• Completed Merger with Lyneer Staffing Solutions, Creating a Top 40 U.S. Staffing Firm with Over $400 Million in Annual Revenue.
• Second Quarter Revenue of $104.6 Million, Representing a 17% Increase Compared to $89.4 Million for the Same Period Last Year.
• Growth Attributed to Expansion Within Existing Customer Base and New Customer Wins, Plus Improving Demand for Core Service Offerings.
• Approximately 1,100 Total Customers, a 10% Increase Quarter-Over-Quarter.
• Targeting Combined Annual Revenue in Excess of $1 Billion in 2025, Including Acquisitions.
• Newly Established Operating Platform Can Service 3x the Current Revenue Run-Rate, While Delivering Improved Client Service and Satisfaction.
• Third Quarter Expected Revenue of $105 - $115 Million, Reflecting Continued Momentum in Core Customer Base and Seasonal Trends.
Atlantic International Corp. (OTC: ATLN) is a leading strategic staffing, outsourced services, and workforce solutions company executing a high-growth strategy. Through its principal operating subsidiary, Lyneer Investments LLC (“Lyneer”), the ATLN has approximately 300 employees that generated over $400 million in revenue (for the twelve months ending December 31, 2023).
According to Staffing Industry Analysts, ATLN is among the top 20 largest national staffing companies servicing the light industrial, commercial, professional, finance, direct placement, and managed service provider verticals. ATLN provides its customers with complete HR solutions, operating 40 independent on-site and vendor-on-premises facilities and paying over 12,000 employees weekly.
ATLN Reports Over $104 Million in Q2 Revenue and 17% Revenue Growth for the 2nd Quarter
On August 15th ATLN announced its financial results for the second quarter ended June 30, 2024.
Key Q2 Financial Highlights:
ATLN reported revenue of $104.6 million, representing a 17% increase compared to $89.4 million for the same period last year. Growth is attributed to expansion within its existing customer base and new customer wins, as well as improving demand for ATLN core service offerings.
ATLN Gross profit for the quarter was $11.5 million, representing 11.0% of revenue, compared to $10.9 million, or 12.2% of revenue, in the same period last year.
Margin expansion is expected to leverage the ATLN in-place executive team, existing back-office operations and add higher margin business, including permanent staffing revenues. ATLN expects its next acquisition to bring an array of technology customers to result in higher margin revenue and further diversify our customer base.
As of June 30, 2024, ATLN had approximately 1,100 total customers, compared to 1,000 as of March 31, 2024, a 10% increase quarter-over-quarter.
Operational Highlights:
ATLN subsidiary Lyneer continues to execute on its strategic growth initiatives, including the expansion into new markets and the launch of innovative product lines. ATLN is targeting combined annual revenue in excess of $1 billion in 2025, including acquisitions.
New Onsite Locations: ATLN successfully opened the Rock Hill, South Carolina logistics center on behalf of UPS, bolstering its position in the fast-growing Southeast market and enhancing its service capabilities for the world’s largest global logistics provider.
Investments in Operating Platform and M&A Expertise: ATLN is making investments in its technology and infrastructure, including personnel, today, that it anticipates will deliver long-term results. A newly established operating platform can service 3x the ATLN revenue run-rate, while delivering improved client service and satisfaction.
“We are pleased to report another strong quarter, driven by solid revenue growth under the Atlantic brand,” said Jeffrey Jagid, ATLN CEO. “Our focus on operational excellence and strategic expansion has enabled us to deliver robust results and strengthen our market position. Looking ahead, we remain committed to growing topline revenue through new facilitates with our existing clients, through new customer acquisition, and through strategic M&A, creating significant value for our shareholders. We also look forward to our pending uplisting to a National Securities Exchange.”
For the third quarter of 2024, ATLN expects revenue to be in the range of $105 - $115 million, reflecting continued momentum in its core customer base and seasonal trends. ATLN anticipates margins to improve, supported by ongoing efficiency initiatives and strategic investments, as well as reduced integration costs from the completed acquisition of Lyneer.
Key Expansion in Rock Hill, South Carolina
On July 25th ATLN announced the expansion of its operations with the strategic opening of a new location in Rock Hill, South Carolina.
This new facility will support one of the largest global supply chain management companies in the world, reinforcing ATLN commitment to partnering with industry leaders. The expansion underscores the ATLN mission to deliver innovative staffing solutions that drive operational efficiency and success for its clients.
With a proven track record of delivering high-quality staffing services across various sectors, this expansion further solidifies ATLN position as a trusted partner for businesses seeking top-tier staffing solutions.
For more information on $ATLN visit: www.atlantic-international.com and www.lyneer.com
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Media Contact
Company Name: Atlantic International Corp.
Contact Person: Kale Fein, Investor Relations
Email: Send Email
Phone: (213) 915-6414
Address:270 Sylvan Avenue Suite 2230
City: Englewood Cliffs
State: New Jersey 07632
Country: United States
Website: www.atlantic-international.com
