Whitefish, MT / September 16, 2014 / Staffing 360 Solutions Inc. (OTC: STAF), an international staffing organization executing a global buy-and-build strategy through the acquisition of domestic and international staffing organizations, recently reported net revenue of $45.8 million and gross profit of $9.1 million during fiscal year 2014.
"Quite clearly, the company has grown dramatically over the last year," said Staffing 360 Solutions Inc. Executive Chairman Brendan Flood. "As a perfect illustration of our significant growth to date, our net revenues increased to $45.8 million in fiscal 2014, up from less than $1 million in the prior year."
Throughout the fiscal year, the company completed four acquisitions, including Control Solutions International Inc., Initio International Holdings Limited, Poolia UK, and PeopleSERVE. These acquisitions add to the firm's first acquisition of The Revolution Group (renamed Cyber 360 Solutions), completed in 2013.
Investors should remember that the consolidated fiscal year results only include five months – or approximately 40% - of Initio's full year financial results due to the fact that the acquisition was made on January 3, 2014. Initio was an $80 million business according to pre-acquisition calendar 2013 revenue.
"We have grown significantly over the past year," said Staffing 360 Solutions Inc. CFO Jeff Mitchell. "Our first two acquisitions allowed us to make our transformative acquisition of Initio, which in turn enabled us to complete our next two acquisitions and grow past the key threshold of $100 million in annualized revenue."
The company's earnings call took place on Tuesday, September 16, 2014 at 11:00am EST, where management discussed the financial results for the fiscal year ended May 31, 2014. To listen to the playback, investors can dial (877) 660-6853 within the United States with the ID 13591239.
Shares of Staffing 360 Solutions Inc. jumped to a high of $2.04, or 31.6% on Tuesday, September 16, 2014 following the news release.
Investors in the staffing industry, including companies like On Assignment Inc. (NYSE: ASGN) and Robert Half International Inc. (NYSE: RHI), may want to listen in on the conference call to learn more about the growing company. With quarterly revenues amounting to an annualized $100 million, management has grown the company into a sizable force within the industry.
Click here for additional information on Staffing 360 Solutions: http://www.tdmfinancial.com/emailassets/staf/staf_landing.php
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SOURCE: Emerging Growth LLC