Labor SMART, Inc. Provides Shareholder Update
21 11월 2013 - 6:01AM
Marketwired
Labor SMART, Inc. Provides Shareholder Update
Company Experiences Continued Record Revenues and Increased
Gross Margins
HIRAM, GA--(Marketwired - Nov 20, 2013) - Labor SMART, Inc.
(OTCQB: LTNC) (the "Company") is pleased to recap third quarter and
Year-To-Date progress and results.
As previously reported in the Company's 3rd quarter filing with
the SEC, Labor SMART, Inc. produced revenues of $5,345,172 which
reflected a 148% increase in revenues on a year over year
comparison. Additionally, same branch operations with at least one
year of maturity saw an aggressive 86% increase in revenue
production on the same year over year comparison. Year-To-Date for
the first nine months of 2013 realized $11,886,084 in revenues
reflecting a very impressive increase of 136%.
Equally impressive, the Company saw gross margins improve by
12.79% in the 3rd quarter going from 15.09% in Q2 2013 to 17.02%.
The company expects this trend to continue over the long term as
they implement their strategic growth plan which projects the
Company to hit a target of 22% gross margins by year end 2014.
The Company has also seen a 150% increase in branch expansion
going from 6 to 15 branches in 2013 and an explosive increase in
their client base.
Of the company's operating loss of $166,786 in Q3, approximately
$69,000 was attributed to stock based compensation to employees and
approximately $43,000 was depreciation and amortization. The
Company ended their Q3 with approximately $238,000 in unrestricted
cash.
The Company is also pleased to announce that this week Labor
SMART has elected to prepay two Convertible Promissory Notes issued
May 17, 2013 and May 20, 2013 for the principle amounts of $101,000
and $63,000 respectively.
In other related news, Labor SMART has for the last year, been
participating in the Work Opportunity Tax Credit Program, which
provides the Company with tax credits for employing veterans and
economically challenged individuals. The Company was recently given
notification and expects to receive its first tax credits from this
program in Q4 2013. The company believes these credits will be
needed to offset taxes on future profits, thereby reducing their
effective tax rate and increasing Net Income as they reach their
desired scale and become profitable. The Company is a proud
participant in this program and has always recruited veterans
whenever possible. Credits earned under this program can be carried
forward for up to 20 years.
Ryan Schadel, Labor SMART's CEO, stated, "We are very pleased
with our Q3 results. As predicted, we saw consistent and
substantial increases in our revenue production and gross margins.
This further enhances our belief in our strategic growth plan and
its ability to show exponential growth and eventual profitability."
He also stated, "We now look forward to focusing on our growth plan
for 2014 and expect to see the same growth patterns with continued
increases in gross margins and asset accumulation. Additionally, we
are moving forward with our previously stated plans to prepare for
an eventual up-listing to a national exchange. Part of this plan
will require developing acceptable internal controls and an
independent Board of Directors. Our auditors have determined that
our previous board makeup could not be confirmed as independent.
Labor SMART intends to fill the recently vacated board position
with an independent, outside director. I expect to announce the
appointment of our first outside, independent board member in the
near future."
About Labor SMART, Inc.
Labor SMART, Inc. provides On-Demand temporary labor to a
variety of industries. Our clients range from small businesses to
fortune 100 companies. Labor SMART was founded to provide a
reliable, dependable, and flexible resource for on-demand personnel
to small and large businesses. Every day we provide manpower for
jobs in construction, manufacturing, hospitality, events,
restoration, warehousing, retail, disaster relief and more. As one
of the fastest growing temporary labor providers, our goal is to
become a nationwide resource and partner for our clients. We take
pride in the belief that we can make a positive impact each and
every day for the benefit of both our client and our temporary
employees. Our mission is to be the provider of choice to our
growing community of customers, with a service focused approach,
that positions us as a resource and partner for their business.
Safe Harbor
This release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements appear in a number of places
in this release and include all statements that are not statements
of historical fact regarding the intent, belief or current
expectations of Labor SMART, Inc., its directors or its officers
with respect to, among other things: (i) financing plans; (ii)
trends affecting its financial condition or results of operations;
(iii) growth strategy and operating strategy. The words "may,"
"would," "will," "expect," "estimate," "can," "believe,"
"potential" and similar expressions and variations thereof are
intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond Labor SMART, Inc.'s ability
to control, and that actual results may differ materially from
those projected in the forward-looking statements as a result of
various factors. More information about the potential factors that
could affect the business and financial results is and will be
included in Labor SMART, Inc.'s filings with the Securities and
Exchange Commission.
Public Relations and Shareholder Information Joseph M. Vazquez
Phone: (678) 279-5810 Email:
shareholderrelations@laborsmart.com
Labor Smart (PK) (USOTC:LTNC)
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Labor Smart (PK) (USOTC:LTNC)
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