ATLANTA, Aug. 21, 2012 /PRNewswire/ -- Labor SMART, Inc. (OTCQB: LTNC) released 2nd Quarter and first six month results.
For the second quarter, the Company reported revenues of $1,710,324 resulting in a 44% increase over first quarter revenues of $1,183,716 for 2012. The Company reported operating income of $39397 and a net loss of $8,252 for the 2nd quarter which was attributed to one-time extraordinary costs associated with taking the Company public and increased costs associated with accounts receivable financing due to the exponential sales growth experienced this year.
The Company reported total revenues of $2,894,040, $86,837 in operating income and $26,516 net income for the first six months ending June 30, 2012.
Labor SMART also announced the successful opening of two additional offices in the second quarter, bringing the current total to six offices within the states of Alabama, Georgia, South Carolina and Tennessee. The increase of four offices this year is attributed to current demand for Labor SMART's services in these geographical areas.
Ryan Schadel, Labor SMART's CEO, stated, "We are extremely pleased with the results of our current financial statement." He also stated, "We have successfully implemented a strategic business model that has allowed us to show exponential growth and profits in an extremely difficult economy. Although we are very happy with a 44% increase in revenue over our previous quarter, we anticipate continued growth through increased sales in the upcoming 3rd and 4th quarters of this year."
About Labor SMART, Inc.
Labor SMART, Inc. provides On-Demand temporary labor to a variety of industries. Our clients range from small businesses to fortune 100 companies. Labor SMART was founded to provide a reliable, dependable, and flexible resource for on-demand personnel to small and large businesses. Every day we provide manpower for jobs in construction, manufacturing, hospitality, events, restoration, warehousing, retail, disaster relief and more. As one of the fastest growing temporary labor providers, our goal is to become a nationwide resource and partner for our clients. We take pride in the belief that we can make a positive impact each and every day for the benefit of both our client and our temporary employees. Our mission is to be the provider of choice to our growing community of customers, with a service focused approach, that positions us as a resource and partner for their business.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Labor SMART, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Labor SMART, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Labor SMART, Inc.'s filings with the Securities and Exchange Commission.
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SOURCE Labor SMART, Inc.