Staffing 360 Solutions (NASDAQ: STAF) reported a 20.5% revenue decline to $58.7 million in Q1 2020, primarily due to COVID-19 impacts and the loss of a low-margin UK client. Gross profit fell by 12.1% to $10.6 million, but gross margin improved to 18.1%. The company faced a net loss of $7 million, driven by a goodwill impairment charge. However, cash flow improved from a negative $2.9 million in Q1 2019 to breakeven in Q1 2020. Management remains cautiously optimistic about gradual revenue recovery and expects positive impacts from government stimulus assistance totaling $20.7 million.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) will release its Fiscal 2020 Q1 financial results on June 26, 2020, after market close. A conference call is scheduled for June 29, 2020, at 9:00 am ET to discuss the results, the impact of COVID-19, and recent positive developments. The company follows an international buy-integrate-build strategy, aiming to achieve $500 million in annual profitable revenues by consolidating staffing organizations in various sectors. More details available on their website.
Staffing 360 Solutions, Inc. (STAF) reported its Fiscal 2019 financial results, revealing a 6.7% revenue growth to $278.5 million. Despite an improved net loss of $4.9 million compared to $6.5 million in Fiscal 2018, gross profit remained flat at $48.3 million. Notably, Q4 2019 revenue declined by 13.8% to $63.8 million due to a low-margin client exit. However, EBITDA rose 18.1% to $6.6 million for the full year. The company aims to enhance its performance in 2020 amidst COVID-19 challenges.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) will announce its 2019 year-end financial results on May 11, 2020, post-market close. A conference call is scheduled for May 12, 2020, at 9:30 AM ET to discuss these results and the impact of COVID-19 on business operations. The firm is focused on a buy-integrate-build strategy in staffing, aiming for $500 million in profitable revenues through targeted acquisitions in sectors like finance, IT, and engineering. Interested parties can participate via dial-in or online streaming.