Angelica Corporation announced financial results for the third quarter and nine months ended October 27, 2007. Income from operations before other operating income for the third quarter of fiscal 2007 was $4.4 million, up 54% from $2.8 million in fiscal 2006.
A decline in other operating income in fiscal 2007 was offset by the reversal of an income tax reserve resulting in earnings per share for third quarter fiscal 2007 of $0.50, up from $0.28 in fiscal 2006.
Revenues for the third quarter of fiscal 2007 were $108.8 million, up 1.0% from $107.8 million in the third quarter of fiscal 2006. Total healthcare revenues increased 2.5% while non-healthcare revenues declined due to prior divestitures of non-healthcare accounts. Organic revenue growth excluding the impact of acquisitions and divestitures was 1.2%, achieved through pricing improvements, which offset a 3.2% volume decline.
Gross profit for the third quarter of fiscal 2007 was $16.3 million, down 5.9% from $17.3 million in the third quarter of fiscal 2006. Gross margin for the third quarter of fiscal 2007 was 15.0%, down from 16.1% in the third quarter of fiscal 2006. Increased merchandise costs behind the Company's 100% fill rate and improved quality initiatives reduced gross margin by 2.0% of revenue, which was partially offset by an improvement in production costs of 1.1% of revenue.
Selling, general and administrative (SG&A) expenses for the third quarter of fiscal 2007 were $10.8 million, down $2.6 million from $13.4 million in the third quarter of fiscal 2006. As a percentage of revenue, SG&A declined to 10.0% in the third quarter of fiscal 2007 from 12.4% in the third quarter of fiscal 2006.
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