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Angelica Corp Q4 profit drops

09
Apr '08
Angelica Corporation announced financial results for its fourth quarter and fiscal year 2007 ended January 26, 2008. In addition, the Company confirmed that the closure and sale of its Edison, New Jersey 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 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 thefourth 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.


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