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

al staffing experience to lead our TeamStaff Rx travel allied and travel nursing subsidiary. In June we hired Kevin Wilson with fifteen years of government contracting experience to lead our RS Staffing Services government staffing subsidiary. Most recently, we promoted Cheryl Presuto to Chief Financial Officer. Cheryl has been with TeamStaff for six years and has fifteen years of financial experience including three as TeamStaff's Controller. As we entered fiscal 2008, we are in the process of selling our Memphis, Tennessee per diem operation. Per diem staffing is non-strategic to our travel and government business. This sale will provide additional liquidity and enable management to focus on our core businesses. We initiated a Corporate branding campaign which will promote consistency and brand recognition as well as increase TeamStaff's visibility in the marketplace. Additionally, we are expanding our reach within the government sector beyond Department of Veterans Affairs opportunities by bidding on Department of Defense staffing contracts afforded to large businesses. Based on our initiatives and execution, we believe the Company is positioned for profitability in fiscal 2008."

TeamStaff's gross profit was $3.0 million, or 18.4% of revenues, in the fourth quarter of fiscal 2007 as compared to $2.8 million, or 16.1% of revenues, in the fourth quarter of fiscal 2006. The improvement in gross profit is a direct result of recent sales, pricing and direct cost control initiatives.

SG&A expenses were $2.9 million in the fourth quarter of fiscal 2007 compared to $3.3 million in the comparable quarter last year. SG&A expenses decreased by approximately twelve percent.

Other expense was $0.4 million and $0.03 million for the three months ended September 30, 2007 and 2006, respectively. The increase in other expense relates to RS Staffing legal fees.

Cash and cash equivalents were $0.6 million at September 30, 2007. Availability at September 3
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SOURCE TeamStaff, Inc.
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