Corporate Resource Services, Inc. Announces Change in Fiscal Year - Aligns Its Reporting to Industry Standard
NEW YORK--(BUSINESS WIRE)-- Corporate Resource Services, Inc. (OTCBB: CRRS), a diversified staffing, recruiting, and consulting services firm providing managed services and trained employees in the areas of Insurance, Information Technology, Accounting, Legal, Engineering, Science, Healthcare, Life Sciences, Creative Services, Hospitality, Retail, General Business and Light Industrial work, today announced that its Board of Directors approved a change in its fiscal year end from the end of September to the Friday closest to December 31st. The Company will report the quarter ended December 28, 2012 as a transition period when it files its Quarterly Report on Form 10-Q in February.
"We are happy to be aligning our financial reporting with the end of the calendar year and the fiscal periods reported by most of our peers," said John Messina, CEO of Corporate Resource Services. "In addition, this year-end fits more appropriately with the seasonality of our business as our revenues tend to peak in the last calendar quarter, and our profitability is lower in the first calendar quarter, when those revenue peaks have passed and payroll tax wage limits reset with the beginning of the year. We trust that this change will allow us to present financial information that is more meaningful to the investment community."
About Corporate Resource Services, Inc.:
Corporate Resource Services, Inc. provides diversified staffing, recruiting, and consulting services and offers trained employees in the areas of Insurance, Information Technology, Accounting, Legal, Engineering, Science, Healthcare, Life Sciences, Creative Services, Hospitality, Retail, General Business and Light Industrial work. The company's blended staffing solutions are tailored to our customers' needs and can include customized employee pre-training and testing, on-site facilities management, vendor management, risk assessment and management, market analyses and productivity/occupational engineering studies.
The Company's ability to deliver broad-based solutions provides its customers a "one stop shop" to fulfill their staffing needs from professional services and consulting to clerical and light industrial positions. Depending on the size and complexity of an assignment, Corporate Resource Services can create an on-site facility for recruiting, training and administration at the customers' location. Company recruiters have the latest state of the art recruiting resources available to help customers secure the best candidates in today's ever-changing marketplace. CRS's national network of recruiters has staffing experts that get excellent results by focusing within their areas of expertise.
The Company operates 205 staffing and on-site facilities in 37 states and the District of Columbia and it offers its services to a wide variety of clients in many industries, ranging from sole proprietorships to Fortune 1000 companies. To learn more, visit http://www.crsco.com.
This press release contains forward-looking statements, which are subject to risks and uncertainties. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Corporate Resource Services, Inc.
Michael J. Golde, 646-443-2380
Chief Financial Officer
KEYWORDS: United States North America New York
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