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News and Information Article
ATLANTA, Dec. 21 /-FirstCall/ -- TeamStaff, Inc. (Nasdaq:
TSTF) a national provider of healthcare and administrative staffing
services, today announced its financial results for the quarter ended
September 30, 2006. As a result of TeamStaffs sale of its DSI Payroll
Services ("DSI") division that was completed on May 31, 2006, all results
reported in this release have been reclassified to show DSI and certain
corporate expenses as discontinued operations. Approximately 85 percent of
TeamStaffs revenues are derived from medical staffing.
TeamStaffs revenues from continuing operations for the three months
ended September 30, 2006 were $18.3 million as compared to $20.0 million in
the comparable quarter last year. Loss from continuing operations was $17.1
million or ($0.89) per share in fourth fiscal quarter of 2006 compared to a
loss of $0.2 million or ($0.01) per share in the fourth fiscal quarter of
2005. The 2006 loss was impacted by a $16.9 million or ($0.87) per share
valuation allowance reducing the carrying value of the deferred tax asset.
In discussions with the Companys outside auditors, management concluded
that based upon several factors, including the absence of an available
accretive acquisition after the sale of DSI Payroll Services, an adjustment
of the carrying value of the deferred tax asset was warranted. This will
not impact TeamStaffs ability to utilize the gross value of the asset for
tax purposes but reflects conservative and prudent interpretation of
accounting standards.
Commenting on the Companys performance, TeamStaffs President and CEO,
T. Kent Smith, stated, "Our travel allied and nursing divisions continued
to under perform the market. As a result, we implemented several
initiatives including consolidating our travel allied and nursing platforms
in Clearwater, FL. We believe this will save the Company approximately
$500,000 annually. Under the direction of the Companys Board of Directors,
business management has been tasked to reposition our allied segment and to
focus on modalities with stronger growth characteristics than our
traditional allied offerings. We believe we have taken the appropriate
actions to position the travel allied and nursing divisions for growth in
fiscal 2007."
Mr. Smith continued: "RS Staffing, which primarily services the
government sector continues to be a strong performer. RS Staffings
revenues adjusted for the impact of hurricane related business increased 10
percent on an annualized basis. We remain positive on the growth prospects
of this subsidiary because of the volume of upcoming bids and the solid
operating margins. The Company forecasts continued revenue growth in fiscal
2007 based also on contracts awarded during fiscal 2006."
TeamStaffs gross profit was $3.0 million, or 16.4% of revenues, in the
fourth quarter of fiscal 2006 as compared to $3.4 million, or 17.0% of
revenues, in the fourth quarter of fiscal 2005. The gross profit
calculation includes costs paid to RS Staffing teaming partners
(subcontractors) that are included as a cost of sale. Teaming is a business
practice encouraged by government entities that expect their suppliers to
provide more of a master vendor service. SG&A expenses were $3.3 million in
the fourth quarter of fiscal 2006. SG&A expenses in the fourth quarter of
fiscal 2005 were $3.6 million.
Interest expense was $0.06 million and $0.14 million for the three
months ended September 30, 2006 and 2005, respectively. The decrease in
interest expense related to paying off the revolving credit facility with
the proceeds of the DSI sale.
Excluding the deferred tax valuation allowance, loss from continuing
operations was $0.3 million or ($0.01) per share in the fourth fiscal
quarter of 2006 compared to a loss of $0.2 million or ($0.01) per share in
the fourth fiscal quarter of 2005.
Strategic Outlook
Commenting on the Companys strategic outlook, Mr. Smith stated,
"During the fourth fiscal quarter we continued to seek a strategic
acquisition that would enable us to better leverage our infrastructure
costs and expand our reach in the staffing industry. We had discussions
with several staffing companies that we ultimately decided did not fit our
criteria for price, structure or accretion."
The Companys Board of Directors has taken an extremely proactive role
in formulating the Companys strategic initiatives. Under the direction of
the Board, the Company expanded its initiatives to include exploring all
opportunities and potential transactions available that will maximize
shareholder value. The Boards direction to management is to continue to
explore and evaluate strategic opportunities to maximize shareholder value,
and to reaffirm and further strengthen relationships with the Companys
employees, clients, customers and outside work force. The Board of
Directors is 100% focused on executing strategies to enable sustained
profitable growth in the future and create real value for our shareholders.
Full Year Results
TeamStaffs revenues from continuing operations for the year ended
September 30, 2006 were $75.0 million compared to $51.2 million last year.
Fiscal 2006 revenues included $43.8 million related to the acquisition of
RS Staffing that was effective June 8, 2005. RS Staffing revenues from the
date of acquisition through September 30, 2005 were $13.0 million. SG&A
expenses for the year ended September 30, 2006 were $14.0 million. This
compares to SG&A expenses of $12.9 million for the year ended September 30,
2005. After adjusting for the acquisition of RS Staffing, SG&A expenses
decreased approximately 8 percent.
Interest expense was $0.54 million and $0.21 million for the years
ended September 30, 2006 and 2005, respectively. The increase in interest
expense included interest on the revolving credit facility obtained in June
2005, as well as interest expense on the notes issued by TeamStaff in
connection with the purchase of RS Staffing. As previously stated, the
credit facility was paid down on June 1, 2006 with the proceeds of the DSI
sale.
Loss from continuing operations in fiscal 2006 was $18.2 million or
($0.95) per share compared to a loss of $2.6 million or ($0.14) per share
in fiscal 2005. As stated above, 2006 results reflect a deferred tax
valuation allowance of $16.9 million or ($0.87) per share. Net loss which
includes the gain on the sale of DSI was $13.2 million or ($0.69) per share
for fiscal 2006. This compares with a net loss of $2.5 million or ($0.14)
per share in fiscal 2005.
Excluding the deferred tax valuation allowance, loss from continuing
operations in fiscal 2006 was $1.4 million or ($0.07) per share compared
with a loss of $2.6 million or ($0.14) per share in fiscal 2005.
Cash and cash equivalents were $2.2 million at September 30, 2006.
Availability at September 30, 2006 under the Companys revolving credit
facility was approximately $5.5 million. Management believes its cash on
hand, liquidity provided by its revolving credit facility and funds
generated by operations will be sufficient to support cash needs for at
least the next twelve months.
About TeamStaff, Inc.
Headquartered in Atlanta, Georgia, TeamStaff serves clients and their
employees throughout the United States as a full-service provider of
medical and administrative staffing. TeamStaff is a leading provider of
nursing and allied healthcare professionals and operates through three
medical staffing units. TeamStaffs RS Staffing subsidiary specializes in
providing medical and office administration/technical professionals through
nationwide schedule contracts with both the General Services Administration
and Veterans Affairs. The TeamStaff Rx subsidiary operates throughout the
US and specializes in the supply of allied medical employees and nurses,
especially "travel" staff (typically 13 week assignments). TeamStaffs
Nursing Innovations unit provides travel nursing, per diem nursing,
temporary-to-permanent nursing and permanent nursing placement services.
For more information, visit the TeamStaff web site at http://www.teamstaff.com.
This press release contains "forward-looking statements" as defined by
the Federal Securities Laws. TeamStaffs actual results could differ
materially from those described in such forward-looking statements as a
result of certain risk factors and uncertainties, including but not limited
to: our ability to continue to recruit qualified temporary and permanent
healthcare professionals and administrative staff at reasonable costs; our
ability to retain qualified temporary healthcare professionals and
administrative staff for multiple assignments at reasonable costs; our
ability to attract and retain sales and operational personnel; our ability
to enter into contracts with hospitals, healthcare facility clients,
affiliated healthcare networks, physician practice groups and the United
States government on terms attractive to us and to secure orders related to
those contracts; our ability to demonstrate the value of our services to
our healthcare and other facility clients; changes in the timing of
hospital, healthcare facility clients, physician practice groups and U.S.
Government orders for and our placement of temporary and permanent
healthcare professionals and administrative staff; our ability to
successfully bid on government contract opportunities, to win the bids and
then to fully implement the contracts once awarded; the process of
government contracting in general including, but not limited to, the
protest process, and the on-time commencement of government contracts
awarded; the general level of patient occupancy at our hospital, healthcare
facility clients and physician practice groups facilities; the overall
level of demand for services offered by temporary and permanent healthcare
staffing providers; the ability of our hospital, healthcare facility and
physician practice group clients to retain and increase the productivity of
their permanent staff; the variation in pricing of the healthcare facility
contracts under which we place temporary and permanent healthcare
professionals; our ability to successfully implement our strategic growth,
acquisition and integration strategies; our ability to successfully
integrate completed acquisitions into our current operations; our ability
to manage growth effectively; our ability to leverage our cost structure;
the performance of our management information and communication systems;
the effect of existing or future government legislation and regulation; our
ability to grow and operate our business in compliance with these
legislation and regulations; the impact of medical malpractice and other
claims asserted against us; the disruption or adverse impact to our
business as a result of a terrorist attack; our ability to carry out our
business strategy; the loss of key officers and management personnel that
could adversely affect our ability to remain competitive; other regulatory
and tax developments; the effect of recognition by us of an impairment to
goodwill; the effect of adjustments by us to accruals for self-insured
retentions and other one-time events and other important factors disclosed
previously and from time-to-time in TeamStaffs filings with the U.S.
Securities Exchange Commission. These factors are described in further
detail in TeamStaffs filings with the U.S. Securities and Exchange
Commission. The information in this release should be considered accurate
only as of the date of the release. TeamStaff expressly disclaims any
current intention to update any forecasts, estimates or other
forward-looking statements contained in this press release.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding TeamStaff, Inc.s
business which are not historical facts are "forward-looking statements"
that involve risks and uncertainties. For a discussion of such risks and
uncertainties which could cause actual results to differ from those
contained in the forward-looking statements, see "Risk Factors" in the
Companys Annual Report or Form 10-K for the most recently ended fiscal
year.
