Q1 2016 Financial Summary
Revenues in the first quarter of 2016 increased 42% to $7.0 million, compared to $4.9 million in the same year-ago quarter. The increase in revenues was due to new clients added and organic growth.
Gross profit in first quarter of 2016 increased 118% to $0.8 million, versus $0.4 million in the same year-ago quarter. Gross margin in the first quarter of 2015 increased 416 basis points to 12.0%, compared to 7.8% in the same year-ago quarter. The increase in gross margin was due to lower state and federal unemployment tax rates for the company's staffing employees and increased revenues in the first quarter of 2016, as compared to the same year-ago quarter.
General and administrative (G&A) expenses in the first quarter of 2016 increased 59% to $0.7 million versus $0.5 million in the same year-ago quarter. The increase in G&A expenses was primarily due to increased payroll costs associated with additional headcount added to manage the increase in the company's volume.
Net income in the first quarter of 2016 was $8,308 or $0.00 per share, as compared to a loss of $137,000 or $(0.02) per share in the same year-ago quarter.
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LET'S ALL MAKE SOME $$$$$$$
