8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 15, 2009
TeamStaff, Inc.
(Exact name of registrant as specified in its charter)
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New Jersey
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0-18492
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22-1899798 |
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.) |
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1 Executive Drive
Somerset, NJ
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08873 |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (877) 523-9897
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 15, 2009, TeamStaff, Inc. announced by press release its
financial results for the fiscal quarter ended March 31, 2009. A
copy of the press release is attached hereto as Exhibit 99.1.
The information in this Current Report shall not be deemed
filed for the purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities
of that section. The information in this Current Report shall not
be incorporated by reference into any registration statement or
other document pursuant to the Securities Act of 1933, except as
shall be expressly set forth by specific reference in such
filing.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit |
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Number |
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Exhibit Title or Description |
99.1
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Press Release dated May 15, 2009. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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TeamStaff, Inc.
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By: |
/s/ Rick Filippelli
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Name: |
Rick Filippelli |
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Title: |
President and Chief Executive Officer |
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Date: |
May 15, 2009 |
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2
EXHIBIT INDEX
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Exhibit |
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Number |
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Description |
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99.1
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Press Release dated May 15, 2009. |
3
Exhibit 99.1
Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACTS:
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Rick Filippelli, President and CEO
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Donald C. Weinberger/Diana Bittner (media) |
TeamStaff, Inc.
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Wolfe Axelrod Weinberger Associates, LLC |
1 Executive Drive
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212-370-4500 |
Somerset, NJ 08873
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don@wolfeaxelrod.com |
866-352-5304
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diana@wolfeaxelrod.com |
TeamStaff Reports Second Quarter Results
- To Conduct Conference Call Today at 11am ET -
Somerset, New Jersey May 15, 2009 TeamStaff, Inc. (NASDAQ: TSTF) a national provider of
healthcare and administrative staffing services, today announced its financial results for the
second quarter ended March 31, 2009.
TeamStaffs operating revenues for the three months ended March 31, 2009 were $13.7 million as
compared to $16.1 million in the comparable quarter last year. The decrease in operating revenues
is due primarily to the impact of the current economic downturn on the results of TeamStaff Rx
coupled with reduced headcount and overtime at certain Government facilities. Net loss was $559,000
or ($0.11) per share compared to net income of $64,000 or $0.01 per share in the comparable quarter
last year. Adjusted to eliminate profit from certain non-recurring retroactive billings in the
second quarter of last year, the results for the three months ended March 31, 2008 would have been
a net loss of $0.2 million, or ($0.04) per share.
Commenting on the Companys performance, TeamStaffs President and CEO, Rick J. Filippelli, stated,
While the long-term drivers remain well intact, the current operating environment for the
TeamStaff Rx subsidiary continued to decline as weak hospital admissions, contracted hospital
spending and permanent staff willing to work more hours have reduced demand for temporary staffing.
To address the unfavorable trends in the market, we have taken several steps. We have offered
loyalty programs to clients who renew extensions, we have trimmed headcount and modified our
advertising spend. Management is reluctant to substantially reduce its advertising program since it
believes that it is a prudent investment of our capital to continue to market the TeamStaff brand
while competitors are reducing their advertising. We believe this strategy has helped contribute
to an increase in traveler applicant activity of 51% over the past three months. In addition, the
recently announced contract with a major Oncology center as one of three preferred staffing
providers will present revenue opportunities for us as we expand our oncology business. We believe
our TeamStaff Rx subsidiary is well positioned to increase its market share once the economy
improves. The Company believes that one of the first signs of an economic recovery is an increase
in temporary staffing demands.
Mr. Filippelli continued Looking at our Government subsidiary, TeamStaff GS, over the past several
months, weve experienced a longer Government sales cycle. Some solicitations to bid and notice of
awards were delayed due to key employee turnover and the timing of the receipt of stimulus funds.
