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TeamStaff Reports Second Quarter Results
Date:5/15/2009

- To Conduct Conference Call Today at 11am ET -

SOMERSET, N.J., May 15 /PRNewswire-FirstCall/ -- TeamStaff, Inc. (Nasdaq: TSTF), a national provider of healthcare and administrative staffing services, today announced its financial results for the second quarter ended March 31, 2009.

TeamStaff's operating revenues for the three months ended March 31, 2009 were $13.7 million as compared to $16.1 million in the comparable quarter last year. The decrease in operating revenues is due primarily to the impact of the current economic downturn on the results of TeamStaff Rx coupled with reduced headcount and overtime at certain Government facilities. Net loss was $559,000 or ($0.11) per share compared to net income of $64,000 or $0.01 per share in the comparable quarter last year. Adjusted to eliminate profit from certain non-recurring retroactive billings in the second quarter of last year, the results for the three months ended March 31, 2008 would have been a net loss of $0.2 million, or ($0.04) per share.

Commenting on the Company's performance, TeamStaff's President and CEO, Rick J. Filippelli, stated, "While the long-term drivers remain well intact, the current operating environment for the TeamStaff Rx subsidiary continued to decline as weak hospital admissions, contracted hospital spending and permanent staff willing to work more hours have reduced demand for temporary staffing. To address the unfavorable trends in the market, we have taken several steps. We have offered loyalty programs to clients who renew extensions, we have trimmed headcount and modified our advertising spend. Management is reluctant to substantially reduce its advertising program since it believes that it is a prudent investment of our capital to continue to market the TeamStaff brand while competitors are reducing their advertis
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SOURCE TeamStaff, Inc.
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