Labor SMART, provider of on-demand temporary staffing, reported its first quarter financial results reflecting growth of 115 percent in top-line revenues.
First-quarter revenues were $2.5 million over revenues of $1.1 million recorded for the prior year period.
Gross profit was $351,396 with a net loss of $649,143, which was in part attributed to charges of $250,616 for stock-based compensation and $241,376 in financing related costs totaling $491,992 in non-cash write-offs.
Labor SMART increased its branches in the first quarter by 33 percent, expanding from six branches to eight and contributing to an overall branch increase of 133 percent year to date. Subsequently, the company's first-quarter expenses attributed to staff payroll increased as training continues for its expansion team in 2013.
"We are extremely pleased with the exponential growth in top-line revenues and branch operations that we have been able to produce so far in 2013," Ryan Schadel, Labor SMART's CEO, stated in the press release. "We invested heavily in our people and our infrastructure during the first quarter and these investments are paying off handsomely now and into the future as we prepare for our next leg of expansion."
For more information visit laborsmart.com
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