We are now encouraged by the many opportunities we are starting to see as the stimulus funding are
being released to the different Government agencies. In late March we were awarded Department of
Defense (DOD) contracts with estimated annual revenue of approximately $0.4 million. This
provides us with a footprint to bid on larger DOD contracts and complements our Veterans
Administration business. In early April we announced that the Government granted TeamStaff GS an
Information Technology (IT) Schedule. This now enables us to bid on Government IT contracts. We
recently hired an experienced IT business manager to lead our effort in bidding on these contract
opportunities and expect the Government to be making substantial IT investments over the next
several years. Further, the American Recovery and Reinvestment Act of 2009 provided for $19 billion
to be spent on healthcare technology. Overall, we expect strong demand for the services provided by
TeamStaff GS during the second half of the year as the Government funds
programs in support of
active and retired military personnel. We expect this strong demand to translate into additional
revenue opportunities for the Company.
TeamStaffs operating gross profit was $2.2 million, or 16.1% of revenues, in the second quarter of
fiscal 2009 as compared to $2.7 million, or 16.7% of revenues, in the second quarter of fiscal
2008. The key driver for the year over year decrease in gross profit was an unfavorable insurance
adjustment booked during the second quarter of fiscal 2009. SG&A expenses were $2.7 million for
each of the second quarters of fiscal 2009 and fiscal 2008, despite a 34.3% increase in new
business expense quarter over quarter.
Cash and cash equivalents were $3.1 million at March 31, 2009. Availability at March 31, 2009
under the Companys revolving credit facility was approximately $1.6 million. In addition, during
the third quarter of fiscal 2009, we expect a return of insurance premiums of approximately $0.4
million. The final settlement of Government retroactive billings anticipated prior to our fiscal
year end could net the Company an additional $1.1 million to $1.4 million in cash. The Company
believes that, along with its cash on hand, the availability under the existing revolving line of
credit will provide sufficient liquidity over the next twelve months. Our healthy liquidity
position enables us to continue to reinvest in the business in these uncertain economic times.
Six Month Results
TeamStaffs operating revenues for the six months ended March 31, 2009 were $28.4 million as
compared to $31.3 million last year. TeamStaffs operating gross profit was $4.9 million, or 17.4%
of revenues, for the six months ended March 31, 2009 as compared to $5.4 million, or 17.3% of
revenues, for the six months ended March 31, 2008. SG&A expenses were $5.3 million for both the
six months ended March 31, 2009 and 2008. Net loss was $511,000 or ($0.10) per share for the first
six months of fiscal 2009 compared to net income of $99,000 or $0.02 per share for the first six
months of fiscal 2008. Adjusted to eliminate profit from certain non-recurring retroactive
billings in fiscal 2008, the results for the six months ended March 31, 2008 would have been a net
loss of $0.2 million, or ($0.04) per share.
Outlook
The initial guidance provided by TeamStaff was based upon numerous assumptions, all of which are
subject to certain risks and uncertainties including the added difficulty in predicting demand
caused by current economic conditions and the timing of when certain government contracts would be
awarded. For a discussion of the risks and uncertainties associated with these forward looking
statements, please see the Safe Harbor Statement below.
Over the past several months, the Company has seen turnover in key government contracting positions
and agencies waiting for the receipt of stimulus funds before committing to certain projects. This
has helped translate into a longer Government sales cycle. The timing and start dates of contract
awards have become extremely difficult to project. Therefore, the Company is withdrawing its
previous fiscal 2009 operating revenue growth estimate of 8% to 10% for the fiscal year ending
September 30, 2009. The Company does, however, still anticipate strong government demand in the
second half of its fiscal year and presently has an active pipeline of new business opportunities
with the Federal Government.
Conference Call Details
A conference call to discuss the results of the second quarter and six months results of fiscal
year 2009 will be held today, May 15, 2009 at 11:00 am EDT. Interested parties may participate in
the conference call by dialing USA/Canada (877) 869-3847, International (201) 689-8261 about 5 -10
minutes prior to 11:00 am EDT. A recording of the conference call will be available from 3:00 pm
EDT May 15th through May 22nd. For the replay, please dial (877) 660-6853 (replay
account #332, replay conference #322988). The access number for the replay for international
callers is (201) 612-7415 (replay account #332, replay conference #322988).
