This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Corporate Resource Services Reports Third Quarter Results

Corporate Resource Services, Inc. (OTCBB:CRRS), a national provider of diversified staffing, recruiting and consulting services, today reported results for its third quarter ended June 30, 2010. The Company’s quarterly results were materially impacted by its acquisition of certain assets of GT Systems on April 5, 2010.

Revenues for the third quarter increased to $32.5 million from $12.8 million in the third quarter of fiscal 2009. The increase of approximately 150% is primarily attributable to revenues generated as a result of the acquisition by the Company of certain assets of GT Systems. Since the acquisition, the acquired business has been operated by the Company’s wholly owned subsidiary, Corporate Resource Development (CRD). The balance of the increase is attributable to additional demand from existing customers, which the Company attributes to improvements in the industry as well as the Company’s ordinary business cycle.

Direct cost of services increased for the quarter to $25.9 million from approximately $11.1 million in the 2009 comparable period, an increase of approximately 130%. The increase in direct cost of services is a direct result of the increase in business and revenue. Gross profit increased by approximately 310% to $6.6 million from $1.6 million. The Company’s gross profit margin for the third quarter of fiscal 2010, as a percentage of revenues, was approximately 20%, as compared with a 13% gross margin for the third quarter of fiscal 2009. The increase in gross profit and in margins was a result of the gross profit generated from the higher margin CRD business following the April acquisition, all of which was realized during the third fiscal quarter.

The Company reported a net loss for the three months ended June 30, 2010 of $736,000, or ($.03) per share, versus a net loss of $75,000, or $.00 per share in the 2009 period. The increase in net loss was due to increases in marketing, selling and administrative expenses due to the acquisition, transaction costs associated with the acquisition and increases in interest expense due to acquisition financing incurred during the quarter.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CRRS $0.00 0.00%
AAPL $117.34 -0.81%
FB $107.12 2.76%
GOOG $767.04 3.29%
TSLA $237.19 3.01%


Chart of I:DJI
DOW 17,888.35 +168.43 0.95%
S&P 500 2,102.63 +22.22 1.07%
NASDAQ 5,156.3060 +47.64 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs