Current Report Filing (8-k)
14 August 2014 - 11:59PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
August 14, 2014
Date of Report
(Date of earliest
event reported)
LABOR SMART INC.
(Exact name of Registrant as specified in its
Charter)
Nevada | |
000-54654 | |
45-2433287 |
(State or Other Jurisdiction of Incorporation) | |
(Commission File Number) | |
(I.R.S. Employer Identification No.) |
5604 Wendy Bagwell Parkway, Suite 223,
Hiram, Georgia 30141
(Address of Principal Executive
Offices)
(770) 222-5888
(Registrant’s Telephone Number, including
area code)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions
(see general instruction A.2. below):
[ ] Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14-a-12
under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02 - Results of Operations and Financial
Condition.
On August 14, 2014, Labor
Smart, Inc. issued a press release regarding its financial results for the period ended June 27, 2014. The press release is attached
hereto as Exhibit 99.1.
In accordance with General
Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to
be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement
or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such filing.
Item 9.01 - Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
LABOR SMART,
INC.
Date: |
August 14, 2014 |
|
By: |
/s/ Ryan Schadel |
|
|
|
|
Ryan Schadel |
|
|
|
|
Chief Executive Officer |
Labor SMART, Inc. Discloses Q2 Non-GAAP EBITDA of
$401,455
HIRAM,
GA--(Marketwired - Aug 14, 2014) - Labor SMART, Inc. (OTCQB: LTNC) (the "Company"), an emerging provider of on-demand
blue collar staffing primarily in the southeastern United States, today reported second quarter adjusted EBITDA of $401,455. The
announcement was made during the company’s first quarterly conference call with shareholders.
During
the call management reported second quarter adjusted EBITDA was $401,455* for the second quarter ending June 27, 2014. Management
believes this measurement provides shareholders an important additional data point to evaluate company performance.
Management
also discussed a number of key initiatives related to its growth and capitalization strategy. The conference call can be accessed
on Labor SMART’s web site: www.laborsmart.com
*EBITDA
and Adjusted EBITDA are non-GAAP financial measures for which a reconciliation is provided as part of this press release and filed
on Form 8-K.
Labor SMART, Inc. |
|
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
June 27, 2014 |
|
|
|
|
Three months ended June 27, 2014 |
Net loss |
(932,846) |
Income tax expense |
0 |
Interest and finance expense |
949,865 |
Depreciation and amortization |
42,706 |
EBITDA |
59,725 |
Non-recurring acquisition and expansion costs |
341,730 |
Adjusted EBITDA |
401,455 |
Labor SMART, Inc. provides On-Demand
temporary labor to a variety of industries. The Company's clients range from small businesses to Fortune 100 companies. Labor SMART
was founded to provide reliable, dependable and flexible resources for on-demand personnel to small and large businesses in areas
that include construction, manufacturing, hospitality, event-staffing, restoration, warehousing, retailing, disaster relief and
cleanup, demolition and landscaping. Labor SMART believes it can make a positive contribution each and every day for the benefit
of its clients and temporary employees. The Company's mission is to be the provider of choice to its growing portfolio of customers
with a service-focused approach that enables Labor SMART to be seen as a resource and partner to its clients.
Safe Harbor Statement
This release contains statements
that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include
all statements that are not statements of historical fact regarding the intent, belief or current expectations of Labor SMART,
Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial
condition or results of operations; (iii) growth strategy and operating strategy. The words "may", "would",
"will", "expect", "estimate", "can", "believe", "potential", and similar
expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Labor SMART,
Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements
as a result of various factors. More information about the potential factors that could affect the business and financial results
is and will be included in Labor SMART, Inc.'s filings with the U.S. Securities and Exchange Commission.
Contact:
Beverly Jedynak
Martin E. Janis & Company, Inc.
312-943-1123
bjedynak@janispr.com
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