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Angelica reaffirms Q1 fiscal 2007 revenue & earnings targets

18
Jun '07
Angelica Corporation announced financial results for the three months ended April 28, 2007.

Revenues for the first quarter of fiscal 2007 were $107.8 million, up 0.7% from the first quarter of fiscal 2006. Total healthcare revenues increased 1.9% while non-healthcare revenues declined 29.3% due to the divestiture of non-healthcare accounts.

Organic revenue growth excluding the impact of acquisitions and divestitures was 1.0%. Pricing improvements generated 4.0% of organic growth which was partially offset by a 3.0% volume decline, primarily related to a large customer contract which was terminated last fall by Angelica due to the contract's poor profitability.

Gross profit for the first quarter of fiscal 2007 was $14.3 million, down 3.1% from $14.7 million in the first quarter of fiscal 2006. Gross margin for the first quarter of fiscal 2007 was 13.3%, down from 13.8% in the first quarter of fiscal 2006.

The decline in gross margin was primarily related to operational difficulties in the Edison, New Jersey service center, which negatively impacted operations in the New York City/New Jersey area.

Gross profit from this area was down $1.9 million in the first quarter fiscal 2007 from first quarter fiscal 2006 due to higher production payroll, repairs and maintenance and delivery costs incurred to correct deficiencies at the Edison facility. Excluding the New York City/New Jersey area, gross margin increased to 15.6% in first quarter fiscal 2007 from 14.1% in first quarter fiscal 2006.


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