ShiftPixy, Inc. Reports Fiscal 2018 Third Quarter Results
14 7월 2018 - 5:05AM
ShiftPixy, Inc. (“ShiftPixy” or the “Company”) (Nasdaq:PIXY), a
disruptive workforce engagement platform provider, today announced
operating results for the three months ended May 31, 2018 (“2018
Third Quarter”).
“Our business continues to grow rapidly, with
the number of worksite employees and our client roster each
expanding significantly, and with our financial performance
reflecting strong sequential and year-over-year growth,” stated
Chief Executive Officer, Scott Absher. “With the recent
opening of our fifth regional office and continued strong progress
on our proprietary and sophisticated technology platform, we’re
increasingly excited and proud to be playing such a critical and
nationwide role in the rapidly expanding Gig Economy
workplace.”
2018 Third Quarter
Highlights
- Gross billings grew 119.2% to $60.2 million, compared to $27.5
million for the 2017 third quarter; gross billings increased 23.7%
sequentially from $48.6 million in the prior quarter.
- Revenues increased 102.6% to $9.4 million, compared to $4.6
million for the third quarter of 2017.
- Worksite employees increased by 3,654 to 7,648, compared to
3,994 as of May 31, 2017; the number of employees at the end of the
quarter also represented a sequential increase of 850 over the
number of employees at the end of the second fiscal quarter.
- Gross profit was $1.5 million versus $0.6 million in the prior
year period, and net loss per share was 6 cents during the quarter,
an improvement over the net loss of 11 cents in the prior year
period.
Webcast
ShiftPixy will host a webcast at 5:00 p.m.
Eastern Time on Friday, July 13, 2018, to discuss financial results
for the 2018 fiscal third quarter. Investors can access the webcast
through the ShiftPixy website at https://ir.shiftpixy.com.
About ShiftPixy
ShiftPixy (NASDAQ:PIXY) is a disruptive human
capital management platform, revolutionizing employment in the Gig
Economy by delivering a next-gen mobile engagement technology to
help businesses with shift-based employees navigate regulatory
mandates, minimize administrative burdens and better connect with a
ready-for-hire workforce. With expertise rooted in management's
nearly 25 years of workers' compensation and compliance programs
experience, ShiftPixy adds a needed layer for addressing compliance
and continued demands for equitable employment practices in the
growing Gig Economy.
ShiftPixy Cautionary Statement
The information provided in this release
includes forward-looking statements, the achievement or success of
which involves risks, uncertainties, and assumptions. Although such
forward-looking statements are based upon what management of the
Company believes are reasonable assumptions, there can be no
assurance that forward-looking statements will prove to be
accurate. If any of the risks or uncertainties, including those set
forth below, materialize or if any of the assumptions proves
incorrect, the results of ShiftPixy, Inc., could differ materially
from the results expressed or implied by the forward-looking
statements we make. The risks and uncertainties include, but
are not limited to, risks associated with the nature of our
business model; our ability to execute the Company's vision and
growth strategy; our ability to attract and retain clients; our
ability to assess and manage risks; changes in the law that affect
our business and our ability to respond to such changes and
incorporate them into our business model, as necessary; our ability
to insure against and otherwise effectively manage risks that
affect our business; competition; reliance on third-party systems
and software; our ability to protect and maintain our intellectual
property; and general developments in the economy and financial
markets. Statements made in connection with any guidance may
refer to financial statements that have not been reviewed or
audited. The Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change, except as required by
applicable securities laws. The information in this press
release shall not be deemed to be "filed" for the purpose of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section, and will not
be deemed an admission as to the materiality of any information
that is required to be disclosed solely by Regulation FD.
Further information on these and other factors that could affect
the financial results of ShiftPixy, Inc., is included in the
filings on Forms 1-A and 10-Q and in other filings we make with the
Securities and Exchange Commission from time to time. These
documents are available on the "SEC Filings" subsection of the
"Investor Information" section of our website at
https://ir.shiftpixy.com/financial-information/sec-filings.
Consistent with the SEC’s April 2013 guidance on
using social media outlets like Facebook and Twitter to make
corporate disclosures and announce key information in compliance
with Regulation FD, ShiftPixy is alerting investors and other
members of the general public that ShiftPixy will provide updates
on operations and progress required to be disclosed under
Regulation FD through its social media on Facebook, Twitter,
LinkedIn and YouTube. Investors, potential investors, shareholders
and individuals interested in our Company are encouraged to keep
informed by following us on Facebook, Twitter, LinkedIn and
YouTube.
