Labor SMART, Inc. (OTCQB: LTNC) (the "Company"), a leader in providing on-demand blue collar staffing primarily in the southeastern United States, today announced that the Company continued to post record revenue for August, even as it culled a large amount of revenue from its book of business in July. Additionally, the Company announced that Year-to-Date revenue for 2014 has exceeded $16,000,000.
Company-wide revenue for the five week month ended August 29, 2014 was $2.641 million, a 25.22% increase compared to August 2013 revenue of $2.109 million. Among the 14 branches open one year or more at August 29, 2014 revenue was up two percent, affected by the culling of low margin and high risk business in July that represented a year-over-year reduction of $375,968 during the month of August.
"In August we continued to transition Labor SMART into a stronger company as a result of our becoming substantially self-insured in 14 states. Our revenue growth continues, as well as very aggressive year-over-year gross margin improvements of more than 500 basis points for the month of August."
Labor SMART, Inc. provides On-Demand temporary labor to a variety of industries through 30 offices. 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.
Martin E. Janis & Company, Inc.
SOURCE: Labor SMART, Inc.