Monday, TeamStaff, Inc. (TSTF), a provider of healthcare, logistics, and administrative staffing services, reported a profit for the fourth quarter, compared to a loss last year, helped by gains from retroactive billing adjustments.
The Somerset, New Jersey-based company's fourth quarter net income was $506 thousand or $0.11 per share, compared with a loss of $1.94 million or $0.40 per share in the same quarter last year.
Income from continuing operations for the quarter was $506 thousand or $0.11 per share, compared with a loss of $374 thousand or $0.08 per share a year ago.
The company noted that the earnings per share have been retroactively adjusted so as to incorporate the effect of the one-to-four reverse stock split effective April 21.
The fourth quarter results include retroactive billing adjustments related to wage increases granted to contracted employees at certain government facilities, which increased revenue, gross profit and EPS by $7.12 million, $0.13 million, and $0.03, respectively.
Total revenue for the quarter increased to $22.73 million from $16.50 million last year. Gross profit as a percentage of revenues for the quarter was 13.4% compared to 18.4% last year.
Selling, general and administrative expenses for the quarter declined to $2.81 million from $2.90 million in the same quarter last year.
For fiscal 2008, TeamStaff's net income was $1.15 million or $0.24 per share compared to a loss of $4.69 million or $0.97 per share in the same period last year. Income from continuing operations was $1.19 million or $0.25 per share, compared with a loss of $3.37 million or $0.70 per share last year.
Revenues for the year increased to $73.29 million from $66.88 million in the corresponding period last year.
TSTF closed Friday's trading at $1.98 on the Nasdaq.
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