MANALAPAN, N.J., Dec. 28, 2004 (PRIMEZONE) -- Stratus Services Group, Inc., the SMARTSolutions Company (OTCBB:SSVG), announced today its fiscal results for its fiscal fourth quarter ended September 30, 2004 reflect a revenue growth that has outperformed staffing industry growth in general.
Joseph J. Raymond, Sr., the Company's President, stated, "Stratus' gross revenue for its fiscal fourth quarter ended September 30, 2004 increased from $21.3 million for the same period ended September 30, 2003 to $33.2 million for the fiscal quarter ended September 30, 2004, a 55% increase."
"According to the results of the American Staffing Association's ('ASA') Results of Third Quarter National Survey, US sales of temporary and contract staffing services increased 13.8% over the same period last year. Stratus has outperformed the industry, as its revenues for its fiscal fourth quarter ended September 30, 2004 (the same quarter as the ASA's calendar year third quarter) increased 55% from the same period the prior year."
"Based on Stratus' operating profit for the fiscal fourth quarter of $389,145 as reflected in Stratus' Form 10-K for the fiscal year ended September 30, 2004, filed with the SEC on December 23, 2004, and based on Stratus' sales growth performance, the profitability trends, and the Company's projections, I feel strongly that the Company's value is not reflected in today's current share price, or market capitalization, as the aggregate share price is below the Company's true market value.
Stratus is a national provider of business productivity consulting and staffing services through a network of thirty offices in seven states. Through its SMARTSolutions(TM) technology, Stratus provides a structured program to monitor and reduce the cost of a customer's labor resources. Through its Stratus Technology Services, LLC joint venture, the Company provides a broad range of information technology staffing and project consulting.
This news release includes forward-looking statements within the meaning of the federal securities laws that are subject to risks and uncertainties. Factors that could cause the Company's actual results and financial condition to differ from the Company's expectations include, but are not limited to, a change in economic conditions that adversely affects the level of demand for the Company's services, competitive market and pricing pressures, the availability of qualified temporary workers, the ability of the Company to manage growth through improved information systems and the training and retention of new staff, and government regulations.