First Rate Staffing Corporation reported earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's revenues increased 79% to a record $11.1 million, compared to $6.2 million in the same year-ago quarter. The increase in Revenue was due to new clients added. Net loss in the quarter was $0.7 million or $0.09 per share, compared to a loss of $34,000 or $0.005 per share in the same year-ago quarter. Excluding the impairment charge, net loss in fourth quarter of 2015 was $42,000 or $0.01 per share.

For the full year, the company's revenues increased 83% to a record $32.9 million, compared to $18.0 million in 2014. The increase in revenue for the year was primarily due to organic growth. Net loss was $639,000 or $0.09 per share, as compared to net income of $10,000 or $0.001 per share in 2014. Net loss in both periods was primarily due to a non-recurring, non-cash impairment charge of $641,000 associated with a former client. Excluding the impairment charge, net income for the full year of 2015 was $2,000 or $0.00 per share. Loss from operations was $334,413 compared with income of $261,697 a year ago. Loss before income tax was $527,753 compared with income of $76,442 a year ago.