Non-GAAP Measures
This earnings release contains certain non-GAAP financial information. These measures are not in
accordance with, or an alternative to, generally accepted accounting principles in the United
States (GAAP), and may be different from non-GAAP measure reported by other companies. See table
below for reconciliation of non-GAAP items.
About TeamStaff, Inc.
Headquartered in Somerset, New Jersey, TeamStaff serves clients and their employees throughout the
United States as a full-service provider of medical and administrative staffing through its two
subsidiaries,
TeamStaff Rx and TeamStaff GS. TeamStaff Rx is a leading provider of travel nursing and travel
allied healthcare professionals. TeamStaff Rx operates throughout the U.S. and specializes in the
supply of travel allied medical employees and travel nurses typically placed on 13 week
assignments. TeamStaff GS specializes in providing medical and office administration/technical
professionals through nationwide Federal Supply Schedule contracts with both the United States
General Services Administration and the United States Department of Veterans Affairs. For more
information, visit the TeamStaff web site at www.teamstaff.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements as defined by the Federal Securities Laws.
Statements in this press release regarding TeamStaff, Inc.s business, which are not historical
facts are forward-looking statements that involve risks and uncertainties. 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 and retain qualified temporary and permanent healthcare professionals and administrative
staff on acceptable terms; our ability to enter into contracts with hospitals, healthcare facility
clients, affiliated healthcare networks, physician practice groups, government agencies and other
customers on terms attractive to us and to secure orders related to those contracts; changes in
the timing of customer orders for placement of temporary and permanent healthcare professionals and
administrative staff; the overall level of demand for our services; our ability to successfully
implement our strategic growth, acquisition and integration strategies; the effect of existing or
future government legislation and regulation; the loss of key officers and management personnel
that could adversely affect our ability to remain competitive; other regulatory and tax
developments; and the effect of other events and important factors disclosed previously and from
time-to-time in TeamStaffs filings with the U.S. Securities Exchange Commission. 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 on Form 10-K for
the most recently ended fiscal year and its other filings with the SEC. 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.
(financial tables follow)
TEAMSTAFF, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(Unaudited)
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For the Three Months Ended |
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March 31, |
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March 31, |
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2009 |
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2008 |
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REVENUES |
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Operating revenues |
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$ |
13,723 |
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$ |
16,052 |
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Non-recurring retroactive billings |
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1,255 |
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Total revenue |
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13,723 |
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17,307 |
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DIRECT EXPENSES |
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Operating direct expense |
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11,520 |
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13,373 |
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Non-recurring retroactive billings |
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1,006 |
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Total direct expense |
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11,520 |
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14,379 |
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GROSS PROFIT |
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Operating gross profit |
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2,203 |
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2,679 |
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Non-recurring retroactive billings |
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249 |
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Total gross profit |
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2,203 |
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2,928 |
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
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2,709 |
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2,693 |
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DEPRECIATION AND AMORTIZATION |
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61 |
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89 |
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(Loss) income from operations |
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(567 |
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146 |
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OTHER INCOME (EXPENSE) |
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Interest income |
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18 |
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3 |
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Interest expense |
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(28 |
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(65 |
) |
Other income, net |
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30 |
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28 |
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Legal expense related to pre-acquisition activity of
acquired company |
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(5 |
