Thursday, TeamStaff Inc. (TSTF), a provider of healthcare, logistics, and administrative staffing services, reported a profit in the third quarter compared to a loss last year, mainly on lower expenses.
The Somerset, New Jersey-based company's third-quarter net income was $0.54 million or $0.11 per share, compared with a loss of $1.24 million or $0.26 per share in the same quarter of last year.
Quarterly income from continuing operations totaled to $571 thousand or $0.12 per share, compared with a loss of $1.29 million or $0.27 per share a year ago.
The company noted that the earnings per share in this release have been retroactively adjusted so as to incorporate the effect of the one-to-four reverse stock split effective April 21.
Revenues for the quarter advanced to $17.78 million from $16.61 million reported in the corresponding quarter of the previous year.
In the quarter, legal expense related to pre-acquisition activity of acquired company was $0.18 million, significantly lower than $1.05 million last year.
Selling, general and administrative expenses stood at $2.97 million, lower than $3.13 million in the previous year.
For the nine-month period, TeamStaff's net income was $0.64 million or $0.13 per share compared with a loss of $2.76 million or $0.57 per share for the first nine months of fiscal 2007. Income from continuing operations was $0.68 million or $0.14 per share, compared with a loss of $3.12 million or $0.62 per share last year. Revenues for this period were $50.55 million, up from $50.38 million last year.
TSTF is currently trading at $2.45, up $0.11 or 4.70%, on a volume of 6K shares.
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