisition of staffing organizations with operations in the US and Europe, today released its financial results for its fiscal quarter ended February 28, 2015.

"We continue to achieve new milestones every quarter," stated Brendan Flood, Executive Chairman of Staffing 360 Solutions. "First and foremost, our acquisition strategy has fueled our expansion from around $15.8 million in revenue in fiscal Q3 2014 to approximately $31.0 million in Q3 2015. In addition, we have now achieved positive Adjusted EBITDA for two quarters in a row, which has been a strategic objective within our Pathway to Profitability. Lastly, we are closer than ever to reaching our longer term goal of positive net income. With all of these developments at Staffing 360, it is clear our growth story and long term journey are beginning to take shape."

Summary of Fiscal Q3 2015 (Three Months Ended February 28, 2015)

  • Net revenues increased to $31.0 million, compared to $15.8 million in the quarter ended February 28, 2014.
  • Gross profit increased to $5.5 million, compared to approximately $3.2 million in the quarter ended February 28, 2014.
  • Net loss decreased to approximately $81,000*, compared to a net loss of approximately $1.8 million in the quarter ended February 28, 2014.
  • Adjusted EBITDA was approximately $148,000* in the quarter ended February 28, 2015.

* A table has been included in this press release with Non-GAAP adjustments to the Company's net loss of approximately $229,000 resulting in Adjusted EBITDA of $148,000.

"As our management team has stated in the past, our revenue typically shows a ... 

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