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STAFFING 360 SOLUTIONS Source : Staffing 360 Solutions , Inc. November 15 , 2021 16:46 ET Staffing 360 Solutions Reports Improved Fiscal Third Quarter and Nine- Month Results Positive Income from Operations , Net Income and Basic EPS in Q3 NEW YORK , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- Staffing 360 Solutions , Inc. ( NASDAQ : STAF ) , a company executing an international buy - integrate - build strategy through the acquisition of staffing organizations in the United States and the United Kingdom , today announced its Fiscal 2021 third quarter and nine - month financial results for the period ended October 2 , 2021 . Q3 2021 Overview • Revenue decreased 2.3 % to $ 47.5 million from $ 48.6 million in Q3 '20 ( 1.7 % excluding the disposal of firstPRO ) . • Gross profit increased 15.6 % to $ 9.6 million from $ 8.3 million in Q3 '20 ( 28.8 % increase excluding the disposed business ) . • Income from operations was $ 0.5 million compared with a loss from operations of $ 1.8 million in Q3 '20 。 A result of strong execution in all of our businesses benefitting from gradual strengthening in our underlying markets . • Net income of $ 8.7 million realized as compared with a net loss of $ 2.6 million in Q3 '20 . EBITDA grew to $ 10.5 million from ( $ 0.2 million ) in Q3 '20 . • • Adjusted EBITDA increased to $ 1.5 million from $ 1.2 million in Q3'20 . • Basic EPS was $ 0.70 , up from a loss of $ 2.34 in the same period last year . Nine - Month 2021 Overview • Revenue decreased 2.5 % to $ 147.0 million from $ 150.7 million in YTD September '20 ( 2.8 % increase excluding the disposal of first PRO ) . • Gross profit increased slightly by 0.5 % to $ 26.7 million from $ 26.5 million in YTD September '20 ( 16.6 % increase excluding the disposed business ) . • Loss from operations narrowed to $ 1.3 million as compared with a loss from operations of $ 7.4 million in September '20 . 。 A result of better cost management in a very tight labor market . • Net income of $ 14.9 million realized as compared with a net loss of $ 13.4 million in YTD September '20 . • EBITDA grew to $ 20.5 million , or 506 % , from ( $ 5.1 million ) in YTD September '20 . Adjusted EBITDA increased to $ 4.0 million from $ 3.0 million in YTD September '20 . • • Basic EPS was $ 1.43 up from a loss of $ 11.10 in the same period last year . Brendan Flood , Chairman , CEO and President , said , “ I am very encouraged with our ongoing progress and improved results achieved in the third quarter . The general business outlook remains strong and our business is steadily improving . We continue to gain more business , with often increasingly larger contracts for temporary placement . " As we progress through the economic recovery , we remain vigilant and cautiously optimistic . We anticipate improved revenue and gross profit in Q4 fueled by the pent - up demand we are experiencing . We are focused on gross profit and EBITDA growth , which may at times come at the expense of lower margin revenue . Our balance sheet is steadily improving - debt today is $ 10.1 million , down from $ 72.3 million in June 2020 , after paying down $ 62.2 million . I look forward to a strong end of year and to starting 2022 on solid footing , " concluded Flood . Conference Call The Participant Dial - In Number for the conference call is 323-794-2423.Participants should dial in to the call at