NEW YORK, NY--(Marketwired - January 06, 2016) - Staffing 360 Solutions, Inc. (NASDAQ: STAF), a public company executing a global buy-and-build strategy through the acquisition of staffing organizations with operations in the US and UK, announced today that it expects the Company's reported revenue for the fiscal second quarter ended November 30, 2015 to reach a record $41 million, an increase of 24% compared to $33 million of revenue reported in the same period last year. This revenue represents the largest single quarterly revenue figure in the company's history.
The Company expects to announce its comprehensive financial results for the fiscal quarter ended November 30, 2015 via press release and Form 10-Q before the SEC filing deadline in mid-January, and hold an earnings conference call.
"We are pleased to announce projected revenue of $41 million for our second quarter," stated Brendan Flood, Executive Chairman of Staffing 360 Solutions. "These results are ahead of management's forecasts as we continue to drive growth and realize acquisition-based synergies. It is also important to note that second quarter revenue only includes one month of operations for our most recent acquisition of The JM Group, which closed in November. Overall, we believe that these results are a major validator for our consolidation strategy and the strides that we've made over the last 24 months."
Matt Briand, President and CEO of Staffing 360 Solutions, further remarked, "With an extremely active 2015 now behind us, I can't say enough about the hard work and dedication of our employees that have made this growth a reality. We look forward to sharing more details shortly when we announce our full financial results next week."
Staffing 360 Solutions believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The management team has been engaged in the development of a comprehensive program to create a robust pipeline of prospective acquisitions, with a longer term objective of driving annual revenues to $300 million.
For more information about Staffing 360 Solutions and complete investor materials such as investor presentations, white papers and webcasts of past earnings calls, please visit:
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) is a public company in the staffing sector engaged in the execution of a global buy-and-build strategy through the acquisition of domestic and international staffing organizations with operations in the US and UK. The Company believes the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $300 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering and IT industries. For more information, please visit: www.staffing360solutions.com.
Certain matters discussed within this press release are forward-looking statements including, but not limited to the timing and ability to enter into any additional acquisitions, as well as the size of future revenue. Although Staffing 360 Solutions, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Specifically, in order for the Company to achieve annualized revenues of $300 million, the Company will need to successfully raise sufficient capital, to consummate additional target acquisitions, successfully integrate any newly acquired companies, organically grow its business, successfully defend current and any potential future litigation, as well as various additional contingencies, many of which are unknown at this time and generally out of the Company's control. The Company can give no assurance that it will be able to achieve these objectives. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Staffing 360 Solutions' reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.