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Westaff net income falls

February 01 2008

Fourth-quarter net income at Weststaff Inc. (NASD: WSTF) slipped 53.8% to $1.2 million from $2.6 million in the fourth quarter of 2006.

Fourth-quarter revenue at the Walnut Creek CA-based staffing company fell 0.4% to $196.2 million from $196.9 million in the fourth quarter of 2006.

Westaff posted a $1.9 million net loss for full-year 2007 compared with net income of $3.1 million in 2006. The company reported a 4.3% decrease in full-year revenue to $588.7 million compared with $615.0 million in 2006.

Full-year 2007 gross margin, however, rose to 17.9% from 17.7% in 2006, according to the company.

"Fiscal 2007 represented a year of managing change toward improving the company's financial position and preparing for future growth," said President and CEO Michael Willis. "We completed a field and corporate restructuring, effectively flattening the organization, while simultaneously adding 80-plus new sales people. We strengthened our senior management team, realized significant cost savings, and added two new service lines in order to balance out our service portfolio and increase margins. All of this combined, I'm confident Westaff is poised for growth and improved performance in 2008."

Westaff Inc. (NASD: WSTF)
For the fourth quarter ended Nov. 30, 2007, compared with the same period in 2006.
Revenue: $196.2 million, -0.4%
Net income: $1.2 million, -53.8%

For the 2007 fiscal year ended Nov. 30, compared with the previous year.
Revenue: $588.7 million, -4.3%
Net loss: $1.9 million vs. net income of $3.1 million

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