Staffing 360 Solutions Reports 2018 Fourth Quarter and Fiscal Year-End Results

NEW YORK, March 20, 2019 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. (NASDAQ: STAF), a company executing an international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom, today announced its Fiscal 2018 Year-End financial results.

Q4 2018 Highlights

• Revenue grew by 24.6% to $74.1 million, from $59.5 million in Q4 ’17
• Gross profit grew by 3.6% to $12.3 million, from $11.9 million in Q4 ’17
• Gross margin was 16.7% compared with 20% in Q4 ’17
• Income from operations of $1.3 million compared with a loss from operations of $5.4 million in Q4 ’17
• Net loss of $1.4 million compared with net loss of $7.3 million in Q4 ’17
• EBITDA of $2.0 million compared with EBITDA loss of $3.3 million in Q4 ’17
• Adjusted EBITDA of $2.8 million was flat compared to Q4 ’17
• EPS loss of ($0.29) compared with a loss of ($2.20) per share in Q4 ’17

Brendan Flood, Chairman and Chief Executive Officer said, “2018 was a very successful year by any standard. We continue to grow…we continue to improve already positive EBITDA and Adjusted EBITDA…and we continue to march toward net profit, which we expect to happen in the current year.”

Fiscal 2018 Highlights

• Revenue grew by $68.3 million, or 35.4%, to $260.9 million
• Gross profit grew by $11.6 million, or 31.5%, to $48.3 million
• Gross margin of 18.5% compared with 19.1% in Fiscal 2017
• Net loss of $6.5 million compared with net loss of $18.5 million in Fiscal 2017
• EBITDA of $5.6 million compared with an EBITDA loss of $7.5 million in Fiscal 2017
• Adjusted EBITDA of $9 million as compared with $7.4 million in Fiscal 2017
• EPS loss of $1.57 compared with Fiscal 2017 EPS loss of $7.39

Use of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA are non-GAAP financial measures.  Other companies may have different definitions of these non-GAAP financial measures, and as a result they may not be comparable with non-GAAP financial measures provided by other companies. EBITDA and Adjusted EBITDA are calculated in a manner consistent with that shown in the table at the end of this press release and should not be considered alternatives to measurements required by U.S. GAAP, such as net revenue, operating profit or net income, and should not be considered a measure of the Company’s liquidity.

The Company uses these non-GAAP financial measures, among several other metrics, to assess and analyze its operational results and trends. The Company also believes these measures are useful to investors because they are common operating performance metrics as well as metrics routinely used to assess potential enterprise value.

Conference Call
The Company will host a conference call focusing on financial results, recent business developments and growth initiatives on Thursday, March 21, 2019 at 9:00am Eastern Time.

The Participant Dial-In Number for the conference call is 1-631-891-4304. Participants should dial in to the call at least five minutes before 9:00am ET on March 21, 2019. The call can also be accessed "live" online at http://public.viavid.com/index.php?id=133679. A replay of the recorded call will be available for 90 days on the Company's website (http://www.staffing360solutions.com/res.html).

You can also listen to a replay of the call by dialing 1-844-512-2921 (international participants dial 1-412-317-6671) starting March 21, 2019, at 7:30pm ET through April 4, 2019 at 11:59 pm ET. Please use PIN Number 10006400.

About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. is engaged in the execution of an international buy-integrate-build strategy through the acquisition of domestic and international staffing organizations in the United States and United Kingdom. The Company believes that the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $500 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and Light Industrial staffing space. For more information, please visit: www.staffing360solutions.com. Follow Staffing 360 Solutions on Facebook, LinkedIn and Twitter.

Forward-Looking Statements
This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Although Staffing 360 Solutions, Inc. believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary materially from those expressed or implied by the statements herein, including the goal of achieving annualized revenues of $500 million, due to the Company’s ability to successfully raise sufficient capital on reasonable terms or at all, to consummate additional acquisitions, to successfully integrate newly acquired companies, to organically grow its business, to successfully defend potential future litigation, changes in local or national economic conditions, the ability to comply with contractual covenants, including in respect of its debt, as well as various additional risks, many of which are now unknown and generally out of the Company’s control, and which are detailed from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.

Investor Relations Contact:
Harvey Bibicoff, CEO
Bibicoff + MacInnis, Inc.
818.379.8500  harvey@bibimac.com