ShiftPixy, Inc. Reports Fiscal 2018 Third Quarter Results
“Our business continues to grow rapidly, with the number of worksite employees and our client roster each expanding significantly, and with our financial performance reflecting strong sequential and year-over-year growth,” stated Chief Executive Officer,
2018 Third Quarter Highlights
- Gross billings grew 119.2% to
$60.2 million , compared to$27.5 million for the 2017 third quarter; gross billings increased 23.7% sequentially from$48.6 million in the prior quarter. - Revenues increased 102.6% to
$9.4 million , compared to$4.6 million for the third quarter of 2017. - Worksite employees increased by 3,654 to 7,648, compared to 3,994 as of
May 31, 2017 ; the number of employees at the end of the quarter also represented a sequential increase of 850 over the number of employees at the end of the second fiscal quarter. - Gross profit was
$1.5 million versus$0.6 million in the prior year period, and net loss per share was6 cents during the quarter, an improvement over the net loss of11 cents in the prior year period.
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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
Consistent with the SEC’s
CONTACT:
Media:
clark.wilson@shiftpixy.com
888.798.9100
Investors:
InvestorRelations@shiftpixy.com
800.475.3655
ShiftPixy Inc. |
Condensed Consolidated Balance Sheets |
May 31, 2018 |
August 31, 2017 |
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(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 1,187,386 | $ | 5,896,705 | ||||
Accounts receivable | 307,847 | 428,790 | ||||||
Prepaid expenses | 2,205,741 | 2,687,188 | ||||||
Other current assets | 177,712 | 15,916 | ||||||
Total Current Assets | 3,878,686 | 9,028,599 | ||||||
Fixed assets, net | 1,086,282 | 288,065 | ||||||
Deposits and Other assets | 137,980 | 126,480 | ||||||
Total Assets | $ | 5,102,948 | $ | 9,443,144 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 850,225 | $ | 1,160,474 | ||||
Payroll related liabilities | 5,374,954 | 2,388,454 | ||||||
Other current liabilities | 795,192 | 278,982 | ||||||
Total Current Liabilities | 7,020,371 | 3,827,910 | ||||||
Commitments and Contingencies | ||||||||
Stockholders' (Deficit) Equity | ||||||||
Preferred stock, 50,000,000 authorized shares; $0.0001 par value; no shares issued and outstanding | - | - | ||||||
Common stock, 750,000,000 authorized shares; $0.0001 par value; 28,800,675and 28,762,424 shares issued and outstanding, respectively | 2,881 | 2,877 | ||||||
Additional paid-in capital | 15,357,342 | 15,012,584 | ||||||
Accumulated deficit | (17,277,646 | ) | (9,400,227 | |||||
Total Stockholders' (Deficit) Equity | (1,917,423 | ) | 5,615,234 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 5,102,948 | $ | 9,443,144 |
ShiftPixy Inc. | |||||||||||||||||||
Condensed Consolidated Statements of Operations |
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(Unaudited) | |||||||||||||||||||
For the Three Months Ended May 31, |
For the Nine Months Ended May 31, |
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2018 |
2017 (Restated) |
2018 |
2017 (Restated) |
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Revenues (gross billings of $60.2m and $27.5 m less worksite employee payroll cost of $50.8m and $22.8m, respectively for the three months ended; gross billings of $149.0m and $93.3m less worksite employee payroll cost of $125.2m and $77.5m, respectively for nine months ended) | $ | 9,375,492 | $ | 4,628,361 | $ | 23,773,871 | $ | 15,718,780 | |||||||||||
Cost of Revenues | 7,825,500 | 3,993,291 | 20,099,218 | 12,026,816 | |||||||||||||||
Gross Profit | 1,549,992 | 635,070 | 3,674,653 | 3,691,964 | |||||||||||||||
Operating Expenses | |||||||||||||||||||
Payroll | 1,382,183 | 1,082,675 | 4,005,371 | 2,920,150 | |||||||||||||||
Commissions | 463,327 | 202,279 | 1,073,392 | 506,862 | |||||||||||||||
Professional fees | 416,311 | 629,322 | 1,417,554 | 1,081,915 | |||||||||||||||
Product development | - | 658,334 | 2,386,354 | 658,334 | |||||||||||||||
General and administrative | 1,105,490 | 1,015,075 | 2,669,401 | 2,059,571 | |||||||||||||||
Total Operating Expenses | 3,367,311 | 3,587,685 | 11,552,072 | 7,226,832 | |||||||||||||||
Net Loss | $ | (1,817,319 | ) | $ | (2,952,615 | ) | $ | (7,877,419 | ) | $ | (3,534,868 | ) | |||||||
Net Loss per common share available to Common Shareholders: | |||||||||||||||||||
Basic and Diluted | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.27 | ) | $ | (0.13 | ) | |||||||
Weighted Average Number of Common Shares Used in Per Share Computations: | |||||||||||||||||||
Basic and Diluted | 28,800,675 | 26,555,706 | 28,795,145 | 26,337,976 |
Source: ShiftPixy, Inc.