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TeamStaff government earnings 'solid'

August 14 2008

TeamStaff Inc. (NASD: TSTF) posted a 7.1% increase in revenue in its fiscal third quarter ended June 30, 2008.

The Somerset NJ-based company reported third-quarter revenue of $17.8 million compared with $16.6 million in the third quarter of the previous year.

"Our government staffing division, TeamStaff Government Solutions, continues to produce solid earnings," said President and CEO Rick Filippelli. "Our strategy to expand into Department of Defense contract opportunities as well as vertically driving our penetration in the Veterans Administration facilities has yielded positive results."

However, Filippelli said that results in its travel healthcare staffing division were below internal company expectations as diagnostic imaging staffing slowed despite an increase in nursing orders.

Third-quarter gross margin improved to 18.6% from 17.9%.

TeamStaff posted third-quarter net income of $541,000 compared to a loss of $1.2 million in the same period a year ago.

The company provides travel nurses and allied healthcare professionals through its TeamStaff Rx subsidiary and medical, logistics and office administration/technical professionals through its TeamStaff Government Solutions subsidiary.

TeamStaff Inc. (NASD: TSTF)
For the fiscal third quarter ended June 30, 2008, compared with the same period in the previous year.
Revenue: $17.8 million, +7.1%
Net income: $541,000 vs. net loss of $1.2 million

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