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

these additional expenses going forward. SG&A expenses for the three months ended June 30, 2009 and June 30, 2008, were $2.7 million and $3.0 million, respectively, despite a 5.7% increase in new business expense from the third quarter of fiscal 2008 to the third quarter of fiscal 2009.

Despite the loss, the Company remains on sound financial footing. At June 30, 2009, the Company had cash and cash equivalents of $3.7 million and no balance outstanding on its revolving credit facility. During the quarter, the Company received approximately $0.5 million of insurance refunds. In addition, final settlement of the Government retro billings, anticipated prior to our September year end could net the Company $1.0 million in cash. For the quarter ended June 30, 2009, the Company was not in compliance with the debt service coverage ratio covenant required by the credit facility and has requested a waiver from Sovereign Bank. Sovereign is in the process of reviewing our request. The Company believes that it has adequate liquidity resources to fund operations over the next twelve months.

Nine Month Results

TeamStaff's operating revenues for the nine months ended June 30, 2009 were $41.5 million as compared to $47.0 million last year. TeamStaff's operating gross profit was $7.0 million, or 16.9% of revenues, for the nine months ended June 30, 2009 as compared to $8.5 million, or 18.0% of revenues, for the nine months ended June 30, 2008. SG&A expenses were $8.1 million and $8.2 million for nine months ended June 30, 2009 and 2008, respectively. Net loss was $1.0 million or ($0.21) per share for the first nine months of fiscal 2009 compared to net income of $0.6 million or $0.13 per share for the first nine months of fiscal 2008. Adjusted to eliminate profit from certain non-recurring retroactive billings in fiscal 2008, the results for the nine months ended June 30, 2008 would have been net inco
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SOURCE TeamStaff, Inc.
Copyright©2009 PR Newswire.
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