) |
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(37 |
) |
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15 |
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(71 |
) |
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(Loss) income from continuing operations before taxes |
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(552 |
) |
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75 |
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INCOME TAX EXPENSE |
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(7 |
) |
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(Loss) income from continuing operations |
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(559 |
) |
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75 |
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LOSS FROM DISCONTINUED OPERATIONS |
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Loss from operations, net of tax benefit of $0
for the quarter ended March 31, 2008 |
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(11 |
) |
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Loss from discontinued operations |
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(11 |
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NET (LOSS) INCOME |
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$ |
(559 |
) |
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$ |
64 |
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(LOSS) EARNINGS PER SHARE BASIC & DILUTED |
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(Loss) income from continuing operations |
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$ |
(0.11 |
) |
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$ |
0.01 |
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Loss from discontinued operations |
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0.00 |
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0.00 |
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Net (loss) earnings per share |
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$ |
(0.11 |
) |
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$ |
0.01 |
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WEIGHTED AVERAGE BASIC SHARES OUTSTANDING |
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4,892 |
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4,866 |
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WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING |
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4,892 |
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4,882 |
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TEAMSTAFF, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(Unaudited)
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For the Six Months Ended |
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March 31, |
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March 31, |
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2009 |
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2008 |
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REVENUES |
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Operating revenues |
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$ |
28,405 |
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$ |
31,263 |
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Non-recurring retroactive billings |
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1,503 |
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Total revenue |
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28,405 |
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32,766 |
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DIRECT EXPENSES |
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Operating direct expense |
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23,475 |
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25,840 |
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Non-recurring retroactive billings |
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1,223 |
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Total direct expense |
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23,475 |
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27,063 |
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GROSS PROFIT |
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Operating gross profit |
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4,930 |
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|
5,423 |
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Non-recurring retroactive billings |
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280 |
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|
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Total gross profit |
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4,930 |
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5,703 |
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
5,324 |
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|
|
5,250 |
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|
|
|
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DEPRECIATION AND AMORTIZATION |
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|
123 |
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|
178 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from operations |
|
|
(517 |
) |
|
|
275 |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
Interest income |
|
|
32 |
|
|
|
12 |
|
Interest expense |
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|
(55 |
) |
|
|
(101 |
) |
Other income, net |
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|
52 |
|
|
|
63 |
|
Legal expense related to pre-acquisition activity of
acquired company |
|
|
(12 |
) |
|
|
(138 |
) |
|
|
|
|
|
|
|
|
|
|
17 |
|
|
|
(164 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations before taxes |
|
|
(500 |
) |
|
|
111 |
|
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
|
|
(511 |
) |
|
|
111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM DISCONTINUED OPERATIONS |
|
|
|
|
|
|
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|
Loss from operations, net of tax benefit of $0 for 2008 |
|
|
|
|
|
|
(12 |
) |
|
|
|
|
|
|
|
Loss from discontinued operations |
|
|
|
|
|
|
(12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME |
