ClearStar, Inc. Reports Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2017; Provides Revenue Guidance for the Full Year of 2017
September 19, 2017 at 11:30 am IST
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ClearStar, Inc. reported unaudited consolidated earnings results for the six months ended June 30, 2017. For the period, the company reported revenue growth with total revenues increasing by 12% to $8.9 million compared with $8.0 million for the six months ended 30 June 2016. Loss from operations was $974,000 against $1,002,000 a year ago. Net loss before taxes was $980,000 against $1,011,000 a year ago. Net loss was $1,031,000 against $1,011,000 a year ago. Net cash used for operating activities was $323,000 against $110,000 a year ago. Acquisition of property and equipment proceeds from disposition of property and equipment was $15,000 against $23,000 a year ago. Adjusted EBITDA for first half of 2017 improved by $43,000 to a $165,000 loss, compared with $208,000 loss for the prior year.
The company expects the momentum of the first half of the year has continued into the second half of 2017. The company has a stronger client base and is now poised to deliver meaningful revenue from the significant contracts won over the last six months following substantial progress in the on-boarding process. The company is experiencing growing demand for its technologically-differentiated solutions, particularly for medical information services. Additionally, in the direct services market, the company is receiving increased business from large corporates due to greater brand awareness resulting from investment in its sales & marketing efforts. Consequently, the Board remains confident of delivering good revenue growth for full year 2017, in line with market expectations.
ClearStar Inc. (ClearStar) is a technology and service provider to the background check industry, supporting background screening companies, employers and employees with their recruitment and employment application decisions. ClearStar provides employment intelligence to its clients through a suite of information technology (IT) applications for day-to-day use in their business. Its technology includes ScreenMeNow, ClearMD, ClearID and ClearConnect. ScreenMeNow helps users verify candidates by allowing them to enter info and e-signature consent from mobile devices. ClearMD streamlines the drug and clinical test ordering process, which enables to eliminate the errors and hassles of paper forms. ClearID uses on-the-spot identity (ID) validation and facial recognition to make hiring contract labor a snap. With ClearContact, users can organize and schedule their contract workers in one place.
ClearStar, Inc. Reports Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2017; Provides Revenue Guidance for the Full Year of 2017