Corporate Resource Services, Inc. reported unaudited earnings results for the first quarter ended on April 4, 2014. The company revenue for the first quarter of fiscal year 2014, which ended on April 4, 2014 was $218.4 million, an increase of $24.1 million, or 12.5%, compared to the first quarter of 2013, which included an additional week of operations based on the Company's fiscal calendar. Excluding the impact of this additional week, revenues increased by $38.1 million, or 21.1%.

This increase was driven by both growth from acquisitions, which added $23.9 million, or 13.2%, as well as organic revenue growth of approximately $14.2 million, or 7.9% compared to the comparable year-ago period. The company recorded an operating loss for the quarter of $415,000 compared to operating income of $1.4 million in last year's first quarter. The reduction in operating income was due primarily to the increase in selling, general and administrative costs as a result of the $1.3 million in higher professional fees, which is expected to decrease in future quarters, as well as a $0.9 million increase in non-cash equity compensation expense.

For the first quarter of fiscal 2014, the Company reported a loss of $3.0 million compared to a loss in the comparable year-ago quarter of $378,000. Adjusted EBITDA was $3.9 million for the fiscal first quarter, an increase of 56.3% from $2.5 million in the prior year quarter.