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TeamStaff Inc. (NASD: TSTF), a healthcare and government staffing firm, said today revenue rose 37.7% in its fiscal fourth quarter thanks to retroactive billings from pay hikes for workers at some government sites.
The Somerset NJ-based company said revenue for its fourth quarter ended Sept. 30 was $22.7 million including $7.2 million in retroactive government billings compared with $16.5 million in the fourth quarter of last year. Excluding those retroactive billings, revenue would have fallen 6.2%
Fourth-quarter gross margin was 13.4% compared with 18.4% in the year-ago quarter. But fourth-quarter gross margin would have been 18.8% excluding the retroactive government billings.
TeamStaff posted fourth-quarter net income of $506,000 compared with a loss $1.9 million in the same period a year ago.
Full-year revenue rose 9.6% to $73.3 million from $66.9 million in the previous year. Retroactive government billings represented $10.8 million of the revenue for the most recent year.
Gross margin for the fiscal year was unchanged from the previous year at 16.5%.
TeamStaff reported full-year net income of $1.1 million compared with a net loss of $4.7 million in the previous year.
TeamStaff Inc. (NASD: TSTF)
For the fiscal fourth quarter ended Sept. 30, 2008, compared with the same period in the previous year.
Revenue: $22.7 million, +37.7%
Net income: $506,000 vs. a net loss of $1.9 million
For the fiscal year ended Sept. 30, 2008, compared with the previous year.
Revenue: $73.3 million, +9.6%
Net income: $1.1 million vs. a net loss of $4.7 million