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TeamStaff Reports Fourth Quarter and Fiscal 2007 Results; Posts Fourth Quarter Income From Operations
Date:1/15/2008

SOMERSET, N.J., Jan. 15 /PRNewswire-FirstCall/ -- TeamStaff, Inc. (Nasdaq: TSTF), a national provider of healthcare and administrative staffing services, today announced its financial results for the quarter ended September 30, 2007. TeamStaff's revenues from continuing operations for the three months ended September 30, 2007 were $16.5 million as compared to $ 17.4 million in the comparable quarter last year. Income from operations for the three months ended September 30, 2007 was $0.04 million as compared to a loss of $0.58 million in the comparable quarter last year. This represents an improvement of $0.6 million over the prior year. Loss from continuing operations was $.374 million or ($.02) per share compared to $17.2 million or ($.89) per share in the comparable quarter last year. The current quarter results include approximately $0.4 million or ($0.02) per share in legal expense resulting from the government investigation related to pre-acquisition activity in our RS Staffing Services subsidiary. Fourth quarter 2006 included a deferred tax valuation allowance of $16.9 million or ($0.87) per share.

Commenting on the Company's initiatives and performance, TeamStaff's President and CEO, Rick J Filippelli, stated, "We continue to execute on our plan as evidenced by our return to operating profitability in the fourth quarter of fiscal 2007. Over the last three quarters gross margins have improved 300 basis points, SG&A costs have decreased 11% despite almost doubling our sales and marketing expenses and we implemented a new front end system which is expected to improve our operating efficiency. Additionally, we have continued to build and strengthen our management team. In March we hired Terry Merlin who has twelve years of medic
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SOURCE TeamStaff, Inc.
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