15
May
2015
CorTech Shows a Record Q1 2015 and provides Jan 1, 2015 thru April 30, 2015 Update
CorTech Seeing Solid 2015 Thus Far
CorTech Seeing Solid 2015 Thus Far
Today Atlanta, GA based CorTech International announced record Q1 revenues and EBITDA. CorTech’s financial update through 4/30/15.
Through the first four months of 2015 CorTech has recorded sales of $50,194 mil and EBITDA 4.544%. Gross profit for the four month period was 8.96% which included the seasonally high Q1 SUTA/FUTA costs. There was an extraordinary gain of $271.9k on a sale of property asset which the company held. With the removal of the extraordinary gain, true staffing related EBITDA was 4.0% in the 4 month period, which is an all-time record for CorTech during this period of time. Total sales for the period are up roughly 33% from the like period in 2014, gross profit is up 35.9%, and net income is up 91.5% (excluding extraordinary gains from the property asset sale). During this period CorTech has closed a record number of new direct clients and large MSP clients and projects 2015 as a solid year.
“With the above said, we are seeing a strong year ahead, basically another record as we still have our typical strong Q3 and then Q4 holiday season uptick coming. In reality, not all of our clients are going gang busters as they have in recent previous years and there seems to be an underlying lightness year over year in some of the customer job orders. However the impact of our new client business is driving a significant increase of job orders year over year for us. In addition, we have increased our gross margin over the last 10 months with the addition of some higher margin clients while continuing to lower our SG&A. We have invested heavily in advancing financial controls and validations to ensure the financial health of CorTech continues to be strong.
CorTech is also rolling out some new innovative solutions and related product lines with the roll-out of Government, Veteran, SOW, HW/SW solution sales with our DataMD.NET property, as well as On-Demand Labor solutions. We believe our clients will benefit from these solutions and our best of breed service and support for these product offerings. We are cautiously optimistic about the foreseeable future for the contingent labor market and the US economy as a whole." Stated by Vincent Rossy – CEO CorTech
info@cor-tech.net
Through the first four months of 2015 CorTech has recorded sales of $50,194 mil and EBITDA 4.544%. Gross profit for the four month period was 8.96% which included the seasonally high Q1 SUTA/FUTA costs. There was an extraordinary gain of $271.9k on a sale of property asset which the company held. With the removal of the extraordinary gain, true staffing related EBITDA was 4.0% in the 4 month period, which is an all-time record for CorTech during this period of time. Total sales for the period are up roughly 33% from the like period in 2014, gross profit is up 35.9%, and net income is up 91.5% (excluding extraordinary gains from the property asset sale). During this period CorTech has closed a record number of new direct clients and large MSP clients and projects 2015 as a solid year.
“With the above said, we are seeing a strong year ahead, basically another record as we still have our typical strong Q3 and then Q4 holiday season uptick coming. In reality, not all of our clients are going gang busters as they have in recent previous years and there seems to be an underlying lightness year over year in some of the customer job orders. However the impact of our new client business is driving a significant increase of job orders year over year for us. In addition, we have increased our gross margin over the last 10 months with the addition of some higher margin clients while continuing to lower our SG&A. We have invested heavily in advancing financial controls and validations to ensure the financial health of CorTech continues to be strong.
CorTech is also rolling out some new innovative solutions and related product lines with the roll-out of Government, Veteran, SOW, HW/SW solution sales with our DataMD.NET property, as well as On-Demand Labor solutions. We believe our clients will benefit from these solutions and our best of breed service and support for these product offerings. We are cautiously optimistic about the foreseeable future for the contingent labor market and the US economy as a whole." Stated by Vincent Rossy – CEO CorTech
info@cor-tech.net