April 27, 2017 8:47 PM ET

Professional Services

Company Overview of First Rate Staffing Corporation

Company Overview

First Rate Staffing Corporation provides recruiting and staffing services for temporary positions in light industrial, distribution center, assembly, and clerical businesses in California, Arizona, and Nevada. The company also offers payroll services, state and federal taxation services, worker’s compensation services, and work force screening and managing services. In addition, it conducts reference checks of employees; and offers risk management services. The company was formerly known as Moosewood Acquisition Corporation and changed its name to First Rate Staffing Corporation in May 2012. First Rate Staffing Corporation was incorporated in 2011 and is based in Phoenix, Arizona.

2775 West Thomas Road

Suite 107

Phoenix, AZ 85018

United States

Founded in 2011

1,117 Employees

Phone:

602-442-5277

Key Executives for First Rate Staffing Corporation

Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary and Director
Age: 61
Chief Operating Officer
Age: 37
Assistant Secretary
Age: 38
Vice President of Risk Management
Age: 49
Vice President of Finance
Age: 40
Compensation as of Fiscal Year 2016.

First Rate Staffing Corporation Key Developments

First Rate Staffing Corporation Files Form 15

First Rate Staffing Corporation has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended.

First Rate Staffing Corporation announced delayed 10-Q filing

On 11/15/2016, First Rate Staffing Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

First Rate Staffing Corporation Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2015

First Rate Staffing Corporation reported earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's revenues increased 79% to a record $11.1 million, compared to $6.2 million in the same year-ago quarter. The increase in Revenue was due to new clients added. Net loss in the quarter was $0.7 million or $0.09 per share, compared to a loss of $34,000 or $0.005 per share in the same year-ago quarter. Excluding the impairment charge, net loss in fourth quarter of 2015 was $42,000 or $0.01 per share. For the full year, the company's revenues increased 83% to a record $32.9 million, compared to $18.0 million in 2014. The increase in revenue for the year was primarily due to organic growth. Net loss was $639,000 or $0.09 per share, as compared to net income of $10,000 or $0.001 per share in 2014. Net loss in both periods was primarily due to a non-recurring, non-cash impairment charge of $641,000 associated with a former client. Excluding the impairment charge, net income for the full year of 2015 was $2,000 or $0.00 per share. Loss from operations was $334,413 compared with income of $261,697 a year ago. Loss before income tax was $527,753 compared with income of $76,442 a year ago.

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Recent Private Companies Transactions

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