Staffing 360 Static on FY Results

Staffing 360 Solutions, Inc. (NASDAQ: STAF) saw its shares enter the market cautiously on Monday.

Staffing 360, 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 2021 full year financial results.

Revenue declined by 3.3% to $197.8 million from $204.5 million in Fiscal 2020. Gross profit was $33.9 million, down from $34.8 million in Fiscal 2020, a decrease of 2.7%

Gross margin increased to 17.1% compared with 17.0% in Fiscal 2020. Income from operations was a loss of $7.3 million compared with a loss of $8.8 million in Fiscal 2020

Net income of $8.2 million improved against a net loss of $15.6 million in Fiscal 2020.

EBITDA was a profit of $14.8 million compared with a loss of $4.9 million in Fiscal 2020

Said CEO Brendan Flood, “We have emerged stronger and more resilient from a challenging 2021 and now stand ready to capitalize on the opportunities before us. 2021 was consolidation year spent strengthening the balance sheet in the midst of on-going pandemic restrictions, particularly in the U.K. We had EBITDA of $14.8 million, due in large part to obtaining full forgiveness of $19.6 million in PPP loans.

“We continued to pay down debt, going from a balance of $71.2 million in June 2020 to $9.0 million at the end of the 2021 fiscal year.”

STAF shares ended Friday at $6.80.

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