Corporate Resource Services, Inc. (OTCBB:CRRS) Is Reaching Record Heights
During yesterday’s session Corporate Resources Services, Inc. (OTCBB:CRRS) closed at $2.2 after setting their new 52 week high up to $2.29. Despite the positive result at these prices the performance of the stock was rather shaky. After opening at $2.19 it began fluctuating in early trading followed by a more stable afternoon. in the end it managed a 10% increase compared to the previous day. Traded volume amounted to 176 thousand shares, the highest it has been since November 2011.
2013 has been the most successful one in the history of the company and year-to-date CRRS have increased more than 5 times in value. The trend of the ticker this far has been that of explosive gains in a couple of sessions followed by a longer period of drifting sideways around the new price level.
CRRS are capable of providing diversified staffing, recruiting, and consulting services and currently operate 231 staffing facilities across the USA. Their business strategy has began yielding results and for the first quarter of 2013 the company’s revenues increased by 34% over the same period last year. The other financial results contained in the quarterly report for the period ending April 5 are:
- $253 thousand cash
- $33.9 million total current assets
- $35 million total current liabilities
- $194 million revenues
- $37 thousand net income
They have a stable balance sheet and have been profitable for a third quarter in a row. A point of some concerns should be that the whopping revenues quickly dwindle to much less impressive net income. Still in the land of OTC stocks numbers such as these are a rare sight.
Just three days after the filing of the report CRRS announced that they have been hired to provide temporary staffing for the Delaware River port authorities. And going along with their business plan on June 19 they acquired Personnel Solutions in Iowa so even more revenues should be expected in the coming months. But the movement of the stock follows its own rules and some corrections may happen if investors decide to cash in their holdings at the current prices.
Another company that we have been following for some time is Xumanii, Inc. (OTCMKTS:XUII). It seems that the pump for them is still going strong with new landing pages being created and another wave of paper mailers distributed. On the other hand the stock of iTalk, Inc. (OTCBB:TALK) has been struggling to maintain its price and yesterday plummeted downwards wiping out a third of its value.
