Labor SMART, Inc. Surpasses $5 Million in YTD Revenues and Sees 26% Revenue Increase for 3rd Quarter Company Also Announces Recent Approval For DTC Eligibility
ATLANTA, Nov. 20, 2012 /PRNewswire/ -- Labor SMART, Inc. (OTCQB: LTNC), an emerging provider of on-demand temporary labor, released their 3rd Quarter and Year to Date results.
In their third quarter, the Company reported revenues of $2,152,243 resulting in a 26% increase in sales over their second quarter revenues of $1,710,324 and an 82% increase over their first quarter of $1,183,716 for 2012. The Company showed a gross profit of $376,162 with a loss of $134,589 for the 3rd quarter, which was attributed to non-cash charges associated with the issuance of various warrants and stock options and increased costs associated with the factoring of their accounts receivables due to the exponential sales growth they have been experiencing this year. However, excluding the non-cash charges, the Company has been showing steady progress in bolstering its income from operations.
The Company also reported total YTD revenues of $5,046,283 with $852,470 in gross profits and a slight loss of $108,073 in net income for the first nine months ending September 30, 2012.
Labor SMART is also pleased to announce that they have received clearance by the Depository Trust Company for its DTC eligibility. Labor Smart's stock can now transfer electronically.
Ryan Schadel, Labor SMART's CEO, stated, "Our 3rd quarter has proven to be our strongest revenue producing quarter year-to-date. Minus the paper write-offs, our operations continue to show strong growth in a relatively unstable market and economy. We are now in the process of implementing our operational growth strategy for 2013 and look forward to continuing our exceptional growth while focusing on bottom line profits." He also stated, "We are also very pleased with the recent approval by the Depository Trust Company for Labor Smart's participation with the electronic transfer process of its shares. We are confident that this acceptance will now broaden the scope of our investor base and add increased liquidity to our stock."
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.