Angelica Announces Fourth Quarter and Fiscal Year 2007 Results.ST. LOUIS -- Angelica angelica (ănjĕl`ĭkə), any species of the genus Angelica, plants of the family Umbelliferae (parsley family), native to the Northern Hemisphere and New Zealand, valued for their potency as a medicament and protection against Corporation (NYSE NYSE See: New York Stock Exchange : AGL (programming) AGL - (Atelier de Genie Logiciel) French for IPSE. ) announced today financial results for its fourth quarter and fiscal year 2007 ended January January: see month. 26, 2008. In addition, the Company confirmed that the closure and sale of its Edison, New Jersey Edison Township (usually known as Edison) is a township in Middlesex County, New Jersey, United States. As of the United States 2000 Census, the township had a total population of 97,687, making it at the time the fifth largest municipality in New Jersey. As of the U.S. facility was completed in January, 2008. As noted below, Edison had a significant negative impact on fiscal year 2007 results. The Company also confirmed that its strategic alternatives review process, including a possible sale of the Company, continues. Fourth Quarter Results, Three Months ended January 26, 2008 Revenues for the fourth quarter of fiscal 2007 were $105.8 million, up 0.1% from $105.7 million for the fourth quarter of fiscal 2006. Total healthcare revenues increased 1.7% while non-healthcare revenues declined due to prior divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of non-healthcare accounts. Fourth quarter fiscal 2007 revenues from the closed Edison service center were $1.5 million versus $3.8 million in fourth quarter fiscal year 2006. Gross profit for the fourth quarter of fiscal 2007 was $13.9 million, down 5.9% from $14.8 million in the fourth quarter of fiscal 2006. Gross margin for the fourth quarter of fiscal 2007 was 13.1%, down from 14.0% in the fourth quarter of fiscal 2006. The decline in gross margin was related to operational difficulties in the Edison, New Jersey service center. Gross profit for the fourth quarter of fiscal 2007 for the closed Edison service center was a loss of ($3.5 million) versus a loss of ($1.3 million) in the fourth quarter of fiscal 2006. Excluding the Edison service center in both years, gross margin in fourth quarter of fiscal 2007 was 16.7% versus 15.8% in the fourth quarter of fiscal 2006. SG&A expenses for the fourth quarter of fiscal 2007 were $11.2 million, up from $10.1 million in the fourth quarter of fiscal 2006. As a percentage of revenue, SG&A was 10.5% in the fourth quarter of fiscal 2007 versus 9.5% in the fourth quarter of fiscal 2006. SG&A in the fourth quarter of fiscal 2007 included $0.4 million of expenses related to the strategic alternatives review process. Net income for the fourth quarter of fiscal 2007 was $1.9 million versus net income of $3.3 million in the fourth quarter of fiscal 2006. Net income per share was $0.20 in the fourth quarter of fiscal 2007 versus $0.35 in the fourth quarter of fiscal 2006. Net income in the fourth quarter of fiscal 2007 included a gain on the sale of the Edison property of $2.3 million in other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . Net income in the fourth quarter of fiscal 2006 included a $1.7 million gain in non-operating income related to the sale of an unused property. Fiscal Year 2007 Results, Twelve Months ended January 26, 2008 For the fiscal year ended January 26, 2008, revenues were $430.0 million, up 1.0% from $425.7 million for fiscal 2006. Total healthcare revenues increased 2.5% while non-healthcare revenues declined due to the prior divestiture of non-healthcare accounts. Organic revenue growth, excluding the impact of acquisitions and divestitures, was 1.2%, achieved from pricing improvements offsetting a unit volume decline. Edison revenues were $12.4 million in fiscal 2007 versus $14.1 million in fiscal 2006. Gross profit for fiscal 2007 was $58.4 million, down 5.7% from $61.9 million in fiscal 2006. Gross margin for fiscal 2007 was 13.6%, down from 14.5% in fiscal 2006. The decline in gross margin was related to operational difficulties in the Edison, New Jersey service center. Gross profit for fiscal 2007 for the closed Edison service center was a loss of ($8.1 million) versus a loss of ($3.3 million) in fiscal 2006. Excluding the Edison service center in both years, gross margin for fiscal 2007 and fiscal 2006 was 15.9%. SG&A expenses for fiscal 2007 were $49.1 million, down 4.3% from $51.3 million in fiscal 2006. As a percentage of revenue, SG&A declined to 11.4% in fiscal 2007 from 12.1% in fiscal 2006. Fiscal 2007 SG&A expenses included $.4 million of expenses related to the strategic alternatives review process. Net income for fiscal 2007 was $3.9 million versus $3.6 million for fiscal 2006. Net income per share was $0.42 in fiscal 2007 versus $0.39 for fiscal 2006. Fiscal year 2007 had $2.3 million more in tax credits than fiscal 2006 while fiscal 2006 had $1.1 million more in non-operating income than fiscal 2007. Commenting on the results, Steve O'Hara, president and chief executive officer, stated, "We are pleased by the improvement in the fourth quarter excluding our Edison facility and are pleased to report the Edison operation is closed and fully accounted for in fiscal 2007 results. We believe the improvements in our fourth quarter gross margin excluding the Edison facility's impact highlights the progress we are making to improve operational efficiencies. Moreover, if we exclude Edison results from both fiscal years 2007 and 2006, income from operations increased 20.0%." Angelica Corporation, traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol AGL, is a leading provider of textile rental and linen linen, fabric or yarn made from the fiber of flax, probably the first vegetable fiber known to people. Linens more than 3,500 years old have been recovered from Egyptian tombs. Phoenician traders marketed linen in Mediterranean ports. management services to the U.S. healthcare U.S. Healthcare is a now-defunct healthcare company. The logo had an apple. The merger with Aetna In 1996, the company merged with Aetna, calling it Aetna U.S. Healthcare. The U.S. Healthcare apple logo was next to the Aetna name, and U.S. Healthcare under it. U.S. market. More information about Angelica is available on its website, www.angelica.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Any forward-looking statements made in this document reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These potential risks and uncertainties include, but are not limited to, competitive and general economic conditions, the ability to retain current customers and to add new customers in competitive market environments, competitive pricing in the marketplace, delays in the shipment of orders, availability of labor at appropriate rates, availability and cost of energy and water supplies, the cost of workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. and healthcare benefits, the ability to attract and retain key personnel, the ability of the Company to recover its seller note and avoid future lease obligations as part of its sale of Life Uniform, the ability of the Company to execute its strategy of providing delightful "Delightful" is the first physical single released by Ami Suzuki under the label Avex Trax and also the transition single that marked the end of the old Ami making her return to the music industry. service to every customer every day pursuant to its fiscal 2005 reorganization, unusual or unexpected cash needs for operations or capital transactions, the effectiveness of the Company's initiatives to reduce key operating costs operating costs npl → gastos mpl operacionales as a percent of revenues, the ability to obtain financing in required amounts and at appropriate rates and terms, the ability to identify, negotiate, fund, consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. and integrate acquisitions, unfavorable consequences of the Company's current strategic alternatives review process, and other factors which may be identified in the Company's filings with the Securities and Exchange Commission. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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