Shares of Staffing 360 Solutions, Inc. (NASDAQ: STAF) are more than 12% higher in Tuesday’s morning trade after the company posted higher revenues and a narrowed loss for the fiscal first quarter ended August 31, 2016. Revenue increased 33.1% to $47.8 million, compared to $35.9 million in the fiscal quarter ended August 31, 2015. Net loss decreased 22.2% to $1.3 million, compared to a net loss of $1.7 million in the fiscal quarter ended August 31, 2015. Gross profit increased 34.3% to $8.5 million, compared to $6.3 million in the fiscal quarter ended August 31, 2015. Adjusted EBITDA increased 184% to $1.8 million, compared to Adjusted EBITDA of $619,000 in the fiscal quarter ended August 31, 2015. “Not only are we growing rapidly as a result of the acquisitions we have completed since this time one year ago, including Lighthouse Placement Services and The JM Group, we are also showing strong organic growth of over 14% year over year,” Staffing 360 Chairman Brendan Flood stated in the news release.
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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 in the US and the 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 staffing space. For more information, please visit: www.staffing360solutions.com
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