The Staffing Group, Ltd. (OTC Pink: TGSL) is engaged in the recruitment, hiring, employment, and management of unskilled workers and temporary staffing solutions. Shares of the staffing company are shooting up 197.12%, through early trading on Thursday, February 9, 2017. Over the past three months, The Staffing Group, Inc. has seen average daily volume of 1,561 shares. However, volume of 199,663 shares or dollar volume of $123,791, has already exchanged hands through early trading Thursday.
Shares of The Staffing Group, Ltd. are surging Thursday, after the company announced that it has released pre-announcement results for fiscal full year 2016 revenues. During fiscal 2016, The Staffing Group, Ltd. says they expect to report revenues of $4.2 million, on gross profit of $1.36 million. This equates to a gross profit margin of 32%. Here is the full press release detailing of the pre-announcement earnings results:
The Staffing Group, Ltd. Press Release:
ATLANTA, GA–(Marketwired – Feb 9, 2017) – The Staffing Group, Ltd. ( OTC PINK : TSGL ) (the “Company”), an emerging public company specializing in leveraged buyout transactions and restructurings with a focus on verticals within the 115 billion dollar U.S. staffing industry, today reported preliminary results for the full year ended December 31, 2016.
For fiscal year 2016, the company expects to report revenue of approximately $4.2 million and a gross profit of $1.36 million, representing a 32% gross profit margin.
“Our business performed extremely well in 2016. While we are actively seeking acquisition opportunities, we also expect to drive revenue growth organically through locations we currently operate and by opening additional locations throughout fiscal 2017,” stated Kim Thompson, the Company’s Chief Executive Officer. “I am excited about our growth prospects for 2017 and look forward to sharing our annual goals with shareholders in future communications.”
About The Staffing Group, Ltd.
The Staffing Group, Ltd. is executing an aggressive buy-and-build strategy through the acquisition and integration of small to medium sized staffing businesses with focus on the light industrial, engineering, manufacturing and construction staffing space. The Company believes the light industrial staffing segment is ripe for consolidation and will seek accretive acquisitions that will drive annual revenues to $75 million within the next 3 years.
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 The Staffing Group, Ltd.., 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 The Staffing Group, Ltd.’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 The Staffing Group, Ltd.’s filings with the U.S. Securities and Exchange Commission.