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Westaff expects full-year decrease of 26.2%

February 04 2009

Westaff Inc. (NASD: WSTF) expects to post revenue of $324.5 million for fiscal year 2008, a decrease of approximately 26.2% from fiscal year 2007, according to a filing with the U.S. Securities and Exchange Commission. It also said it expects to post a net loss of approximately $46.3 million for the year because of a valuation allowance of $23.2 million against deferred tax assets in the second quarter and a noncash charge of $11.5 million in the third quarter.

Westaff reported in the filing that its 10-K report will come late because negotiations over its acquisition by Select Staffing took up staff time. The company announced last week it struck a deal to be acquired by Select.

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