ATLANTA, Nov. 20, 2012 /PRNewswire/ -- Labor SMART, Inc. (OTCQB: LTNC), an emerging provider of on-demand temporary labor, released their 3 rd Quarter and Year to Date results.
In their third quarter, the Company reported revenues of $2,152,243 resulting in a 26% increase in sales over their second quarter revenues of $1,710,324 and an 82% increase over their first quarter of $1,183,716 for 2012. The Company showed a gross profit of $376,162 with a loss of $134,589 for the 3 rd quarter, which was attributed to non-cash charges associated with the issuance of various warrants and stock options and increased costs associated with the factoring of their accounts receivables due to the exponential sales growth they have been experiencing this year. However, excluding the non-cash charges, the Company has been showing steady progress in bolstering its income from operations.
The Company also reported total YTD revenues of $5,046,283 with $852,470 in gross profits and a slight loss of $108,073 in net income for the first nine months ending September 30, 2012.
Labor SMART is also pleased to announce that they have received clearance by the Depository Trust Company for its DTC eligibility. Labor Smart's stock can now transfer electronically.Ryan Schadel, Labor SMART's CEO, stated, "Our 3 rd quarter has proven to be our strongest revenue producing quarter year-to-date. Minus the paper write-offs, our operations continue to show strong growth in a relatively unstable market and economy. We are now in the process of implementing our operational growth strategy for 2013 and look forward to continuing our exceptional growth while focusing on bottom line profits." He also stated, "We are also very pleased with the recent approval by the Depository Trust Company for Labor Smart's participation with the electronic transfer process of its shares. We are confident that this acceptance will now broaden the scope of our investor base and add increased liquidity to our stock." About Labor SMART, Inc.