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TeamStaff Revenue Up, Loss Narrows

May 17 2011

TeamStaff Inc. (NASD: TSTF), a provider of healthcare and logistics staffing to the federal government, reported revenue rose 6.6 percent on a year-over-year basis in its fiscal second quarter ended March 31. Revenue was $10.4 million in the second quarter, up from $9.8 million a year ago.

“The second quarter results reflect that our substantial transformation is not only well under way, but also is highly effective,” said President and CEO Zachary Parker. “While the transition we’ve implemented at TeamStaff is far from over, I believe the company is a much stronger and more viable entity compared to where it was one year ago.”

TeamStaff’s second-quarter gross margin improved to 14.4 percent from 9.9 percent in the year-ago quarter. The company said the boost to gross margin came from more overtime at some government facilities and a reduction in direct expenses.

The Somerset N.J.-based firm reported second-quarter net loss of $183,000, an improvement from a net loss of $1.0 million a year ago.

Separately, the company announced that its TeamStaff Government Solutions subsidiary has been awarded a contract for the procurement of integrated medical support for the Department of Veterans Affairs.

The contract, which includes pharmacy and pharmacy technician services, is valued at a maximum of $140.0 million. The work will take place in Charleston, S.C.; Hines, Ill.; Leavenworth, Kan.; Murfreesboro, Tenn.; Tucson, Ariz.; Lancaster, Texas; and Dublin, Ga. Work is expected to begin on July 1, 2011 and continue for up to five years. In the interim, TeamStaff GS will continue to provide services under its previously announced interim contract.

TeamStaff Inc. (NASD: TSTF)
For the fiscal second quarter ended March 31, 2011, compared with the same period in the previous year.
Revenue: $10.4 million, +6.6 percent
Net loss: $183,000, vs. net loss of $1.0 million

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