Corporate Resource Services, Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended on July 4, 2014
September 25, 2014 at 05:02 pm EDT
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Corporate Resource Services, Inc. reported unaudited earnings results for the second quarter and six months ended on July 4, 2014. For the quarter, the company's net income fell to $0.3 million, from $1.3 million in the year-earlier period. Adjusted EBITDA jumped 69% to $8.1 million from $4.8 million for the same period in the last year. Revenue was $246.1 million, an increase of $47.0 million, or 24%, compared to the second fiscal quarter in 2013. The increase was driven by acquisitions made at the end of 2013 that added $32.5 million in revenue. EBITDA was $3,564,000 against $3,537,000 for the same period in the last year. Operating income was $3.8 million compared to of $3.4 million in the same quarter last year.
For the six months, the company reported net loss of $2,719,000 against net income of $877,000 for the same period in the last year. EBITDA was $3,349,000 against $5,123,000 for the same period in the last year. Adjusted EBITDA was $12,030,000 against $7,319,000 for the same period in the last year. Revenue grew 18% to $464.5 million from $393.3 million reported in the first six months of fiscal 2013. Operating income was $3.4 million compared to operating income of $4.8 million in last year's second quarter.
Corporate Resource Services Inc is a United States-based company. The Company provides cloud-based enterprise applications and hosting services to professional employer organizations (PEOs) and staffing companies, as well as diversified staffing, recruiting and consulting services. It offers recruitment services in the areas of insurance, information technology, accounting, legal, engineering, science, healthcare, life sciences, creative services, hospitality, retail, general business and light industrial work.