HIRAM, GA-- January 2, 2014 - Labor SMART, Inc. (OTCQB: LTNC) (the "Company") an emerging provider of on-demand temporary staffing, today announced year end revenues of $16,558,149 as the Company closes out 2013.
In a Year-Over-Year (YOY) comparison, the Company recorded revenues of $16,558,149 for 2013 vs. $7,175,846 in 2012, reflecting a significant 130.7% revenue increase over the preceding 12 month period.
A recent article titled, "Staffing 2014: Next Year's Hiring Supermodels" predicts continued prospects of growth in profitable niches with staffing firms that provide just-in-time labor at an unprecedented level of service, leading the way. The article goes on to quote, "Temporary employment is near a historic high in terms of penetration of the labor market" and states, "Employment in temporary help services reached 2.7 million in July 2013, up by 170,000 from a year earlier and nearly a million higher than in 2009, according to a report from the Bureau of Labor Statistics."
Research Analyst, Timothy Landhuis of the U.S. Staffing Industry, recently wrote a report forecasting approximately $6 billion in new orders for the $100 billion industry in 2014, which he determined is a significant increase for the temporary staffing industry.
Ryan Schadel, Labor SMART's CEO, stated, "Undoubtedly, we have positioned ourselves to be in the right place at the right time within the on-demand labor industry. This last year proved to be an important stepping stone in validating the success of our strategic business model with our ability to show exponential growth, asset accumulation and increased gross margins. Our model also shows that as our business scales, profitability scales with it, which we feel will eventually turn into positive net income as we continue to mature and obtain additional critical mass." He also stated, "Our 2014 strategic growth plans are already being implemented, as we anticipate a fast start for Labor SMART in the new year, with continued exponential growth and greater market penetration.
The Company also confirmed that it elected to prepay the convertible promissory note dated June 4, 2013 for the principle amount of $106,000. No shares were issued as part of the prepayment.
Staffing 2014: Next Year's Hiring Supermodels Article:
About Labor SMART, Inc.
Labor SMART, Inc. provides On-Demand temporary labor to a variety of industries. Our clients range from small businesses to fortune 100 companies. Labor SMART was founded to provide a reliable, dependable, and flexible resource for on-demand personnel to small and large businesses. Every day we provide manpower for jobs in construction, manufacturing, hospitality, events, restoration, warehousing, retail, disaster relief and more. As one of the fastest growing temporary labor providers, our goal is to become a nationwide resource and partner for our clients. We take pride in the belief that we can make a positive impact each and every day for the benefit of both our client and our temporary employees. Our mission is to be the provider of choice to our growing community of customers, with a service focused approach, that positions us as a resource and partner for their business.
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 Securities and Exchange Commission.
Public Relations and Shareholder Information
Joseph M. Vazquez III
Phone: (678) 279-5810
SOURCE: Labor SMART, Inc.