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TeamStaff Inc. (NASD: TSTF) reported revenue fell 43.3% on a year-over-year basis to $11.2 million in its fiscal fourth quarter ended Sept. 30.
The Somerset NJ-based company said decreased personnel requirements and overtime restrictions at some government sites cut into revenue. In addition, the prior fourth quarter that ended Sept. 30, 2008, included $7.2 million in non-recurring retroactive billings, according to the company.
"The past year was challenging for TeamStaff and the healthcare industry in general," President and CEO Rick Filippelli said in a statement.
TeamStaff sold its TeamStaff Rx travel nurse and allied healthcare division on Jan. 4 to concentrate on its government staffing operations. In addition, the company announced Filippelli would be leaving at the end of this month.
Gross margin improved in the fourth quarter to 12.9% from 12.2% in the year-ago quarter. And Filippelli said gross margins should improve in fiscal 2010. In addition, he noted an uptick in bid solicitations in the fourth quarter.
TeamStaff posted a net loss of $3.3 million in the fourth quarter. The company posted net income of $506,000 in the previous year.
For the full year ended Sept. 30, 2009, TeamStaff posted revenue of $46.0 million, down 21.4% on a year-over-year basis.
Full-year gross margin was 15.2%, down from 15.3% in the prior year. The company posted a net loss of $4.4 million compared with net income of $1.1 million in the prior year.
TeamStaff Inc. (NASD: TSTF)
For the fiscal fourth quarter ended Sept. 30, 2009, compared with the same period in the prior year.
Revenue: $11.2 million, 43.3%
Net loss: $3.3 million vs. net income of $506,000
For the fiscal year ended Sept. 30, 2009, compared with the same period in the prior year.
Revenue: $46.0 million, -21.4%
Net loss: $4.4 million vs. net income of $1.1 million