STAFFING 360 SOLUTIONS, INC. (NASDAQ:STAF) Files An 8-K Results of Operations and Financial ConditionItem 2.02Results of Operations and Financial Condition.
On July 26, 2017, Staffing 360 Solutions, Inc. (the “Company”) issued a press release announcing the Company’s preliminary unaudited financial performance for the fiscal second quarter ended July 1, 2017. This Current Report on Form 8-K is being filed to provide the Company’s pre-announced financial results before the filing of the Company’s quarterly report on Form 10-Q for the three months ended July 1, 2017. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Within the press release, the Company has provided supplemental financial information relating to the Company’s financial results for the fiscal first quarter ended July 1, 2017. The supplemental financial information, can be found in tables at the end of the press release.
Furthermore, within the press release and the supplemental financial information furnished therein, the Company refers to certain financial measures that are not in accordance with generally accepted accounting principles in the United States of America ("GAAP"), such as adjusted EBITDA. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flows (or equivalent statements) of the company, or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
The Company believes that these non-GAAP measures represent important internal measures of performance as management uses such measures in monitoring and evaluating the Company’s ongoing financial results, as well as to reflect the Company’s acquisitions. Management believes that these measures provide a more complete understanding of the Company’s operational results and a meaningful comparison of the Company’s performance between periods. These non-GAAP measures, however, may not reflect the actual financial results the Company would have achieved absent such acquisitions, and may not be indicative of the results that the Company expects to recognize for future periods. These non-GAAP measures should be considered in addition to, not a substitute for, measures of financial performance prepared in accordance with GAAP.
The information in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information contained in this Item 2.02 and Exhibit 99.1 attached hereto shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits (furnished only).
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Exhibit No. |
Description |
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99.1 |
Press Release of Staffing 360 Solutions, Inc. dated July 26, 2017. |
Staffing 360 Solutions, Inc. ExhibitEX-99.1 2 staf-ex991_59.htm EX-99.1 staf-ex991_59.htm Exhibit 99.1 Staffing 360 Solutions Pre-Announces Second Quarter 2017 Results Revenue declined 7.1% to $42.1m Gross Profit improved by 0.9% to $7.9m Gross Margin strengthened from 17.3% to 18.8% Adjusted EBITDA grew to $1.42m from $1.37m Net Loss improved to $1.3m from $2.4m Now ranked in Top 100 Staffing Companies in North America New York,…To view the full exhibit click here
About STAFFING 360 SOLUTIONS, INC. (NASDAQ:STAF)
Staffing 360 Solutions, Inc. operates in the staffing sector. The Company is engaged in the execution of a global buy-and-build strategy through the acquisition of domestic and international staffing organizations in the United States and the United Kingdom. Its targeted consolidation model is focused on the finance and accounting, administrative, engineering and information technology (IT) staffing space.