Smart-Tek Solutions, Inc. Projects Quarter Revenue Increase of 113.3% Over the Prior Year Period
NEWPORT BEACH, Calif., Aug. 17, 2011 /PRNewswire/ -- Smart-Tek Automated Services, Inc., (OTC Market: STTN) projects reporting Quarterly Sales Increase of 113.3%. During the three month period ended June 2011, Smart-Tek had net revenues of $6.4 million versus $3.0 million the same period prior year. Compared to the March 2011 prior quarter, revenue increased 1.9 million or 45.6%. On a year-to-date basis Smart-Tek will report revenue of $10.6 million versus $5.4 million the same period prior year for an increase of approximately 96.3%. The company anticipates strong revenue growth through the year. Year to date the Company will be reporting a loss of $235,808 as a result of a one-time charge for clean-up of receivables plus the cost of issuing shares to management. Management anticipates that the business of our subsidiary, Smart-Tek Automated Services, Inc. will continue to grow and show a profit for the year.
"I expect continued growth in our business segment throughout 2011 as the demand for better Human Resource (HR) Outsourcing solutions from small to medium sized business owners continues to grow," commented Brian Bonar, CEO.
Mr. Bonar went on to comment that financial results are on target with the Company's forecast and that the company is on track for another year of solid growth. Smart-Tek's Form 10Q will be filed shortly upon final review of the financials by our auditors. www.smart-tekservices.com
About Smart-Tek Solutions, Inc:
The parent, Smart-Tek Solutions, Inc., generates revenue from its wholly owned subsidiary Smart-Tek Automated Services, Inc.
About Smart-Tek Automated Services, Inc.:
Smart-Tek Automated Services, Inc. provides financial services to small and medium-size businesses, relieving our clients from many of the day-to-day tasks that negatively impact their core business operations, such as payroll processing, human resources support, workers' compensation insurance, safety programs, employee benefits, and other administrative and aftermarket services predominantly related to staffing: staff leasing, temporary staffing and co-employment. It not only provides core services, but a wide selection of employee and employer benefits and aftermarket products.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones and marketing arrangements and plans. Estimated revenues from its Smart-Tek Solutions, Inc. subsidiary are somewhat subjective and based on information available to the Company at the time of the determination. Also, such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the continued growth of business as planned including the fruition of new agreements in hand, existing business staying intact, and our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and potential international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K for the year ended , and its subsequent filings with the SEC.
SOURCE Smart-Tek Solutions, Inc.