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TeamStaff Reports Third Quarter Results
Date:8/14/2009

the market remains very challenging as evidenced by our significant drop in comparative third quarter revenues, we are starting to see signs that the pace of decline has slowed as open orders have increased 60% over the past month and applications from travelers continues to grow."

Mr. Filippelli continued "Looking at our Government subsidiary, TeamStaff GS, despite the weak economy, posted relatively flat sequential quarter revenues. Due to the longer term nature of Government contracts and the Government's commitment to support Veteran and active military programs, we believe that our GS business is better positioned to grow in a down economy. We have, however, experienced a longer Government sales cycle over the past two quarters. The process from solicitation to contract award has taken longer due to, we believe, key employee turnover within agencies and the slow rate that stimulus funds have flowed through the system. Over the past quarter, however, with key agency positions being filled and stimulus funding being committed, our pipeline, which represents current bid opportunities as well as solicitations expected out within the next quarter, has grown. We believe the Government's demand for contracted workers will be strong both in the short and long term. Going forward, we expect this demand to translate into substantial revenue opportunities for the Company."

TeamStaff's operating gross profit was $2.1 million, or 16.0% of revenues, in the third quarter of fiscal 2009 as compared to $3.0 million, or 19.2% of revenues, in the third quarter of fiscal 2008. The key drivers for the year over year decrease in gross profit were a higher percentage of Government revenues which carry a lower gross profit, an increase in medical expenses and lower employee turnover resulting in higher vacation expense. Effective July 1, 2009, billing increases to certain government facilities were granted that are expected to help offset
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SOURCE TeamStaff, Inc.
Copyright©2009 PR Newswire.
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