Staffing 360 Solutions, Inc (STAF) saw its loss widen to $3.45 million in the quarter ended compared with $2.76 million a year ago. Revenue during the quarter dropped 5.67 percent to $40.71 million from $43.16 million in the previous year period. Gross margin for the quarter expanded 125 basis points over the previous year period to 17.99 percent. Operating margin for the quarter stood at negative 2.61 percent as compared to a negative 2.65 percent for the previous year period.
Operating loss for the quarter was $1.06 million, compared with an operating loss of $1.14 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.04 million compared with $0.71 million in the prior year period. At the same time, adjusted EBITDA margin improved 90 basis points in the quarter to 2.55 percent from 1.65 percent in the last year period.
“We are pleased to report our first results after changing our fiscal year to approximate a calendar year-end,” stated Brendan Flood, Executive Chairman of Staffing 360 Solutions. “As mentioned in our pre-announcement last week, although this is seasonally our weakest quarter of the year, our gross profit and margin continued to improve, our SG&A overheads reduced and this led to continued growth in our Adjusted EBITDA with an increase of 46% compared to the same period last year.”
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