Stratus is a national provider of business productivity consulting and staffing services through its SMARTSolutions(TM) technology. The Company currently operates through a network of twenty-six offices in ten states. Through its SMARTSolutions(TM) technology, Stratus provides a structured program to monitor and reduce the cost per unit & labor. The Company has a dedicated engineering services staff providing a broad range of staffing, project consulting and project outsourcing services. The Company also provides a wide range of commercial staffing services including light industrial, clerical, distribution, technical, specialty and other professional services.
Stratus Services Group, Inc. Announces Record Revenues and Earnings for Its Fiscal Fourth Quarter and Full Year Ended September, 30, 2000
December 14, 2000 09:42:00 AM ET
MANALAPAN, N.J., Dec. 14 /PRNewswire/ -- Stratus Services Group, Inc., SERV the SMARTSolutions(TM) Company, announced today record financial results for fiscal fourth quarter and full year ended September 30, 2000.
For the fourth quarter, revenues were $15,891,370 compared with the $8,778,834 reported for the comparable period one year ago, an increase of 81%. Net earnings improved substantially to $550,475 or $.10 per basic and diluted share, from fiscal 1999's fourth quarter net earnings of $151,762 or $.05 per basic and diluted share, an increase of 262%.
For the full fiscal 2000, revenues increased more than 38% to $41,676,587 over fiscal year 1999's revenues of $30,042,751. The Company also announced net earnings of $1,045,910 or $0.21 cents per basic share versus a loss of ($1,527,043) or ($0.40) cents per share for the previous year.
"We are extremely pleased by the progress we have made in the short time we have been a public company. Since April 2000, we have focused our efforts on implementing our business plan of increasing revenues and improving profitability through accretive acquisitions and expanding our SMARTSolutions(TM) division," said Joseph J. Raymond, Stratus Services Group's Chairman and CEO. "We head into our new fiscal year with tremendous positive momentum. We anticipate reporting continued progress with our acquisition and financing plans and improvements to our top and bottom lines."
Mr. Raymond is featured in an on-line interview at http://www.ceocast.com where he discusses the company's earnings and growth prospects.
Some of the Company's accomplishments include:
-- The successful completion of an initial public offering on
April 26, 2000 which raised $7.8 million.
-- Four new SMARTSolutions clients since the IPO.
-- Acquisitions of three staffing companies or divisions of staffing
companies which expanded the company's operations to thirty-two (32)
offices in eleven (11) states.
-- Improvement of the Company's balance sheet through the completion of a
convertible debenture and a receivables line of credit.
Stratus Services Group, Inc. is a national provider of business productivity consulting and staffing services through its SMARTSolutions(TM) technology. The Company currently operates through a network of thirty-two offices in eleven states. Through its SMARTSolutions(TM) technology, Stratus provides a structured program to monitor and reduce the cost of a customer's labor resources. The Company has a dedicated engineering services staff providing a broad range of staffing, project consulting and outsourcing services. The Company also provides a wide range of commercial staffing services including light industrial, clerical, distribution, technical, specialty and other professional services.
Stratus Services Group, Inc.
Financial Highlights
Three Months Ended: Year Ended:
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 1999 2000 1999
Revenues $15,891,370 $8,778,934 $41,676,587 $30,042,751
Operating income
(loss) 460,332 429,866 1,578,992 (517,952)
Net earnings
(loss) $550,475 $151,762 $1,045,910 $(1,527,043)
Net earnings (loss) per
common share -
Basic $.10 $(.05) $.21 $(.40)
Diluted .10 (.05) .20 (.40)
Weighted average shares,
outstanding per
common share
Basic 5,723,147 4,051,751 4,931,914 3,828,530
Diluted 6,107,819 4,224,151 5,223,508 3,828,530
This news release includes forward-looking statements within the meaning of the federal securities laws that are subject to risks and uncertainties. Factors that could cause the Company's actual results and financial condition to differ from the Company's expectations include, but are not limited to, a change in economic conditions that adversely affects the level of demand for the Company's services, competitive market and pricing pressures, the availability of qualified temporary workers, the ability of the Company to manage growth through improved information systems and the training and retention of new staff, and government regulations.
© 2000 PRNewswire
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