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 Announces Third Quarter 2013 Results

Corporate Resource Services, Inc. (NASDAQ:CRRS), a diversified technology, staffing, recruiting, and consulting services firm, today announced results for the third quarter ended October 4, 2013, which included quarterly revenues of $209.0 million, an increase of 16% over the same quarter in 2012, while gross margins increased 40 basis points and SG&A expense as a percentage of revenue continued to drop – from 10.2% for the same quarter in 2012, to 9.4% this quarter. Adjusted EBITDA for the quarter was $6.7 million and net income improved to a record $4.4 million. This is the fifth consecutive quarter of profitability for the Company.

“Our results for the third quarter reflect our continued success at executing on strategic initiatives aimed at improving profitability,” said John Messina, CEO of Corporate Resource Services. “We continue to generate superior top-line growth and are very focused on controlling expenses. We believe that we will be able to continue this trend of improving margins and have set long-term goals to be among the best in our industry.”

“Through our management of expenses both above and below the gross margin line and our focus on offering higher margin services, we are making excellent progress in improving our profitability,” said Michael J. Golde, Chief Financial Officer of CRS. “We are committed to generating higher margins on the full suite of services we offer to our clients, and we expect that our profitability will continue to improve. For the first nine months of the year, we grew revenues by more than 25%, improved our adjusted EBITDA by $11.1 million and increased our net income by $10.1 million.”

Third Quarter 2013 Results

Our revenues for the third quarter 2013 were $209.0 million, an increase of $28.6 million, or 15.8% compared to revenues of $180.4 million for the three months ended September 28, 2012, restated to reflect the pooling of interest accounting relating to the Summit Software acquisition. Prior to the effect of this restatement, revenues increased by 16.3%. Part of the increase in revenues is attributable to acquisitions that we made late in 2012 and in 2013 that added $6.9 million in revenues. We believe that the 12.0% organic growth in revenues will be among the industry leaders.

1 of 5

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 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs