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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. (NASDAQ: STAF) announced that CEO Brendan Flood will present a corporate overview and discuss Q2 growth at the Sidoti Virtual Microcap Conference on August 19, 2021, at 8:30 AM ET. The company focuses on an international buy-integrate-build strategy, targeting domestic and international staffing acquisitions, particularly in finance, accounting, IT, and light industrial sectors. For more details, visit the conference webpage.
Staffing 360 Solutions (NASDAQ:STAF) announced that CEO Brendan Flood will present at the SNN Network Summer Virtual Event on August 18, 2021, at 8:30 AM ET. The presentation will cover the company’s Q2 growth and future outlook. Interested investors can register for the event and access a replay via the provided web links. Staffing 360 Solutions pursues an international buy-integrate-build strategy in staffing, focusing on sectors such as finance, IT, and engineering. For more details, visit their official website.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) announced the appointment of Vincent J. Cebula to its Board, expanding it to six members. Cebula brings over 35 years of experience in private equity and investment banking, having served in leadership roles at notable firms. His expertise is expected to aid Staffing 360 in capitalizing on the improving employment landscape post-pandemic. CEO Brendan Flood highlighted Cebula's skills in corporate governance and capital markets as vital for the company's goal of achieving $500 million in revenue.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) announced its decision to mandate COVID-19 vaccinations for all U.S. employees as part of its commitment to workplace safety. The policy will be effective by September 13th, with exceptions for approved medical and religious accommodations. In the UK, 95% of staff have voluntarily chosen to be vaccinated. CEO Brendan Flood emphasized the importance of vaccinations for protecting employees and the community. The company aims to enhance safety similar to other major companies that have taken similar actions.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) will hold a conference call on August 12, 2021, at 9:00 am ET to discuss its fiscal second quarter and six-month financial results. The company announced that it achieved full forgiveness of $19.4 million in Paycheck Protection Program loans and a 70.4% reduction in debt over the past year. The call will also cover recent revenue and gross profit growth. A press release with details will be issued after market close on August 11, 2021.
Staffing 360 Solutions, Inc. (STAF) announced the closing of a registered direct offering of 2,199,132 shares at $3.45 per share, generating gross proceeds of approximately $7.58 million. The company plans to use the funds to pay down existing debt and for working capital. Investors received unregistered warrants for 1,099,566 shares at an exercise price of $3.80. H.C. Wainwright & Co. acted as the exclusive placement agent. The offering is conducted under a shelf registration statement effective since April 2019.
Staffing 360 Solutions, Inc. (STAF) announced a registered direct offering of 2,199,132 shares of common stock at $3.45 per share, yielding approximately $7.58 million in gross proceeds. The deal includes unregistered warrants for 1,099,566 shares with an exercise price of $3.80. The company plans to use the net proceeds to redeem part of its outstanding note and Series G Preferred Stock, along with general working capital needs. The offering is expected to close around July 23, 2021, subject to customary closing conditions.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) announced a 1-for-6 reverse stock split effective June 30, 2021, to comply with NASDAQ's $1 minimum bid requirement. This will reduce shares outstanding from approximately 39.17 million to 6.53 million. Shareholders' equity interests remain unchanged, except for fractional shares, which will round up. CEO Brendan Flood highlighted recent forgiveness of a $10 million PPP loan and anticipated 20% revenue growth for Q2, as well as a strategy to build a $500 million revenue company.
Staffing 360 Solutions (STAF) announced substantial financial improvements for Q2 2021, expecting approximately 20% revenue growth year-over-year and a switch from a $1.5 million loss to an operating profit of $457,000. The company attributes this to enhanced gross profit and cost-saving initiatives, reducing operating expenses to $8.2 million. Additionally, the forgiveness of a $10 million PPP loan aids in debt reduction efforts. With these results, STAF anticipates a positive net income for the quarter ending July 3, 2021, signaling a strong recovery following the pandemic.
Staffing 360 Solutions (NASDAQ: STAF) announced its Q1 2021 financial results, reporting a 16.6% decline in revenue to $49.0 million compared to Q1 2020. Gross profit fell 24.7% to $8.0 million. Despite these declines, the company narrowed its operating loss to $0.6 million from $4.1 million in Q1 2020, and its net loss improved to $1.7 million. EBITDA turned positive at $0.3 million, enhancing the balance sheet with a 41.4% debt reduction. The company has signed over 60 new contracts this year, indicating a gradual recovery.
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