Westaff, Inc. Unaudited Financial Highlights
(In thousands, except per share data)
Fiscal Quarter Ended
| |
October 28, 2006 |
October 29, 2005 |
| Statements of Income: |
|
| Revenue | $196,855 | $200,982 |
| Costs of services | 160,826 | 165,811 |
| Gross profit | 36,029 | 35,171 |
| Gross margin | 18.3% | 17.5% |
| Franchise agents' share of gross profit | 5,706 | 6,463 |
| Selling and administrative expenses | 25,555 | 24,065 |
| Depreciation and amortization | 1,319 | 1,313 |
| Operating income | 3,449 | 3,330 |
| Interest expense | 391 | 566 |
| Interest income | (75) | (76) |
| Income before income taxes | 3,133 | 2,840 |
| Income tax provision (benefit) | 534 | (15,938) |
| Net income | $2,599 | $18,778 |
| |
| Basic earnings per share | $0.16 | $1.15 |
| Diluted earnings per share | $0.16 | $1.14 |
| |
| Weighted average common shares outstanding - basic | 16,535 | 16,364 |
| Weighted average common shares outstanding - diluted | 16,594 | 16,498 |
Westaff, Inc. Unaudited Financial Highlights
(In thousands, except per share data)
Fiscal Year Ended
| |
October 28, 2006 |
October 29, 2005 |
| Statements of Income: |
|
| Revenue | $614,950 | $612,861 |
| Costs of services | 506,167 | 507,052 |
| Gross profit | 108,783 | 105,809 |
| Gross margin | 17.7% | 17.3% |
| Franchise agents' share of gross profit | 18,157 | 18,884 |
| Selling and administrative expenses | 81,270 | 76,635 |
| Depreciation and amortization | 4,811 | 4,162 |
| Operating income | 4,545 | 6,128 |
| Interest expense | 1,241 | 1,587 |
| Interest income | (151) | (148) |
| Income from continuing operations before income taxes | 3,455 | 4,689 |
| Income tax provision (benefit) | 336 | (15,408) |
| Income from continuing operations | 3,119 | 20,097 |
| Discontinued Operations: |
| Loss from discontinued operations | - | (134) |
| Gain on sale of discontinued operations, net of income taxes | - | 1,163 |
| Income from discontinued operations | - | 1,029 |
| Net income | $3,119 | $21,126 |
| |
| Basic earnings per share: |
| Continuing operations | $0.19 | $1.24 |
| Discontinued operations | $- | $0.06 |
| Net income | $0.19 | $1.30 |
| |
| Diluted earnings per share: |
| Continuing operations | $0.19 | $1.23 |
| Discontinued operations | $- | $0.06 |
| Net income | $0.19 | $1.29 |
| |
| Weighted average common shares outstanding - basic | 16,454 | 16,271 |
| Weighted average common shares outstanding - diluted | 16,526 | 16,420 |
Westaff, Inc. Unaudited Financial Highlights
(In thousands, except per share data)
| Balance Sheet: |
October 28, 2006 |
October 29, 2005 |
ASSETS |
| Current assets: |
| Cash and cash equivalents | $3,545 | $3,014 |
| Trade accounts receivable | 76,267 | 83,416 |
| Deferred income taxes | 5,834 | 5,097 |
| Prepaid expenses | 4,732 | 3,847 |
| Other current assets | 4,694 | 1,419 |
| Total current assets | 95,072 | 96,793 |
| |
| Property and equipment, net | 15,046 | 15,184 |
| Deferred income taxes | 12,404 | 11,951 |
| Goodwill and other intangible assets | 15,792 | 11,778 |
| Other long-term assets | 951 | 3,076 |
| Total assets | $139,265 | $138,782 |
| |
LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current liabilities: |
| Borrowings under revolving credit facilities | $4,790 | $8,568 |
| Current portion of capital lease obligations | 345 | 343 |
| Note payable to related party | 2,000 | - |
| Accounts payable | 5,245 | 3,755 |
| Accrued expenses | 40,800 | 43,501 |
| Total current liabilities | 53,180 | 56,167 |
| |
| Note payable to related party | - | 2,000 |
| Long-term capital lease obligations | 833 | 1,174 |
| Other long-term liabilities | 19,242 | 17,820 |
| Total liabilities | 73,255 | 77,161 |
| |
| Stockholders' equity: |
| Common stock | 166 | 164 |
| Additional paid-in capital | 38,617 | 37,803 |
| Deferred stock compensation | - | (54) |
| Retained earnings | 27,270 | 24,151 |
| Accumulated other comprehensive loss | (44) | (443) |
| Total stockholders' equity | 66,009 | 61,621 |
| Total liabilities and stockholders' equity | $139,264 | $138,782 |
|
