CINCINNATI, Nov. 22, 2005 (PRIMEZONE) -- Resolve Staffing, Inc. (OTCBB:RSFF) announced today financial results for the third quarter ended September 30, 2005. Resolve reported its first-ever net profit of $69,374 and EBITDA of $254,368 for the third quarter. Gross sales for the quarter were $8,913,453, representing a 65% increase over the prior quarter, and a 681% increase over the third quarter of 2004.
Ron Heineman, President and Chief Executive Officer, commented: "We had a great quarter and our business continues to grow. We had previously stated that we expect to reach profitability in 2005, and we have achieved this objective along with significant top line revenue growth. Resolve has grown from a single location in Florida to a national firm with 42 offices from coast-to-coast. This has required expense and integration in the first nine months of 2005. With these acquisitions being closed and integrated, the Company expects to see the benefits of this strategy in the near future. Our outlook for 2006 is a positive one. We expect Revenues and profits to be stronger in 2006."
Don Quarterman, Director stated: "Announcing our first profitable quarter is a significant milestone in our Company's history and reflects the dedication and commitment of Resolve's management and employees. Resolve has acquired multiple companies, opened new locations and continues to seek numerous other opportunities. Resolve's current run rate puts the Company on track for over $50 million in annual sales. We expect the current run rate to increase in 2006 as we continue to seek both new acquisition and organic growth opportunities. Moreover, we expect our acquisition and growth efforts in 2005 to become evident in our 2006 results."
About Resolve Staffing, Inc.
Resolve Staffing is a national provider of outsourced human resource services. With 42 offices reaching from New York to California, the Company provides a full range of supplemental staffing and outsourced solutions, including solutions for temporary, temporary-to-hire, or direct hire staffing in the medical, trucking, garment, clerical, office administration, customer service, professional and light industrial categories. For additional information on Resolve Staffing visit our website www.resolvestaffing.com.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.