Corporate Resource Services, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended October 3, 2014
November 13, 2014 at 04:27 pm EST
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Corporate Resource Services, Inc. reported unaudited earnings results for the third quarter and nine months ended October 3, 2014. For the quarter, net income was $2.432 million against $1.704 million a year ago. EBITDA was $7.961 million against $3.660 million a year ago. Adjusted EBITDA was $11.928 million against $6.591 million a year ago. Revenue was $260.3 million, an increase of $51.6 million, or 25%, compared to the third fiscal quarter in 2013. The increase is primarily attributable to acquisitions made late in 2013 and in the first quarter of 2014 that added $32.1 million in revenues. Excluding the impact of acquisitions, the company generated organic revenue growth of approximately $19.5 million, or 38% of the growth in the quarter under consideration. Pre-tax income grew by $1.0 million, or 53%, to $2.7 million.
For the nine months, net loss was $0.285 million against net income of $2.580 million a year ago. EBITDA was $11.310 million against $8.782 million a year ago. Adjusted EBITDA was $25.086 million against $14.229 million a year ago. Revenue grew 20% to $724.8 million from $602.0 million reported in the first nine months of fiscal 2013. Pre-tax income was $0.1 million, down from $2.8 million a year ago.
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.