SAN DIEGO, May 22, 2012 /PRNewswire/ -- (OTC Markets: STTN) -- Smart-Tek Solutions, Inc. reported a 54 percent increase in consolidated revenues for the three months ending March 31, 2012 and 2011
Revenues were $6,480,991 and $4,221,806 respectively, for an increase of $2,259,185 over the same period in 2011.
The increase was attributable to a net increase in our payroll and staffing business through the company's subsidiary, Smart-Tek Automated Services Inc.
The Company incurred a net operation loss of $1.7 million for the three-month period ended March 31, 2012, a reduction of the quarterly loss by approximately $2 million from the December 2011 fourth quarter results and approximately $1.3 million from the September 2011 third quarter results.
Detailed statements are provided with the company's Form 10Q filed with the Securities and Exchange Commission.
About Smart-Tek Solutions, Inc:
Smart-Tek Solutions, Inc. has two business lines;
Smart-Tek Automated Services, Inc., provides financial services to small and medium-size businesses, relieving its 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.
The Company's nurse staffing operations provide staffing services to hospitals, medical clinics, surgical centers, and nursing care to patients in their homes.
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.