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TeamStaff Inc. (NASD: TSTF), a Somerset NJ-based staffing firm with a focus on serving the government, said in-sourcing of some positions under its existing government contracts and overtime restrictions cut into revenue. TeamStaff's revenue fell 10.2% to $10.8 million in its fiscal first quarter ended Dec. 31 from $12.0 million in the same period in the previous year.
First-quarter gross margin narrowed to 12.6% from 17.7% in the year-ago quarter.
TeamStaff posted a first-quarter net loss of $1.8 million compared with net income of $48,000 in the first quarter of the previous year. The company recorded a loss from discontinued operations of $1.1 million for the sale of its TeamStaff Rx healthcare staffing subsidiary in its first quarter.
The company recently named Zachary Parker as its new president and CEO effective Feb. 22, replacing Rick Filippelli.
TeamStaff Inc. (NASD: TSTF)
For the fiscal first quarter ended Dec. 31, 2009, compared with the same period in the previous fiscal year.
Revenue: $10.8 million, -10.2%
Net loss: $1.8 million vs. net income of $48,000