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
TheStreet Open House

Corporate Resource Services Announces 1st Quarter Results

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs