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

Stocks in this article: CRRS

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.”

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