|
$ |
(511 |
) |
|
$ |
99 |
|
|
|
|
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|
|
|
|
|
|
|
|
|
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|
|
(LOSS) EARNINGS PER SHARE BASIC & DILUTED |
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
Loss from discontinued operations |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
|
|
|
|
|
Net (loss) earnings per share |
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE BASIC SHARES OUTSTANDING |
|
|
4,903 |
|
|
|
4,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING |
|
|
4,903 |
|
|
|
4,868 |
|
|
|
|
|
|
|
|
TEAMSTAFF, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS)
|
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|
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March 31, |
|
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September 30, |
|
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|
2009 |
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2008 |
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|
(unaudited) |
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|
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,126 |
|
|
$ |
5,213 |
|
Accounts receivable, net of allowance for doubtful
accounts of $12 and $2 as of March 31, 2009 and
September 30, 2008, respectively |
|
|
12,801 |
|
|
|
12,892 |
|
Prepaid workers compensation |
|
|
562 |
|
|
|
562 |
|
Other current assets |
|
|
660 |
|
|
|
607 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
17,149 |
|
|
|
19,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUIPMENT AND IMPROVEMENTS: |
|
|
|
|
|
|
|
|
Furniture and equipment |
|
|
3,299 |
|
|
|
3,299 |
|
Computer equipment |
|
|
619 |
|
|
|
619 |
|
Computer software |
|
|
1,171 |
|
|
|
1,166 |
|
Leasehold improvements |
|
|
20 |
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
5,109 |
|
|
|
5,104 |
|
|
|
|
|
|
|
|
|
|
Less accumulated depreciation and amortization |
|
|
(4,533 |
) |
|
|
(4,409 |
) |
|
|
|
|
|
|
|
Equipment and improvements, net |
|
|
576 |
|
|
|
695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRADE NAME |
|
|
4,569 |
|
|
|
4,569 |
|
|
|
|
|
|
|
|
|
|
GOODWILL |
|
|
10,305 |
|
|
|
10,305 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
121 |
|
|
|
151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
32,720 |
|
|
$ |
34,994 |
|
|
|
|
|
|
|
|
TEAMSTAFF, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS EXCEPT PAR VALUE OF SHARES)
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
September 30, |
|
|
|
2009 |
|
|
2008 |
|
|
|
(unaudited) |
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Notes payable |
|
$ |
1,500 |
|
|
$ |
1,500 |
|
Current portion of capital lease obligations |
|
|
66 |
|
|
|
69 |
|
Accrued payroll |
|
|
10,384 |
|
|
|
10,585 |
|
Accrued pension liability |
|
|
|
|
|
|
70 |
|
Accounts payable |
|
|
1,556 |
|
|
|
2,578 |
|
Accrued expenses and other current liabilities |
|
|
1,455 |
|
|
|
2,008 |
|
Liabilities from discontinued operations |
|
|
42 |
|
|
|
66 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
15,003 |
|
|
|
16,876 |
|
|
|
|
|
|
|
|
|
|
CAPITAL LEASE OBLIGATIONS, net of current portion |
|
|
97 |
|
|
|
128 |
|
|
|
|
|
|
|
|
|
|
OTHER LONG TERM LIABILITY, net of current portion |
|
|
78 |
|
|
|
104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
15,178 |
|
|
|
17,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS EQUITY: |
|
|
|
|
|
|
|
|
Preferred stock, $.10 par value; authorized 5,000 shares;
none issued and outstanding |
|
|
|
|
|
|
|
|
Common Stock, $.001 par value; authorized 40,000 shares;
issued 4,885 at March 31, 2009 and 4,874 at
September 30, 2008, respectively; outstanding 4,883 at
March 31, 2009 and 4,843 at September 30, 2008,
respectively |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
69,006 |
|
|
|
68,844 |
|
Accumulated deficit |
|
|
(51,445 |
) |
|
|
(50,934 |
) |
Accumulated comprehensive loss |
|
|
|
|
|
|
(5 |
) |
Treasury stock, 2 shares at cost at March 31, 2009 and
September 30, 2008 |
|
|
(24 |
) |
|
|
(24 |
) |
|
|
|
|
|
|
|
Total shareholders equity |
|
|
17,542 |
|
|
|
17,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
|
$ |
32,720 |
|
|
$ |
34,994 |
|
|
|
|
|
|
|
|
TEAMSTAFF, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL AND OPERATING DATA
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(Unaudited)
Reconciliation of Non-GAAP Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
|
|
NET (LOSS) INCOME |
|
$ |
(559 |
) |
|
$ |
64 |
|
|
$ |
(511 |
) |
|
$ |
99 |
|
Gross profit from non-recurring retroactive billings |
|
|
|
|
|
|
(249 |
) |
|
|
|
|
|
|
(280 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET LOSS |
|
$ |
(559 |
) |
|
$ |
(185 |
) |
|
$ |
(511 |
) |
|
$ |
(181 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP based diluted net (loss) earnings per share |
|
$ |
(0.11 |
) |
|
$ |
0.01 |
|
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit from non-recurring retroactive billings |
|
$ |
|
|
|
$ |
(0.05 |
) |
|
$ |
|
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted net loss per share |
|
$ |
(0.11 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
This press release includes certain non-GAAP financial measures. TeamStaffs management does not
suggest that investors consider such non-GAAP financial measures in isolation from, or as a
substitute for, GAAP financial measures, such as net income, cash flow data or other financial
information presented in the consolidated financial statements. Adjusted net (loss) income, a
non-GAAP financial measure, is defined as net (loss) income minus gross profit from non-recurring
retroactive billings. The Company believes it is useful for management and investors to review
both GAAP information and non-GAAP financial measures to have a better understanding of the overall
performance of the Companys business and trends relating to its financial condition and results of
operations. Management believes that this information provides greater insight into our Companys
underlying operating performance that facilitates a more meaningful comparison of its current
financial results in different reporting periods. The Company has chosen to show the three and six
month comparative adjusted net (loss)income to show what results would have been in the three and
six months of fiscal 2008 had the non-recurring retroactive billings not occurred.