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Crdentia Announces 2008 First Quarter Results

DALLAS, May 21 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading healthcare staffing company, has announced results for the first quarter ended March 31, 2008.

Revenue in the quarter was $10,579,387, an increase of 8% over fourth quarter 2007 revenue of $9,806,540 and an increase of 31% over revenue of $8,097,329 in the first quarter of 2007. Gross profit improved to $2,310,854 in the first quarter of 2008, compared to $2,228,061 in the fourth quarter of 2007 and $1,712,150 in the first quarter of 2007. Net loss was $2,301,958 in the first quarter of 2008, an improvement from the net loss of $2,644,869 reported in the fourth quarter of 2007 and a net loss of $6,589,080 in the first quarter of 2007. Net loss was $0.05 per share for the first quarter of 2008 on weighted average shares of 47,572,548 compared to a net loss of $0.38 per share for the first quarter of 2007 on weighted average shares of 17,365,298.

During the first quarter, the Company completed a $10.2 million long-term debt financing with ComVest Capital LLC, based in Palm Beach, Florida. Proceeds from the financing replaced Crdentia's previous credit facility and are being used for general working capital purposes. The $10.2 million financing is comprised of a two-year $5.2 million Revolving Credit Note, bearing interest at the greater of the Prime Rate plus 2% or 8.5%, and two separate three-year term loans, each amounting to $2.5 million and bearing annual interest of 12.5%.

John Kaiser, CEO of Crdentia said, "We are off to a strong start in 2008. I am pleased with the growth in revenues we achieved in the latest quarter, both on a sequential quarter and year-over-year basis. We continue to make good progress towards our objective of profitably growing our business through improved operating performance and executing initiatives to expand our presence in the attractive U.S. Sun Belt region."

Kaiser concluded, "In addition to our solid first quarter operating results, I believe several recently announced additions to our executive management team and Board of Directors have significantly enhanced the day-to-day and strategic leadership of the Company. This, coupled with the improved financial flexibility afforded us by the new $10.2 million long-term debt financing, gives me confidence in our ability to continue to build on our success in 2008 and beyond."

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.

Contact 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 Condensed Consolidated Statements of Operations

Three Months Ended March 31,

2008 2007

Revenue from services $10,579,387 $8,097,329

Direct operating expenses 8,268,533 6,385,179

Gross profit 2,310,854 1,712,150

Selling, general, and administrative expenses 3,848,356 6,291,043

Loss from continuing operations before

interest and taxes (1,537,502) (4,578,893)

Interest expense, net (764,456) (2,106,786)

Loss from continuing operations before

income taxes (2,301,958) (6,685,679)

Income tax expense - -

Loss from continuing operations (2,301,958) (6,685,679)

Income from discontinued operations - 96,599

Net loss $(2,301,958) $(6,589,080)

Net loss per share - basic and diluted;

Loss from continuing operations $(0.05) $(0.39)

Income from discontinued operations - 0.01

Basic and diluted loss per common share $(0.05) $(0.38)

Weighted average number of common shares

outstanding 47,572,548 17,365,298

Crdentia Corp.

Unaudited Condensed Consolidated Balance Sheets

March 31, December 31,

2008 2007

Current assets:

Cash and cash equivalents $459,246 $94,470

Accounts receivable, net of

allowance for doubtful accounts

of $995,000 and $961,160, respectively 6,849,483 6,081,131

Other current assets 1,668,977 1,748,315

Total current assets 8,977,706 7,923,916

Property and equipment, net 465,079 344,212

Goodwill 15,063,047 15,063,047

Intangible assets, net 1,166,594 1,272,164

Other assets 692,045 243,969

Total assets $26,364,471 $24,847,308

Current liabilities:

Revolving lines of credit $4,849,818 $4,355,338

Accounts payable and accrued expenses 4,078,912 3,627,305

Accrued employee compensation and benefits 994,479 880,718

Current portion of notes payable including

amounts due to significant stockholders

of $925,282 at March 31, 2008 and

$935,425 at December 31, 2008 1,234,373 1,534,333

Notes payable to lender - 2,075,000

Debentures, net of discount of

$115,312 at March 31, 2008 409,688 -

Other current liabilities 948,971 725,053

Total current liabilities 12,516,241 13,197,747

Debentures, net of discount of

$153,750 at December 31, 2007 - 371,250

Long-term bonus payable, net of

current portion - 495,864

Long-term notes payable, net of

discount of $973,864 at March 31, 2008 4,401,803 375,667

Other long-term liabilities 95,943 -

Total liabilities 17,013,987 14,440,528

Commitments and contingencies

Stockholders' equity:

Preferred stock, 10,000,000 shares

authorized no shares issued and

outstanding - -

Common stock, par value $0.0001,

150,000,000 shares authorized at

March 31, 2008 and December 31, 2007;

49,973,795 shares issued and

outstanding at March 31, 2008 and

49,860,327 shares issued and

outstanding at December 31, 2007 4,997 4,986

Additional paid-in capital 146,481,562 145,235,911

Accumulated deficit (137,136,075) (134,834,117)

Total stockholders' equity 9,350,484 10,406,780

Total liabilities and stockholders' equity $26,364,471 $24,847,308

Crdentia Corp.

Unaudited Condensed Consolidated Statement of Cash Flows

Three Months Ended March 31,

2008 2007

Operating activities:

Net loss $(2,301,958) $(6,589,080)

Adjustments to reconcile net loss to net

cash used in operating activities:

Non-cash interest expense 143,841 1,232,639

Depreciation and amortization 165,321 249,002

Bad debt expense 34,447 6,306

Non-cash stock based compensation 194,796 3,391,392

Changes in operating assets and liabilities,

net of effects of acquisitions:

Accounts receivable (802,799) 207,815

Other current assets and liabilities 354,422 (663,873)

Accounts payable and accrued expenses (51,632) (55,961)

Accrued employee compensation and benefits 113,762 (63,426)

Long-term bonus payable 22,068 22,068

Net cash used in operating activities (2,127,732) (2,263,118)

Investing activities:

Purchases of property and equipment (45,202) (33,340)

Financing activities:

Proceeds from issuance of common stock,

net of costs (3,273) 3,152,381

Net increase (decrease) in revolving

lines of credit 494,480 (2,355,645)

Proceeds from notes payable to lender 6,000,000 2,400,000

Repayment of notes payable (299,960) -

Repayment of note payable to lender (3,075,000) (781,867)

Debt issuance costs (578,537) -

Net cash provided by financing activities 2,537,710 2,414,869

Net increase (decrease) in cash and cash

equivalents 364,776 118,411

Cash and cash equivalents at beginning of period 94,470 198,068

Cash and cash equivalents at end of period $459,246 $316,479

SOURCE Crdentia Corp.
Copyright©2008 PR Newswire.
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