ShiftPixy reports fiscal 2018 first quarter results

ShiftPixy, Inc. has announced operating results for the three months ending November 30, 2017 (“2018 First Quarter”).

“ShiftPixy remains an early stage company, and we will continue to invest in the business as appropriate, in areas such as product development, sales and marketing and client support,” noted Scott W. Absher, Chief Executive Officer of ShiftPixy.  “Over the past year, we’ve also incurred the necessary professional expenses related to being a publicly-traded company.”

Mr. Absher continued, “We are pleased with our pattern of growth and the development of our technology platform.  We anticipate that the continued development of our technology platform will further enhance our service offerings and better enable us to meet the needs of our assigned workforce and clients as we endeavor to create value for our shareholders.”

ShiftPixy 2018 first quarter highlights:

• Gross billings grew 14.7% to $40.2 million, compared to $35.0 million for the 2017 first quarter; gross billings for the quarter increased, sequentially, 21.2% from $33.1 million in the prior quarter.
  
  
• Revenues increased 14.6% to $6.5 million for the quarter, compared to $5.7 million for the first quarter of 2017.
  
  
• Worksite employees increased by 719 to 5,682 compared to 4,963 as of November 30, 2016; the number of employees at the end of the quarter also represents a sequential increase of 608 over the number of employees at the end of the fourth quarter 2017.
  
  
• Gross profit for the quarter was $1.2 million versus $2.0 million in the prior year period, and net loss per share was 12 cents during the quarter, versus a net profit of 1 cent the prior year period.