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Labor SMART, Inc. Reports Record Revenue for January 2014
Same Office Revenue up 90% During Historically Slow Month
|By Marketwired .
|February 3, 2014 08:20 AM EST
HIRAM, GA -- (Marketwired) -- 02/03/14 -- Labor SMART, Inc. (OTCQB: LTNC) (the "Company"), an emerging provider of on-demand blue collar staffing primarily in the southeastern United States, today announced record January revenue and a record year over year increase in revenue. For those offices that have been open for a year, the increase is significant with $1,101,832 reported in revenue for the first four weeks of January 2014 compared to $580,556 for January 2013 (January 2013 was a four week month; January 2014 is a five week month), representing a same office revenue increase of 90% for the first four weeks of January 2014.
Ryan Schadel, Labor SMART's CEO stated, "The huge increase in year-over-year revenue for this month, which is normally a slow month in our business, is a clear indication that our business plan and marketing efforts are on target to bring about significant growth company-wide. This year the severity of weather conditions, which have hurt other businesses, instead were beneficial to us as we saw increased demand for our workers to provide assistance in snow clearing, remediation work and clean-up from weather-related emergencies as well as our more traditional business. Much of this business was from new customers who we expect will be providing additional business in our traditionally stronger months."
System-wide, January 2014 total revenue was $1,877,674, a 223% increase over January 2013 revenue of $580,556. During 2013 Labor SMART added nine new offices, and confirmed the opening of a new office in St. Petersburg, FL on January 27, bringing the total number of offices operating in January 2014 to 16. "What we traditionally see is that it takes about a year for our offices to reach full stride, so we believe that we are positioned very strongly going into 2014 with the new offices," added Mr. Schadel.
Mr. Schadel said that one of the key reasons for the increased business during January was increased awareness of the company by potential customers in each area as a result of the very strong sales and marketing effort conducted by Labor SMART. "We are working very diligently to make sure that potential customers in our markets know we are available -- and this has resulted in business coming in during what is historically a slower time," he added.
Labor SMART recently reported that 2013 revenue was 130.7 percent higher than that recorded in 2012 and that industry analysts continue to project continued growth in the temporary staffing industry. "It makes sense as companies don't want to deal with the new healthcare law and furthermore, really prefer to outsource more and more of their needs," Schadel said. He added that the company intends to continue to grow organically, to open new stores and to continue to explore acquisitions that would be accretive to the company's revenue and earnings.
About Labor SMART, Inc.
Labor SMART, Inc. provides On-Demand temporary labor to a variety of industries. The Company's clients range from small businesses to Fortune 100 companies. Labor SMART was founded to provide reliable, dependable and flexible resources for on-demand personnel to small and large businesses in areas that include construction, manufacturing, hospitality, event-staffing, restoration, warehousing, retailing, disaster relief and cleanup, demolition and landscaping. Labor SMART believes it can make a positive contribution each and every day for the benefit of its clients and temporary employees. The Company's mission is to be the provider of choice to its growing portfolio of customers with a service-focused approach that enables Labor SMART to be seen as a resource and partner to its clients.
Safe Harbor Statement
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 U.S. Securities and Exchange Commission.
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