IRVINE, CA April 13, 2018 (GLOBAL NEWSWIRE) ShiftPixy, Inc. (NASDAQ: PIXY), a developing, proprietary next-gen technology platform for workforce engagement and management, today announced operating results for the three months ended February 28, 2018 (2018 Second Quarter).
ShiftPixy Chief Executive Officer Scott Absher commented, As we roll out our proprietary and sophisticated technology platform, we are increasingly excited about the crucial role well play in the expanding Gig Economy workplace. Our growing client roster across our expanding national footprint demonstrates the appeal of the ShiftPixy Ecosystem, and the rapid progress were making on the technology front will only increase platform effectiveness, ultimately helping to create value for our shareholders.
2018 Second Quarter Highlights
- Gross billings grew 58.1% to $48.6 million, compared to $30.8 million for the 2017 second quarter; gross billings increased 20.9% sequentially from $40.2 million in the prior quarter.
- Revenues increased 45.8% to $7.9 million, compared to $5.4 million for the second quarter of 2017.
- Worksite employees increased by 3,405 to 6,798 compared to 3,393 as of February 28, 2017; the number of employees at the end of the quarter also represents a sequential increase of 1,116 over the number of employees at the end of the first fiscal quarter 2018.
- Gross profit was $0.9 million versus $1.1 million in the prior year period, and net loss per share was 9 cents during the quarter, versus a net loss of 4 cents the prior year period.
Ive been thoroughly impressed with the contagious energy at ShiftPixy since joining earlier this year, in particular the discovery of brand new applications for our Ecosystem that further expand our horizons, stated Chief Financial Officer Patrice Launay. During this transformational time, we will work to optimize and manage our balance sheet in support of our rapid growth.
Fiscal 2018 Third Quarter Guidance
The Company currently expects gross billings for fiscal third quarter 2018 to be in the range of $50 million to $60 million, which at the midpoint would represent a sequential increase of 13% over the fiscal second quarter 2018.
ShiftPixy will host a webcast at 11:00 a.m. Eastern Time on Friday, April 13, 2018, to discuss financial results for the 2018 fiscal second quarter. Investors can access the webcast through the ShiftPixy website at https://ir.shiftpixydotcom.wpcomstaging.com.
ShiftPixy is a disruptive human capital management (HCM) services provider, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in managements nearly 25 years of workers compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy. ShiftPixys complete HCM ecosystem is designed to manage regulatory requirements and compliance in such required areas as paid time off (PTO) laws, insurance and workers compensation, minimum wage increases, and the Affordable Care Act (ACA) compliance.
ShiftPixy Cautionary Statement
The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but
Source: ShiftPixy, Inc.