First Rate Staffing Corporation Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
For the full year, the company's revenues increased 83% to a record $32.9 million, compared to $18.0 million in 2014. The increase in revenue for the year was primarily due to organic growth. Net loss was $639,000 or $0.09 per share, as compared to net income of $10,000 or $0.001 per share in 2014. Net loss in both periods was primarily due to a non-recurring, non-cash impairment charge of $641,000 associated with a former client. Excluding the impairment charge, net income for the full year of 2015 was $2,000 or $0.00 per share. Loss from operations was $334,413 compared with income of $261,697 a year ago. Loss before income tax was $527,753 compared with income of $76,442 a year ago.