Corporate Resource Services, Inc. (OTCBB: CRRS), a national provider of temporary and permanent staffing services (the “Company”), today announced results for its first fiscal quarter of 2011.
Our revenue for the first fiscal quarter of 2011 totaled $44.9 million, an increase of $22.7 million, or 116.8%, as compared to the corresponding quarter in fiscal year 2010. The revenue increase was primarily attributable to the acquisition of the businesses of Insurance Overload Services, Inc. (“Insurance Overload”), Corporate Resource Development, Inc. (“CRD”) and Integrated Consulting Group, Inc. (“ICG”) during the last year. These three businesses increased revenues by $1.5 million, $18.6 million and $1.6 million, respectively. ICG’s business was acquired on December 14, 2010, and therefore, ICG’s results are only included during the last two and one-half weeks of the quarter. Additionally, the business of Accountabilities, Inc. (“Accountabilities”) experienced increased revenues in the first fiscal quarter of 2011 of $2.5 million, or 18%, as compared to the comparable period in fiscal 2010.
On August 27, 2010, Insurance Overload acquired Tri-Overload Staffing, Inc (“Tri-Overload”) from a common owner of the Company. Accordingly, this acquisition has been accounted for as a pooling of interest. As a result, all previously reported financial information with respect to the Company has been restated to include the operating results of Tri-Overload. The Company’s revenue for the first quarter of fiscal 2010 was restated to include $6.6 million, which amount is attributable to revenue earned by Tri-Overload during this period.
Our income from operations increased $983,000 to $941,000 during the first fiscal quarter of 2011, from a loss of ($42,000) in the corresponding period of fiscal 2010 (which amount was restated to include income of $476,000 at Insurance Overload). Accountabilities’ income from operations improved $585,000 during our first fiscal quarter of 2011. Income from operations improved at Insurance Overload as well, growing to $1.5 million in the comparable 2011 period. These improvements were offset by losses from operations at CRD and ICG.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV