Staffing 360 Solutions Pre-Announces Fiscal Year 2016 Revenue of $165 Million, up 28% Over Prior Year

Revenue for the Fiscal Fourth Quarter Expected to Be $44 Million, a 38% Increase Over the Same Period Last Year of $32 Million

 

NEW YORK, NY--(June 09, 2016) -Staffing 360 Solutions, Inc. (STAF), a public company executing a global buy-and-build strategy through the acquisition of staffing organizations in the US and the UK, today announced that it expects the Company's reported revenue for fiscal year 2016 to be $165 million, an increase of 28% compared to fiscal year 2015 revenue of $129 million.

 

For the fourth quarter ended May 31, 2016, the Company expects revenue to be $44 million, an increase of 38% compared to the same period last year of $32 million.

 

The Company expects to announce its financial results for the fiscal year ended May 31, 2016 via press release and Form 10-K before the SEC filing deadline, along with an earnings conference call.

"We continue to achieve record quarterly revenue, bringing our annual run-rate in excess of the $175 million level," stated Brendan Flood, Executive Chairman of Staffing 360 Solutions. "Compared to $129 million last year, this is a major testament to our consolidation strategy. Our most recent fiscal year includes the acquisitions of Lighthouse Placement Services and The JM Group, two great additions to the Staffing 360 story. As we continue to grow and complete acquisitions, we remain highly focused on boosting our top line and realizing cost synergies."

 

Matt Briand, President and CEO of Staffing 360 Solutions, further remarked, "Achieving this level of revenue is a remarkable achievement for our management team and our employees alike. We look forward to sharing more details shortly when we announce our full results. This will be the largest single quarterly revenue figure in the company's history."

 

Staffing 360 Solutions believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The management team has been engaged in the development of a comprehensive program to create a robust pipeline of prospective acquisitions, with a longer term objective of driving annual revenues to $300 million.

 

For more information about Staffing 360 Solutions and complete investor materials such as investor presentations, white papers and webcasts of past earnings calls, please visit:

 

www.staffing360solutions.com/res.html

 

About Staffing 360 Solutions, Inc.

 

Staffing 360 Solutions, Inc. (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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Forward-Looking Statements

 

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 it 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.

 

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Contact:

Investor Relations Firm:

PCG Advisory Group

Stephanie Prince

Managing Director

646.762.4518

Email contact

 

 

Corporate Investor 

Staffing 360 Solutions, Inc.

Darren Minton

Executive Vice President

212.634.6413

Email contact

 

 

Financial 

Staffing 360 Solutions, Inc.

David Faiman

Chief Financial Officer

212.634.6410

Email contact