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.
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SOURCE: Labor SMART, Inc.