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, Inc. Reports 85% Increase In Revenues, Expects Profitability In 2013

Corporate Resource Services, Inc. (OTCBB: CRRS), a diversified staffing, recruiting, and consulting services firm providing managed services and trained employees in the areas of Insurance, Information Technology, Accounting, Legal, Engineering, Science, Healthcare, Life Sciences, Creative Services, Hospitality, Retail, General Business and Light Industrial work, reported results for the quarter and fiscal year ended September 28, 2012 in its Annual Report on Form 10K filed with the Securities and Exchange Commission on December 21, 2012. Those results included record quarterly revenues of $179.7 million, an increase of 19.6% over the same quarter in 2011, which had been adjusted to include the results of an acquisition accounted for under the pooling of interests method. Quarterly revenues increased 81.2% prior to the adjustment. Full year revenues increased 85.3% to $639.8 million,the greatest annual increase in revenues in CRS history.

“We are pleased with our rapid growth in revenues over the past year as we have made excellent progress towards our goal of reaching $1 billion in sales,” said John Messina, CEO of Corporate Resource Services. “While we expect our top-line growth to continue to outpace the industry, we have also begun to focus on integrating our acquired operations, eliminating redundant expenditures and improving our bottom line. We expect that these efforts will yield increased profitability going forward.”

For the quarter ended September 28, 2012, the Company reported net income of $1.0 million, its first profitable quarter since December 2011. “Our integration efforts have helped us return to profitability and are beginning to lay the foundation for expected financial results at profit margins that are more in line with our peers,” said Mike Golde, Chief Financial Officer of Corporate Resource Services. “While we reported a net loss of $3.4 million for the full fiscal year, many expenses that contributed to that loss will not be part of our cost structure going forward. We are also seeing significant growth in the higher margin sectors of our industry including healthcare, IT, and insurance services and we are continuing to lay the groundwork for higher margin offerings to our current clients. Additionally, we have begun looking at our options towards listing on an exchange such as the NASDAQ Stock Market or the New York Stock Exchange.”

1 of 3

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


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs