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Crdentia Announces 2007 Fourth Quarter Results

DALLAS, April 1 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading healthcare staffing company, today announced results for the fourth quarter ended December 31, 2007.

Revenue in the quarter was $9,806,540, an increase of 34% over third quarter 2007 revenue of $7,329,161 and an increase of 15% over revenue of $8,531,970 in the fourth quarter of 2006. Gross profit improved to $2,228,061 in the fourth quarter of 2007, compared to $1,570,923 in the third quarter of 2007 and $1,619,346 in the fourth quarter of 2006. Net loss attributable to common stockholders was $2,644,869 in the fourth quarter of 2007, an improvement from the net loss of $13,639,772 reported in the fourth quarter of 2006. The fourth quarter of 2006 included a $10,000,000 charge for loss on impairment of goodwill. Net loss was $0.06 per share for the fourth quarter of 2007 on weighted average shares of 44,288,419 compared to a net loss of $0.98 per share for the fourth quarter of 2006 on weighted average shares of 13,913,454.

During the fourth quarter, Crdentia raised a total of $5,750,000 in private equity transactions. The proceeds from this raise were used primarily to acquire Medical People Healthcare Services, Inc. and ATS Health Services. These acquisitions enabled the Company to expand its presence and depth of services throughout the Sun Belt region. In addition, these transactions are expected to enhance Crdentia's future operations as a result of increased absorption of the Company's corporate overhead costs over a larger base of business.

John Kaiser, CEO of Crdentia said, "The improved fourth quarter financial results are evidence that the Company is making good progress towards our objective of profitably growing our business. I am also pleased to have completed the equity raise during the fourth quarter which enabled us to make two acquisitions that contributed meaningfully to fourth quarter revenue. Also, the $10.2 million long-term debt financing announced during the first quarter of 2008 enhanced our financial flexibility. Crdentia is now moving forward with our objective of achieving profitability through improved operating performance and executing our growth initiatives to expand our footprint in key Sun Belt markets."

About Crdentia Corp.

Crdentia Corp., one of the nation's leading providers of healthcare staffing solutions, is focused on recruiting talented national and international healthcare professionals to meet the ever-increasing employment needs of over 2,300 clients. Crdentia is one of the few companies that can provide quality temporary staff for all healthcare industry positions including local nurses, travel nurses, allied health, locum tenens and home care professionals. For more information, visit

Forward Looking Statements

Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission. Such risk factors include, but are not limited to, a limited operating history with no earnings; reliance on the Company's management team, members of which have other business interests; the ability to successfully implement the Company's business plan; the ability to continue as a going concern; the ability to fund the Company's business and acquisition strategy; the growth of the temporary healthcare professional staffing business; difficulty in managing operations of acquired businesses; uncertainty in government regulation of the healthcare industry; and the limited public market for the Company's common stock. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. Crdentia undertakes no obligation to revise or update publicly any forward-looking statements for any reason.


Crdentia Corp.

John Kaiser, CEO

Phone: 972.850.0780

Fax: 972.392.2722

Jim TerBeest, CFO

Phone: 972.850.0780

Fax: 972.392.2722

Crdentia Corp.

Unaudited Consolidated Statements of Operations

Three Months Ended

December 31,

2007 2006

Revenue from services $9,806,540 $8,531,970

Direct operating expenses 7,578,479 6,912,624

Gross profit 2,228,061 1,619,346

Operating expenses:

Selling, general, and

administrative expenses 4,305,809 3,924,497

Loss on impairment of intangibles - 10,000,000

Gain from settlement of claims 80,706 100,075

Gain from extinguishment of debt - 524,213

Total operating expenses 4,386,515 14,548,785

Loss from continuing operations

before interest and taxes (2,158,454) (12,929,439)

Interest expense, net (486,415) (817,050)

Loss from continuing operations

before income taxes (2,644,869) (13,746,489)

Income tax expense - -

Loss from continuing operations (2,644,869) (13,746,489)

Income from discontinued operations - 106,717

Net loss attributable to common

stockholders $(2,644,869) $(13,639,772)

Net loss per share - basic and diluted:

Loss from continuing operations $(0.06) $(0.99)

Income from discontinued operations - 0.01

Basic and diluted loss per common

share attributable to common stockholders $(0.06) $(0.98)

Weighted average number of common

shares outstanding 44,288,419 13,913,454

Crdentia Corp.

Consolidated Balance Sheets

December 31, December 31,

2007 2006

Current assets:

Cash and cash equivalents $94,470 $198,068

Accounts receivable, net of

allowance for doubtful accounts of

$961,160 and $450,000, respectively 6,081,131 5,776,473

Other current assets 1,748,315 700,524

Total current assets 7,923,916 6,675,065

Property and equipment, net 344,212 469,396

Goodwill 15,063,047 14,532,917

Intangible assets, net 1,272,164 1,581,954

Other assets 243,969 628,764

Total assets $24,847,308 $23,888,096

Current liabilities:

Revolving lines of credit $4,355,338 $6,412,029

Accounts payable and accrued expenses 3,627,305 3,807,253

Due to iVOW - 791,943

Accrued employee compensation and

benefits 880,718 896,260

Current portion of notes payable

including amounts due to significant

stockholders of $935,425 and

$1,234,078, respectively 1,534,333 1,234,078

Notes payable to lender, net of

discount of $80,150 at December 31,

2006 2,075,000 701,717

Debentures, net of discount of

$1,109,313 - 554,687

Other current liabilities 725,053 345,643

Total current liabilities 13,197,747 14,743,610

Debentures, net of discount of $153,750 371,250 -

Long-term note payable 375,667 -

Long-term bonus payable 495,864 903,455

Other long-term liabilities - 757,954

Total liabilities 14,440,528 16,405,019

Commitments and contingencies

Stockholders' equity:

Convertible preferred stock,

10,000,000 shares authorized

no shares issued and outstanding - -

Common stock, par value $0.0001,

150,000,000 shares authorized at

December 31, 2007 and December 31, 2006;

49,860,327 shares issued and

outstanding at December 31, 2007

and 14,538,313 shares issued and

14,430,672 shares outstanding at

December 31, 2006 4,986 1,454

Additional paid-in capital 145,235,911 126,768,011

Treasury stock, no shares at

December 31, 2007 and 107,641

shares at cost at December 31, 2006 - -

Accumulated deficit (134,834,117) (119,286,388)

Total stockholders' equity 10,406,780 7,483,077

Total liabilities and stockholders'

equity $24,847,308 $23,888,096

SOURCE Crdentia Corp.
Copyright©2008 PR Newswire.
All rights reserved

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