Welcome to our dedicated page for Staffing 360 Solutions news (Ticker: STAF), a resource for investors and traders seeking the latest updates and insights on Staffing 360 Solutions stock.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) is a publicly traded company specializing in the staffing sector. The company employs a global buy-integrate-build strategy focused on acquiring staffing organizations in the United States and the United Kingdom. Their business model is built around consolidating companies in the finance, accounting, administrative, engineering, IT, and light industrial staffing sectors.
Operating through distinct segments – Commercial-U.S., Professional-U.S., and Professional-UK – Staffing 360 Solutions aims to achieve $300 million in annual revenues through strategic acquisitions. With operations spanning the U.S., UK, and Canada, the company remains committed to integrating acquired entities to optimize business performance and deliver significant value to shareholders.
The company recently reported its first and second quarter 2023 financial results, showing nearly 27% year-over-year revenue growth in the first quarter and positive adjusted EBITDA, despite various economic challenges. Brendan Flood, Chairman, CEO, and President, emphasized the successful execution of their growth strategy and the potential for continued revenue growth and margin improvements.
In the second quarter, the company faced significant industry challenges, including cautious client spending and softer margins due to increased workers' compensation costs and a weakened permanent placement market. Nonetheless, Staffing 360 Solutions continues to monitor market conditions and adapt its strategies accordingly.
Looking ahead, the company has outlined a strategic shift to focus exclusively on the U.S. staffing market, aiming to leverage the expected 12.7% market growth from 2022 to 2030. Divesting their UK business will allow them to concentrate resources on the U.S. market, enhancing their ability to meet client needs and drive growth.
For more information, visit www.staffing360solutions.com and follow Staffing 360 Solutions on Facebook, LinkedIn, and Twitter.
Staffing 360 Solutions, Inc. (STAF) has completed the acquisition of Headway Workforce Solutions for up to $14 million, combining stock and cash. The deal includes $9 million in preferred stock, convertible to 3.5 million common shares, and an additional $5 million through an earn-out. Headway reported $85 million in revenues for 2021 and enhances STAF's national footprint and technological capabilities in e-recruiting. The acquisition aims to support STAF's goal of reaching a profitable $500 million revenue enterprise.
Staffing 360 Solutions, Inc. (STAF) announced a dividend of one one-thousandth of a share of newly designated Series J Preferred Stock for each outstanding common stock share held by record on May 13, 2022. This preferred stock will vote with common stock on reverse stock split matters, offering 1,000,000 votes per share. Non-attending shares at the meeting will be automatically redeemed. The stock's transferability is restricted, and further details will be in a Form 8-K report filed with the SEC.
Staffing 360 Solutions, Inc. (STAF) received a notice from Nasdaq regarding a delinquency in filing its Form 10-K for the fiscal year ending January 1, 2022. The company plans to file the report post-audit completion. In a previous communication, Nasdaq granted a continued listing subject to specific compliance actions, including shareholder approval for a reverse stock split by May 26, 2022. The company remains confident in meeting these compliance requirements despite the filing delays.
Staffing 360 Solutions (NASDAQ: STAF) announced an agreement to acquire Headway Workforce Solutions for up to $14 million, comprising $9 million in preferred stock and up to $5 million in cash earn-out. Headway, with $85 million in revenues for 2021, enhances STAF's national workforce solutions capabilities across all 50 states, focusing on recruitment and staffing. This acquisition aims to address the growing labor demand and improve operational margins through advanced technology and processes.
Staffing 360 Solutions, Inc. (STAF) announces that four of its staffing brands have received prestigious service awards, showcasing their commitment to client satisfaction. Monroe Staffing Services, Key Resources Inc, and Lighthouse Professional Services were recognized by ClearlyRated, with Monroe receiving its Diamond Award for the fifth consecutive year. CBSbutler earned the Platinum Feefo Trusted Service award for the second year. These accolades reflect the companies' high client satisfaction scores, significantly exceeding industry averages, which bolsters their reputation in the staffing industry.
Staffing 360 Solutions, Inc. (STAF) announced the results from its 2021 Special Meeting of Stockholders, where approximately 66.97% of shares were voted. All three proposals passed, including an amendment to increase authorized shares to 200 million, with 54.63% voting in favor. The second proposal received 54.11% support, and the third proposal to increase shares available under the 2021 Omnibus Incentive Plan to 5 million garnered 86.21% approval. CEO Brendan Flood emphasized the importance of these measures for future growth through M&A and business expansion.
Staffing 360 Solutions (NASDAQ: STAF) has reported its Q3 2021 financial results, highlighting a net income of $8.7 million, a significant improvement from a net loss of $2.6 million in Q3 2020. Revenue slightly declined by 2.3% to $47.5 million, but gross profit rose by 15.6% to $9.6 million. The company narrowed its loss from operations to $0.5 million and achieved a basic EPS of $0.70, up from a loss of $2.34 in the prior year. Year-to-date, net income reached $14.9 million with EBITDA climbing to $20.5 million.
Staffing 360 Solutions, Inc. (STAF) plans to report its fiscal third quarter and nine-month financial results after the market closes on November 15, 2021. A conference call to discuss these results, along with updates on the COVID-19 impact and business developments, is scheduled for November 16, 2021, at 9:00 AM ET. The company pursues a buy-integrate-build strategy through acquisitions in the staffing sector, focusing on finance, IT, and engineering staffing.
Staffing 360 Solutions, Inc. (STAF) has announced the closing of a private placement, issuing 4,683,547 shares priced at $1.975 each, raising approximately $9.25 million. The company also issued warrants for the same number of shares, exercisable at $1.85. Proceeds will be used primarily for debt repayment, enabling an estimated reduction of debt to $9.36 million from $55.37 million. H.C. Wainwright & Co. acted as the exclusive placement agent. The company is required to file a registration statement with the SEC covering the resale of these shares within 15 days.
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