This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Corporate Resource Services Announces Third Quarter 2013 Results

Stocks in this article: CRRS

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

Select the service that is right for you!

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 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • 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