The PennZone

ENGLEWOOD CLIFFS, N.J. - PennZone -- Atlantic International Corp. (Stock Symbol: 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 15^th 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.

More on The PennZone

• Fig Lehigh Valley Celebrates 50th Edition With Summer Launch Party at the Americus Hotel
• Make America French Again Launches National Campaign
• RAS AP Consulting Expands AP Governance & Automation Practice and Named Finalist for Heidelberg Materials SAP Vendor & Customer Data Project
• New Children's Book Teaches Kids the Lesson Its Author Spent a Career Learning: Your Worth Doesn't Need Permission
• Proper Sky Named to the 2026 MSP 501

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.

"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."

More on The PennZone

• 100+ Episodes In, Liftoff with Keith Newman Tells Founders to Stop Publishing More
• Vierra Communities Adds Operations of Two Skilled Nursing Facilities in the DC Metro Area
• Slotozilla Introduces a Centralized Resource for World Cup Bonus Offers
• Webinar Announcement: Built for Trust: Latitude's 0 to 1 Compliance Playbook for Modern Cross-Border Payments
• OneVizion Names AI Leader Matthew Kirk as Chief Operating Officer to Drive Governed AI Across Telecom and Electric Utilities

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 25^th 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.

Media Contact
Company Name: Atlantic International Corp.
Contact Person: Kale Fein, Investor Relations
Email: kfein@atlantic-international.com
Phone: +1 (213) 915-6414
Country: United States
Websites: www.atlantic-international.com and www.lyneer.com

DISCLAIMER: https://corporateads.com/disclaimer/

Disclosure listed on the CorporateAds website