Labor SMART, Inc. Reports Second Quarter 2014 Financial Results
August 11 2014 - 2:00PM
eTeligis
HIRAM, GA(ETELIGIS INC.)
HIRAM, GA, United States, via ETELIGIS INC., 08/11/2014 - -
Labor SMART, Inc. (OTCQB: LTNC) (the "Company"), an emerging
provider of on-demand blue collar staffing primarily in the
southeastern United States, today reported revenue of $6,437,976
for the quarter ending June 27, 2014. This represents a 59 percent
increase over the $4,037,040 in revenue reported for the quarter
ending June 30, 2013. Of the 14 branch offices open for a period of
at least one year, revenue increased 35.77% in a year over year
comparison. For the June 27, 2014 quarter, the company's operating
loss narrowed to $136,000 compared to an operating loss of $566,739
reported for the same period one year ago. The company recorded a
comprehensive loss for the quarter of $939,728 due to non-cash
charges.
Ryan Schadel, Labor SMART's CEO, stated, "I am extremely pleased
with the results from this quarter. We continue to improve our
operating results while at the same time expensing the costs of our
branch expansion. With a total of 30 offices across the South and
Southwest United States, I am happy to report that Labor SMART
added 289 businesses to our growing community of customers during
the quarter.We also became largely self-insured in June, which
should have a significant positive impact on our gross profit
margins in future quarters.We continue to see 2014 as a major year
of growth for the company and I believe that we have reached the
scale required to run a profitable business while also expanding
quickly through strategic acquisitions and new branch
locations."
Labor SMART will discuss these results and other developments at
the company during a conference call scheduled for 10 a.m. ET on
Thursday, August 14. Callers may dial toll-free 855-582-8078 with
conference ID: 82219278. Additional details will be
forthcoming.
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.
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:
Beverly Jedynak
Martin E. Janis & Company, Inc.
312-943-1123
bjedynak@janispr.com
SOURCE: Labor SMART, Inc.
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