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TeamStaff loss narrows

January 16 2008

Healthcare staffing firm TeamStaff Inc. on Tuesday reported a net loss of $1.9 million in the fourth quarter ended Sept. 30 compared to a net loss of $17.2 million in the same period in the prior year.

Somerset NJ-based TeamStaff also said fourth-quarter revenue fell 5.3% to $16.5 million compared with $17.4 million in the fourth quarter of last year. Gross margin, however, improved to 18.4% from 16.1%.

The company said the fourth quarter includes $400,000 in legal expenses related to a government investigation of activities prior to its acquisition of RS Staffing Services. The fourth quarter of 2006 also includes a deferred tax valuation allowance of $16.9 million.

Fiscal year 2007's net loss was $4.7 million, down from $13.2 million in the prior year. Annual revenue fell 6.6% to $66.9 million in 2007 from $71.6 million in 2006. Gross margin improved to 16.5% from 16.4%.

The company also said it is in the process of selling its Memphis TN per diem operation.

Earlier this month, TeamStaff said it was requesting a hearing to review a Nasdaq delisting notice for its stock. The company said it received a delisting letter from the exchange on Jan. 4 because its stock didn't meet the exchange's minimum bid requirement. Nasdaq warned the company on July 6, 2007 that it didn't meet the minimum bid price of $1 for 30 consecutive days of trading and gave the firm 180 days to fix the situation.

TeamStaff Inc. (NASD: TSTF)
For the fourth quarter ended Sept. 30, 2007, compared with the same period in the prior year.

Revenue: $16.5 million, -5.3%
Net loss: $1.9 million vs. net loss of $17.2 million

For the 2007 fiscal year compared with fiscal year 2006.

Revenue: $66.9 million, -6.6%
Net loss: $4.7 million compared with a net loss of $13.2 million

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