CAREERSTAFF UNLIMITED, INC. REPORTS RECORD FIRST QUARTER RESULTS.HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; , TX--(BUSINESS WIRE)--April 28, 1995--CareerStaff Unlimited, Inc. (Nasdaq National Market:STAF STAF Software Testing Automation Framework STAF Simulation/Test Acceptance Facility STAF Systems Technical Applications Facility STAF Space-Time Adaptive Filtering STAF Security-PRO Transition Analysis Facility STAF Strobe a Flag ), the leading national provider of temporary rehabilitation rehabilitation: see physical therapy. therapist staffing, today announced that revenues and net income reached record first quarter levels for the three month period ended March 31, 1995 (see following table). For the first quarter of 1995, the Company reported revenues of $20,153,503, an 86% increase over $10,839,689 in the comparable period of 1994. Net income rose to $1,025,424, or $.15 per share, from $631,447, or $.10 per share, for the first quarter last year. There were 13.2% more shares outstanding in the 1995 first quarter primarily as a result of the Company's initial public offering in June June: see month. 1994. Total service hours billed, from which the Company primarily derives its revenues, increased 83% to 419,204 from 229,481 hours billed in the same period in 1994. The increase in revenues in the first quarter of 1995 over the same period last year is the result of this aggregate rise in billable hours Billable Hours is a Canadian comedy series, which airs on Showcase. Set in the fictional Toronto law firm of Fagen & Harrison, the series focuses on three young lawyers struggling to balance their expectations in life with the difficult realities of building a career at Company offices open for more than one year. To a lesser extent, the increase in revenues in the 1995 first quarter also reflects the operations of new Division Offices opened in 1994 as well as acquisitions completed during the first quarter. CareerStaff Unlimited's President and Chief Executive Officer Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Weinholtz, commented, "The maturation maturation /mat·u·ra·tion/ (mach-u-ra´shun) 1. the process of becoming mature. 2. attainment of emotional and intellectual maturity. 3. of our Division Offices combined with the expansion of the Company's operations in 1994 has contributed an increasing level of revenue and profitability to the Company." Mr. Weinholtz noted that during the first quarter of 1995, the Company augmented its internal growth with an accelerated acquisition program which, he added, "is allowing CareerStaff to bridge the geographic areas between existing Division Offices and to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: our ongoing operations in major cities across the country. In January January: see month. 1995, we acquired three therapist staffing companies and in March, we completed our largest acquisition to date with the purchase of Healthcare Staff Resources, Inc., a national provider of traveling therapists. In early April, we also purchased The Holding Group, Inc., a privately-held provider of rehabilitation therapist staffing based in Farmington Hills, Michigan Farmington Hills is the most populous city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is known for it's affluence, excellent schools, great housing stock, luxury homes and a center of business in Oakland County and Metro Detroit. , into which our Detroit Division Office has merged." On March 30, 1995, CareerStaff Unlimited and Sun Healthcare Group, Inc. (NYSE NYSE See: New York Stock Exchange :SHG SHG Second Harmonic Generation SHG Short-Handed Goals (hockey) SHG Self Help Group SHG State History Guide (formerly State House Girls) SHG Sacred Heart Griffin ) announced that they entered into a definitive merger agreement which is expected to close during the second quarter of 1995. Mr. Weinholtz concluded, "We look forward to soon completing the merger with Sun Healthcare. Through our partnership with Sun and our plans to further expand our national presence, we expect continued strong growth." CareerStaff Unlimited, Inc. is the leading provider of licensed physical, occupational and speech therapy staffing, primarily to hospitals, nursing homes, outpatient outpatient /out·pa·tient/ (-pa-shent) a patient who comes to the hospital, clinic, or dispensary for diagnosis and/or treatment but does not occupy a bed. out·pa·tient n. and other rehabilitation contract service managers and to home health care providers. CareerStaff operates through a growing national network currently comprised of 15 Therapists Unlimited Division offices and five satellite offices, along with Healthcare Staff Resources, Inc. and TravelCare USA, both national providers of traveling therapists. -0-
CAREERSTAFF UNLIMITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
1995 1994
(unaudited)
Total revenues $20,153,503 $10,839,689 Gross profit 5,005,342 2,777,224 Operating expenses: Selling, general and administrative 3,204,330 1,740,495 Operating income before interest expense (income) 1,801,012 1,036,729 Interest expense (income) (30,388) 24,542 Minority Interest - Limited Partners 206,322 ---- Net income before provision for income taxes 1,625,078 1,012,187 Provision for income taxes 599,654 ---- Net income $ 1,025,424 $ 1,012,187 Pro forma net income adjusted for income taxes: Net income before provision for income taxes as above 1,012,187 Pro forma provision for income taxes 380,740 Net income adjusted for income taxes $ 631,447 Net income per share adjusted for income taxes $.15 $.10 Weighted average shares outstanding 6,999,758 6,183,822
CAREERSTAFF UNLIMITED, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
March 31, 1995 December 31, 1994
(unaudited) (audited)
ASSETS
Current Assets: Cash and cash equivalents $ 2,010,179 $ 6,085,895 Accounts receivable (net) 9,883,561 7,105,795 Prepaid expenses and other current assets 424,941 764,727 Total current assets 12,318,681 13,956,417 Other assets 8,132,950 2,218,929 Total assets $20,451,631 $16,175,346 LIABILITIES AND STOCKHOLDERS' EQUITY Total Current Liabilities $ 5,523,724 $ 2,668,004 Long-term debt ---- ---- Other liabilities 95,634 95,634 Minority interests in subsidiary limited partnerships 435,013 228,690 Total stockholders' equity 14,397,260 13,183,018 Total liabilities and stockholders' equity $20,451,631 $16,175,346 CONTACT: CareerStaff Unlimited, Inc. INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. : J. Livingston Kosberg, Chairman The Equity Group Inc. (713) 297-9080 Robert Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. Michael Weinholtz, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. (212) 371-8660 (713) 297-9075 Tamara Ehlin Jay Rosen Jay Rosen (born May 5, 1956 in Buffalo, New York) is a press critic, a writer, and a professor of journalism at New York University. He is a strong supporter of citizen journalism, encouraging the press to take a more active interest in citizenship, improving public debate, , Chief Financial Officer (212) 836-9607 (713) 297-9204 |
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