Management Provides Commentary on the Fiscal Q3 Financial Results and Discusses the Company's Recent Milestones
NEW YORK, NY--(Marketwired - Apr 20, 2015) - Staffing 360 Solutions, Inc. (
During the conference call Brendan Flood, Staffing 360's Executive Chairman, stated, "Since our inception as a business, we have made no secret of our strategic plan. We are a high growth, buy-and-build staffing company. Over the past two years, we have grown from an annualized revenue base of zero to $130 million and delivered on the first phase of our growth plan."
Mr. Flood continued, "Q3 2015 has been a very good quarter for Staffing 360 Solutions, and there is a long list of milestones that have been reached. Our fiscal Q3 revenue has almost doubled to $31 million year-over-year. Likewise, our gross profit has nearly doubled to $5.5 million. Our underlying operations are showing over 17% organic growth year-over-year... In addition, we achieved Non-Adjusted EBITDA profitability for the first time. This is a major achievement for us and is happening several quarters ahead of schedule."
Throughout the conference call Staffing 360 Solutions' management talked about the Company's various acquisitions, recent capital raises, its growth strategy, the team's Pathway to Profitability, and full detail surrounding the financial results for the fiscal quarter ended February 28, 2015.
Interested parties are encouraged to read the full transcript of the conference call, which is available here:
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (
Non-GAAP Financial Measures
The Company uses financial measures which are not calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP") in evaluating its financial and operational decision making regarding potential acquisitions, as well as a means to evaluate period-to period comparison. The Company presents these non-GAAP financial measures because it believes them to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We refer you to the reconciliations above.
The Company defines Adjusted EBITDA as earnings (or loss) from continuing operations before interest expense, income taxes, depreciation and amortization, and amortization of non-cash stock-based compensation, non-recurring acquisition and restructuring expenses and the goodwill impairment charges. The Company excludes stock-based compensation because it is non-cash in nature.
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 the Company 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.
Staffing 360 Solutions, Inc.
Executive Vice President
Staffing 360 Solutions, Inc.
Jeff R. Mitchell
Chief Financial Officer