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    Staffing 360 Solutions Reports Year End 2022 Financial Results

    5/22/23 8:00:00 AM ET
    $STAF
    Professional Services
    Consumer Discretionary
    Get the next $STAF alert in real time by email

    NEW YORK, May 22, 2023 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. ((STAF), a company executing an international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom, today announced its Fiscal Year End 2022 financial results.

    YE 2022 Overview

    • Revenue increased by 23.8% (26.7% in constant currency) to $244.9M compared with $197.7M in the prior year period
    • Gross profit was $42.8M from $33.8M in the prior year period, or an increase of 26.3% (or 29.1% in constant currency)
    • An impairment to Goodwill of $10M was booked at the year-end to recognize the performance of the stock price
    • Operating loss was ($13.46M), after the impairment, compared with operating loss of ($7.3M) in the prior year, which contained a $3.1M impairment
    • Net loss was ($17.0M), including the impairment, compared with net income of $8.2M in the prior year period. The prior year included forgiveness of PPP loans and interest of $19.6M
    • EBITDA for the fiscal year was a loss of ($9.7M), including the impairment, compared to income of $14.8M in the prior year period, which included the one-time gain of $19.6M for the forgiveness of PPP loans and interest.
    • Adjusted EBITDA was $7.4M as compared with $2.4M in the prior year period, an increase of 205%
    • Diluted EPS was a loss of ($8.04) as compared to $3.70 in the same period last year

    Quarter 4 2022 Overview

    • Revenue increased by 37.5% (39.2% in constant currency) to $69.9M compared with $50.8M in the prior year period
    • Gross profit was $11.4M from $7.2M in the prior year period, or an increase of 58.3% (or 60.6% in constant currency)
    • An impairment to Goodwill of $10M was booked at the year-end to recognize the performance of the stock price
    • Adjusted EBITDA was $2.1M as compared to a loss of ($1.6M) in the prior year period

    A table showing a reconciliation of the financial statements to Adjusted EBITDA is provided with this Press Release.

    Brendan Flood, Chairman, CEO and President, said, "Our paradigm changing service delivery approach continues to make advances in very challenging markets, with our year-over-year revenue growth well into double digits with strong gross profit for the year.

    "It is important to note that the impairment charge, while disappointing, is a non-cash charge and is a reflection of the current condition of the micro-cap stock market and is not related to the performance of any individual part of the company.

    "Following our acquisition of Headway Workforce Solutions, we have continued to execute our stated strategy, and believe that Headway's unique service delivery model complements, and enhances, our overall business model. The integration of Headway into the Staffing 360 Solutions' businesses has successfully increased the combined profitability by $2M as of year-end and we expect continued improvements to profitability in 2023.

    "Our buy-integrate-build strategy is beginning to pay dividends, and we anticipate continued revenue growth and margin improvements as we move towards our long-term goals. As with all staffing companies we continue to monitor the marketplace and our client needs for any recessionary impacts, or other macro-economic issues, and will take any necessary actions to mitigate its impact." concluded Mr. Flood.

    About Staffing 360 Solutions, Inc.

    Staffing 360 Solutions, Inc. is engaged in the execution of an international buy-integrate-build strategy through the acquisition of domestic and international staffing organizations in the United States and United Kingdom. The Company believes that the staffing industry offers opportunities for accretive acquisitions and as part of its targeted consolidation model, is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and light industrial staffing space.

    For more information, visit http://www.staffing360solutions.com. Follow Staffing 360 Solutions on Facebook, LinkedIn and Twitter.

    Forward-Looking Statements

    This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, our ability to retain our listing on the Nasdaq Capital Market; market and other conditions; the geographic, social and economic impact of COVID-19 on the Company's ability to conduct its business and raise capital in the future when needed; weakness in general economic conditions and levels of capital spending by customers in the industries the Company serves; weakness or volatility in the financial and capital markets, which may result in the postponement or cancellation of customer capital projects or the inability of the Company's customers to pay the Company's fees; the termination of a major customer contract or project; delays or reductions in U.S. government spending; credit risks associated with the Company's customers; competitive market pressures; the availability and cost of qualified labor; the Company's level of success in attracting, training and retaining qualified management personnel and other staff employees; changes in tax laws and other government regulations, including the impact of health care reform laws and regulations; the possibility of incurring liability for the Company's business activities, including, but not limited to, the activities of the Company's temporary employees; the Company's performance on customer contracts; negative outcome of pending and future claims and litigation; government policies, legislation or judicial decisions adverse to the Company's businesses; the Company's ability to access the capital markets by pursuing additional debt and equity financing to fund its business plan and expenses on terms acceptable to the Company or at all; and the Company's ability to comply with its contractual covenants, including in respect of its debt agreements, as well as various additional risks, many of which are now unknown and generally out of the Company's control, and which are detailed from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.

