Labor SMART, Inc. First Quarter 2016 Revenue Jumps $304,100
Company Adds 194 New Customers
Atlanta, GA, United States, via NUZINET CORP., 04/28/2016 - -
Labor SMART, Inc. (OTCQB:
LTNC) (the "Company"), a leader in providing on-demand blue
collar staffing primarily in the southeastern United States, today
announced comparable revenue for the first quarter of 2016
increased $304,100 year over year.
For the Quarter ended March 25, 2016, adjusted comparable
revenue was $3.28 million versus $2.97 million for the same year
ago period, representing organic revenue growth of over 10%. System
wide Gross Profit Margins increased to 26.53% of revenue, compared
to 26.05% in the year ago period.
Labor SMART is off to a great start for 2016. While much of the
public discussion this year has been related to successes with our
balance sheet restructuring, its the strength of our branch
operations that enable the Company to execute on our balance sheet
and capital structure initiatives, stated Ryan Schadel, Chairman
and CEO of Labor SMART, Inc.
In addition to improving revenues and gross profit margins from
the 18 branch locations we operated during the first quarter, the
world class sales team at Labor SMART gained nearly 200 new
customers during the first thirteen weeks of 2016. Our ever
improving operating metrics illustrate the ease at which we will
rebuild revenue from branches sold to fund our restructuring
initiatives. For FY 2016, we expect revenue from continuing
operations to easily exceed prior year comparable revenue.
System wide unadjusted non-comparable revenue for the Quarter
ended March 25, 2016 was $3.33 million versus $4.71 million in the
year ago period, when including operational results from five
branches sold on Aug 12, 2015 in a deal valued at $1.8 million, one
branch sold on February 19, 2016 in a deal valued at $677k, and
discontinued operations from underperforming branches.
About Labor SMART, Inc.
Labor SMART, Inc. provides On-Demand temporary labor to a
variety of industries. The Company's clients range from small
businesses to Fortune 100 companies. Labor SMART was founded to
provide reliable, dependable and flexible resources for on-demand
personnel to small and large businesses in areas that include
construction, manufacturing, hospitality, event-staffing,
restoration, warehousing, retailing, disaster relief and cleanup,
demolition and landscaping. Labor SMART believes it can make a
positive contribution each and every day for the benefit of its
clients and temporary employees. The Company's mission is to be the
provider of choice to its growing portfolio of customers with a
service-focused approach that enables Labor SMART to be seen as a
resource and partner to its clients.
Follow us on Twitter: @laborsmart
Investor Relations: @laborSMART_LTNC
CEO - Ryan Schadel: @CRyanSchadel
Safe Harbor Statement
This release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements appear in a number of places
in this release and include all statements that are not statements
of historical fact regarding the intent, belief or current
expectations of Labor SMART, Inc., its directors or its officers
with respect to, among other things: (i) financing plans; (ii)
trends affecting its financial condition or results of operations;
(iii) growth strategy and operating strategy. The words "may",
"would", "will", "expect", "estimate", "can", "believe",
"potential", and similar expressions and variations thereof are
intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond Labor SMART, Inc.'s ability
to control, and that actual results may differ materially from
those projected in the forward-looking statements as a result of
various factors. More information about the potential factors that
could affect the business and financial results is and will be
included in Labor SMART, Inc.'s filings with the U.S. Securities
and Exchange Commission.
Contact:
Labor SMART, Inc.
shareholderrelations@laborsmart.com