CONTACT: Media:Clark
Wilsonclark.wilson@shiftpixy.com 888.798.9100
Investors:InvestorRelations@shiftpixy.com 800.475.3655
ShiftPixy Inc. |
Condensed Consolidated Balance Sheets |
|
|
|
May 31,2018 |
|
August 31,
2017 |
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,187,386 |
|
|
$ |
5,896,705 |
|
Accounts receivable |
|
|
307,847 |
|
|
|
428,790 |
|
Prepaid expenses |
|
|
2,205,741 |
|
|
|
2,687,188 |
|
Other current assets |
|
|
177,712 |
|
|
|
15,916 |
|
Total Current Assets |
|
|
3,878,686 |
|
|
|
9,028,599 |
|
|
|
|
|
|
|
|
|
|
Fixed assets, net |
|
|
1,086,282 |
|
|
|
288,065 |
|
Deposits and Other assets |
|
|
137,980 |
|
|
|
126,480 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
5,102,948 |
|
|
$ |
9,443,144 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
850,225 |
|
|
$ |
1,160,474 |
|
Payroll related liabilities |
|
|
5,374,954 |
|
|
|
2,388,454 |
|
Other current liabilities |
|
|
795,192 |
|
|
|
278,982 |
|
Total Current Liabilities |
|
|
7,020,371 |
|
|
|
3,827,910 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' (Deficit) Equity |
|
|
|
|
|
|
|
|
Preferred stock, 50,000,000 authorized shares; $0.0001 par
value; no shares issued and outstanding |
|
|
- |
|
|
|
- |
|
Common stock, 750,000,000 authorized shares; $0.0001 par
value; 28,800,675 and 28,762,424
shares issued and outstanding, respectively |
|
|
2,881 |
|
|
|
2,877 |
|
Additional paid-in capital |
|
|
15,357,342 |
|
|
|
15,012,584 |
|
Accumulated deficit |
|
|
(17,277,646 |
) |
|
|
(9,400,227 |
|
Total Stockholders' (Deficit) Equity |
|
|
(1,917,423 |
) |
|
|
5,615,234 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
5,102,948 |
|
|
$ |
9,443,144 |
|
ShiftPixy Inc. |
Condensed Consolidated Statements of
Operations |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended May
31, |
|
For the Nine Months Ended May 31, |
|
|
|
2018 |
2017(Restated) |
|
2018 |
2017(Restated) |
|
|
Revenues (gross
billings of $60.2m and $27.5 m less worksite employee payroll cost
of $50.8m and $22.8m, respectively for the three months ended;
gross billings of $149.0m and $93.3m less worksite employee payroll
cost of $125.2m and $77.5m, respectively for nine months
ended) |
$ |
9,375,492 |
|
|
$ |
4,628,361 |
|
|
|
$ |
23,773,871 |
|
|
$ |
15,718,780 |
|
|
|
|
Cost of Revenues |
7,825,500 |
|
|
3,993,291 |
|
|
|
20,099,218 |
|
|
12,026,816 |
|
|
|
|
Gross
Profit |
1,549,992 |
|
|
635,070 |
|
|
|
3,674,653 |
|
|
3,691,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
Payroll |
1,382,183 |
|
|
1,082,675 |
|
|
|
4,005,371 |
|
|
2,920,150 |
|
|
|
|
Commissions |
463,327 |
|
|
202,279 |
|
|
|
1,073,392 |
|
|
506,862 |
|
|
|
|
Professional fees |
416,311 |
|
|
629,322 |
|
|
|
1,417,554 |
|
|
1,081,915 |
|
|
|
|
Product
development |
- |
|
|
658,334 |
|
|
|
2,386,354 |
|
|
658,334 |
|
|
|
|
General and
administrative |
1,105,490 |
|
|
1,015,075 |
|
|
|
2,669,401 |
|
|
2,059,571 |
|
|
|
|
Total Operating Expenses |
3,367,311 |
|
|
3,587,685 |
|
|
|
11,552,072 |
|
|
7,226,832 |
|
|
|
|
Net Loss |
$ |
(1,817,319 |
) |
|
$ |
(2,952,615 |
) |
|
|
$ |
(7,877,419 |
) |
|
$ |
(3,534,868 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net Loss per
common share available to Common Shareholders: |
|
|
|
|
|
|
|
Basic and Diluted |
$ |
(0.06 |
) |
|
$ |
(0.11 |
) |
|
|
$ |
(0.27 |
) |
|
$ |
(0.13 |
) |
|
|
|
Weighted
Average Number of Common Shares Used in Per Share
Computations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
28,800,675 |
|
|
26,555,706 |
|
|
|
28,795,145 |
|
|
26,337,976 |
|
|
|
ShiftPixy (NASDAQ:PIXY)
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ShiftPixy (NASDAQ:PIXY)
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