    Investor Relations Contact:

    Matt Blazei

    CoreIR

    516-386-0430

    [email protected]



    STAFFING 360 SOLUTIONS, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (All amounts in thousands, except share and per share values)

     
     Quarters Ended Fiscal Years Ended
     December 31,

    2022
     January 1,

    2022
     December 31,

    2022
     January 1,

    2022
    Revenue$69,851  $50,788  $244,917  $197,770 
            
    Cost of Revenue 58,439   43,579   202,148   163,903 
            
    Gross Profit 11,412   7,209   42,769   33,867 
            
    Operating Expenses:       
    Selling, general and administrative expenses 12,820   9,494   43,236   35,305 
    Impairment of Goodwill 10,000   3,104   10,000   3,104 
    Depreciation and amortization 850   636   2,990   2,758 
    Total Operating Expenses 23,670   13,234   56,226   41,167 
            
    Loss From Operations (12,258)  (6,025)  (13,457)  (7,300)
            
    Other (Expenses) Income:       
    Interest expense (1,369)  (789)  (3,881)  (3,856)
    Amortization of debt discount and deferred financing costs (86)  6   (604)  (359)
    Re-measurement loss on intercompany note-  (41) -  (260)
    PPP forgiveness gain  - -  19,609 
    Other income (loss), net (12)  (325)  726   (33)
    Total Other (Expenses) Income, net (1,467)  (1,149)  (3,759)  15,101 
            
    (Loss) Income Before Benefit from Income Tax (13,725)  (7,174)  (17,216)  7,801 
            
    Benefit from Income taxes 287   459   222   357 
            
    Net (Loss) Income$(13,438) $(6,715) $(16,994) $8,158 
            



    STAFFING 360 SOLUTIONS, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (All amounts in thousands, except share and par values)

        
     As of As of
     December 31, 2022 January 1, 2022
    ASSETS   
    Current Assets:   
    Cash$1,992  $4,558 
    Accounts receivable, net 23,628   20,718 
    Prepaid expenses and other current assets 1,762   988 
    Total Current Assets 27,382   26,264 
        
    Property and equipment, net 1,230   865 
    Goodwill 19,891   23,828 
    Intangible assets, net 17,385   13,649 
    Other assets 6,701   3,506 
    Right of use asset 9,070   5,578 
    Total Assets$81,659  $73,690 
    LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY    
        
    Current Liabilities:   
    Accounts payable and accrued expenses$16,526  $12,532 
    Accrued expenses - related party 218   216 
    Current portion of debt 249   9,223 
    Accounts receivable financing 18,268   15,199 
    Leases - current liabilities 1,188   1,006 
    Earnout liabilites 8,344   4,054 
    Other current liabilities 2,639   2,503 
    Total Current Liabilities 47,432   44,733 
        
    Long-term debt - Related party 8,661   279 
    Redeemable Series H preferred stock, net 8,393   - 
    Leases - non current 8,640   4,568 
    Other long-term liabilities 180   785 
    Total Liabilities 73,306   50,365 
        
    Commitments and contingencies -   - 
        
     Stockholders' Equity:   
    Preferred stock, $0.00001 par value, 20,000,000 shares authorized;   
    Series J Preferred Stock, 40,000 designated, $0.00001 par value, 0 and 0 shares issued and outstanding as of December 31, 2022 and January 1, 2022, respectively   
    Common stock, $0.00001 par value, 200,000,000 shares authorized; 2,629,199 and 1,758,835 shares issued and outstanding, as of December 31, 2022 and January 1, 2022, respectively 1   1 
    Additional paid in capital 111,586   107,183 
    Accumulated other comprehensive (loss) income (2,219)  162 
    Accumulated deficit (101,015)  (84,021)
    Total Stockholders' Equity 8,353   23,324 
    Total Liabilities and Stockholders' Equity$81,659  $73,690 
        

    Adjusted EBITDA This measure is defined as net income (loss) attributable to common stock before: interest expense, benefit from income taxes; depreciation and amortization; acquisition, capital raising and other non-recurring expenses; other non-cash charges; impairment of goodwill; re-measurement gain on intercompany note; restructuring charges; gain from sale of business; PPP Forgiveness Gain; other income; and charges we consider to be non-recurring in nature such as legal expenses associated with litigation, professional fees associated potential and completed acquisitions. We use this measure because we believe it provides a more meaningful understanding of our profit and cash flow generation.

     Quarter Ended Twelve Months Ended
     December 31,

    2022
     January 1,

    2022
     December 31,

    2022
     January 1,

    2022
    Net (loss) income$(13,438) $(6,715) $(16,994) $8,158 
            
    Interest expense 1,369   788   3,881   3,856 
    Benefit from income taxes (287)  (459)  (222)  (357)
    Depreciation and amortization 936   632   3,594   3,118 
    EBITDA$(11,420) $(5,754) $(9,741) $14,775 
            
    Acquisition, capital raising and other non-recurring expenses (1) 2,671   708   7,046   3,510 
    Other non-cash charges (2) 816   17   848   361 
    Impairment of Goodwill 10,000   3,104   10,000   3,104 
    Re-measurement gain on intercompany note -   41   -   260 
    PPP Forgiveness Gain -   -   -   (19,609)
    Other (income) loss 12   325   (726)  33 
    Adjusted EBITDA$2,079  $(1,559) $7,427  $2,434 
            
    Adjusted EBITDA as percentage of Gross Profit 16.9%  -16.2%  17.4%  7.2%
            
    (1) Acquisition, capital raising, and other non-recurring expenses primarily relate to capital raising expenses, acquisition and integration expenses, and legal expenses incurred in relation to matters outside the ordinary course of business.
            
    (2) Other non-cash charges primarily relate to staff option and share compensation expense, expense for shares issued to directors for board services, and consideration paid for consulting services.



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