TEAMSTAFF, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS)
September 30, September 30,
ASSETS 2006 2005
CURRENT ASSETS:
Cash and cash equivalents $2,157 $1,304
Accounts receivable, net of allowance for
doubtful accounts of $44 and $8 as of
September 30, 2006 and September 30,
2005, respectively 8,712 8,890
Deferred tax asset - 634
Prepaid workers compensation 1,094 1,461
Other current assets 923 1,146
Total current assets 12,886 13,435
EQUIPMENT AND IMPROVEMENTS:
Furniture and equipment 3,333 2,723
Computer equipment 556 516
Computer software 898 1,250
Leasehold improvements 177 177
4,964 4,666
Less accumulated depreciation and
amortization (4,085) (3,819)
Equipment and improvements, net 879 847
DEFERRED TAX ASSET, net of current portion - 17,848
TRADENAME 4,569 4,569
GOODWILL 11,986 9,911
OTHER ASSETS:
Prepaid workers compensation,
net of current portion 350 2,200
Other assets 106 236
Total other assets 456 2,436
ASSETS HELD FOR SALE - 1,008
TOTAL ASSETS $30,776 $50,054
TEAMSTAFF, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
September 30, September 30,
LIABILITIES AND SHAREHOLDERS EQUITY 2006 2005
CURRENT LIABILITIES:
Bank line of credit $ - $4,006
Notes payable 1,500 1,543
Current portion of capital lease obligations 61 70
Accrued workers compensation - 2,050
Accrued payroll 1,687 1,463
Accrued pension liability 210 294
Accounts payable 3,207 1,537
Accrued expenses and other current
liabilities 1,818 1,866
Total current liabilities 8,483 12,829
CAPITAL LEASE OBLIGATIONS, net of current
portion 247 72
NOTES PAYABLE, net of current portion - 1,500
ACCRUED PENSION LIABILITY, net of current
portion 388 578
LIABILITIES FROM DISCONTINUED OPERATIONS 454 763
Total liabilities 9,572 15,742
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS EQUITY:
Preferred stock, $.10 par value; authorized
5,000 shares; 0 issued and outstanding - -
Common Stock, $.001 par value; authorized
40,000 shares; issued 19,285 at September
30, 2006 and September 30, 2005;
outstanding 19,278 at September 30, 2006
and September 30, 2005 19 19
Additional paid-in capital 68,684 68,615
Accumulated deficit (47,387) (34,140)
Accumulated comprehensive losses (88) (158)
Treasury stock, 7 shares at cost at
September 30, 2006 and September 30, 2005 (24) (24)
Total shareholders equity 21,204 34,312
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $30,776 $50,054
TEAMSTAFF, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(Unaudited)
For the Three Months Ended
September 30, September 30,
2006 2005
REVENUES $18,338 $20,001
DIRECT EXPENSES 15,338 16,600
Gross profit 3,000 3,401
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 3,340 3,583
DEPRECIATION AND AMORTIZATION 95 94
Loss from operations (435) (276)
OTHER INCOME (EXPENSE)
Interest income 37 4
Interest expense (56) (143)
Other income 47 40
28 (99)
Loss from continuing operations before tax (407) (375)
INCOME TAX (EXPENSE) BENEFIT (16,697) 142
Loss from continuing operations (17,104) (233)
(Loss) income from operations, net of tax
benefit (expense) of $64 and $(118) for
the three months ended September 30,
2006 and 2005, respectively (104) 194
Loss from disposal, net of tax benefit of $2
for the three months ended September 30, 2006 (3) -
(Loss) income from discontinued operations (107) 194
Net loss $(17,211) $(39)
INCOME (LOSS) PER SHARE - BASIC & DILUTED
Loss from continuing operations $(0.89) $(0.01)
Income from discontinued operations 0.00 0.01
Net loss $(0.89) $0.00
WEIGHTED AVERAGE BASIC SHARES OUTSTANDING 19,278 18,206
WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING 19,278 18,206
TEAMSTAFF, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
For the Year Ended
September 30, September 30,
2006 2005
REVENUES $74,968 $51,179
DIRECT EXPENSES 62,457 42,053
Gross profit 12,511 9,126
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 14,037 12,941
DEPRECIATION AND AMORTIZATION 381 422
Loss from operations (1,907) (4,237)
OTHER INCOME (EXPENSE)
Interest income 76 48
Interest expense (539) (211)
Other income 160 180
(303) 17
Loss from continuing operations before tax (2,210) (4,220)
INCOME TAX (EXPENSE) BENEFIT (16,017) 1,604
Loss from continuing operations (18,227) (2,616)
Income from operations, net of tax expense
of $265 and $70 for the years ended
September 30, 2006 and 2005, respectively 427 126
Income from disposal, net of tax expense of
$2,825 and $0 for the years ended
September 30, 2006 and 2005, respectively 4,553 1
Income from discontinued operations 4,980 127
Net loss $(13,247) $(2,489)
INCOME (LOSS) PER SHARE - BASIC & DILUTED
Loss from continuing operations $(0.95) $(0.14)
Income from discontinued operations $0.26 $0.00
Net loss (0.69) (0.14)
WEIGHTED AVERAGE BASIC SHARES OUTSTANDING 19,278 18,206
WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING 19,278 18,206
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