Below is transcript of the Staffing 360 Solutions Inc (OTCBB:STAF)’s Fiscal Second Quarter 2015 Earnings Conference Call, held on January 21st, 2015, at 8:00 a.m. EST.
Staffing 360 Solutions Inc (OTCBB:STAF) is committed to creating a major international publicly-held staffing organization with diversified staffing services through this targeted accretive acquisition strategy. Staffing 360 believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry, which has an estimated 15,000 companies generating less than $20 million in revenues in the United States alone.
Darren Minton, Executive Vice President, Staffing 360 Solutions
Brendan Flood, Executive Chairman, Staffing 360 Solutions
Jeff Mitchell, Chief Financial Officer, Staffing 360 Solutions
Matt Briand, Chief Executive Officer, Staffing 360 Solution
Michael Williams, Private Investor
Greetings ladies and gentlemen and welcome to the Staffing 360 Solutions’ Fiscal Second quarter 2015 Earnings conference call. At this time all participants are in a listen-only mode, a brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference please press *0 on your telephone keypad. As a reminder this conference is being recorded. It is now my pleasure to introduce Darren Minton, Executive Vice President of Staffing 360 Solutions. Mr. Minton you may begin.
Darren Minton – Executive Vice President
Thank you Jesse, and thank you to everyone who has joined us this morning for Staffing 360 Earnings conference call. I’m joined here today by Brendan Flood, Staffing 360’s Executive Chairman, Matt Briand, our Chief Executive Officer, and Jeff Mitchell, our Chief Financial Officer. The purpose of the call today is to discuss the financials for the fiscal second quarter ended November 30th, 2014, as well as provide an update regarding Staffing 360’s high-growth initiatives as part of our selective MNA strategy. At the conclusion of this call, we’ll be answering questions during a brief Q&A session. I also want to bring to your attention that a webcast and replay of this conference call is available by following the link contained at the bottom of the press release announcing this call, and is also available on Staffing 360’s website, which is www.staffing360solutions.com.
Now, before we get started, I’ll take a brief moment to read the Safe Harbor statement regarding today’s conference call. This conference call will contain forward-looking statements within the meaning of the US Federal Securities Laws concerning Staffing 360 Solutions, Inc. Forward-looking statements are subject to a number of significant risks and uncertainties and actual result may differ materially. Please refer to the company’s filings with the SEC, which contain and identify important risks and other factors that may cause Staffing 360’s actual results to differ from those contained in our forward-looking statements. All forward-looking statements are made as of today, January 21, 2015, and Staffing 360 Solutions expressly disclaims any obligation to revise or update any forward-looking statements after the date of this conference call.
Now with that, I’d like to start the call with a few words from Staffing 360’s Executive Chairman, Brendan Flood. Brendan?
Brendan Flood – Executive Chairman
Thank you, Darren and welcome everybody to our Q2 2015 Earnings conference call. I will make some initial comments about our fiscal second quarter before handing over to Jess to add more [inaudible] numbers and the to Matt to add some commentary on our operations and recent events. After that I will give an update on some current initiatives and open the call to Q&A.
During the fiscal Q2 last year, we only had two acquisitions, Cyber 360 and Control Solutions International. Since then, we have completed three further transactions, [inaudible]National, Poolia UK and People Serve. This has fueled our expansion from approximately $2 million in revenue in Q2 2014 to $34 million in Q2 2015 and places us at over $130 million in revenue on current annualized basis.