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Angelica Corp Q4 profit drops
09 Apr '08
4 min read
Net income for the fourth quarter of fiscal 2007 was $1.9 million versus net income of $3.3 million in the fourth quarter of fiscal 2006. Net income per share was $0.20 in the fourth quarter of fiscal 2007 versus $0.35 in the fourth quarter of fiscal 2006.
Net income in the fourth quarter of fiscal 2007 included a gain on the sale of the Edison property of $2.3 million in other operating income. Net income in the fourth quarter of fiscal 2006 included a $1.7 million gain in non-operating income related to the sale of an unused property.
Fiscal Year 2007 Results, Twelve Months ended January 26, 2008:
For the fiscal year ended January 26, 2008, revenues were $430.0 million, up 1.0% from $425.7 million for fiscal 2006. Total healthcare revenues increased 2.5% while non-healthcare revenues declined due to the prior divestiture of non-healthcare accounts.
Organic revenue growth,excluding the impact of acquisitions and divestitures, was 1.2%, achieved from pricing improvements offsetting a unit volume decline. Edison revenues were $12.4 million in fiscal 2007 versus $14.1 million in fiscal 2006.
Gross profit for fiscal 2007 was $58.4 million, down 5.7% from $61.9 million in fiscal 2006. Gross margin for fiscal 2007 was 13.6%, down from 14.5% in fiscal 2006. The decline in gross margin was related to operational difficulties in the Edison, New Jersey service center. Gross profit for fiscal 2007 for the closed Edison service center was a loss of ($8.1 million) versus a loss of ($3.3 million) in fiscal 2006. Excluding the Edison service center in both years, gross margin for fiscal 2007 and fiscal 2006 was 15.9%.
SG&A expenses for fiscal 2007 were $49.1 million, down 4.3% from $51.3 million in fiscal 2006. As a percentage of revenue, SG&A declined to 11.4% in fiscal 2007 from 12.1% in fiscal 2006. Fiscal 2007 SG&A expenses included $.4 million of expenses related to the strategic alternatives review process.
Net income for fiscal 2007 was $3.9 million versus $3.6 million for fiscal 2006. Net income per share was $0.42 in fiscal 2007 versus $0.39 for fiscal 2006. Fiscal year 2007 had $2.3 million more in tax credits than fiscal 2006 while fiscal 2006 had $1.1 million more in non-operating income than fiscal 2007.
Commenting on the results, Steve O'Hara, president and chief executive officer, stated, “We are pleased by the improvement in the fourth quarter excluding our Edison facility and are pleased to report the Edison operation is closed and fully accounted for in fiscal 2007 results.
We believe the improvements in our fourth quarter gross margin excluding the Edison facility's impact highlights the progress we are making to improve operational efficiencies. Moreover, if we exclude Edison results from both fiscal years 2007 and 2006, income from operations increased 20.0%.”
Net income in the fourth quarter of fiscal 2007 included a gain on the sale of the Edison property of $2.3 million in other operating income. Net income in the fourth quarter of fiscal 2006 included a $1.7 million gain in non-operating income related to the sale of an unused property.
Fiscal Year 2007 Results, Twelve Months ended January 26, 2008:
For the fiscal year ended January 26, 2008, revenues were $430.0 million, up 1.0% from $425.7 million for fiscal 2006. Total healthcare revenues increased 2.5% while non-healthcare revenues declined due to the prior divestiture of non-healthcare accounts.
Organic revenue growth,excluding the impact of acquisitions and divestitures, was 1.2%, achieved from pricing improvements offsetting a unit volume decline. Edison revenues were $12.4 million in fiscal 2007 versus $14.1 million in fiscal 2006.
Gross profit for fiscal 2007 was $58.4 million, down 5.7% from $61.9 million in fiscal 2006. Gross margin for fiscal 2007 was 13.6%, down from 14.5% in fiscal 2006. The decline in gross margin was related to operational difficulties in the Edison, New Jersey service center. Gross profit for fiscal 2007 for the closed Edison service center was a loss of ($8.1 million) versus a loss of ($3.3 million) in fiscal 2006. Excluding the Edison service center in both years, gross margin for fiscal 2007 and fiscal 2006 was 15.9%.
SG&A expenses for fiscal 2007 were $49.1 million, down 4.3% from $51.3 million in fiscal 2006. As a percentage of revenue, SG&A declined to 11.4% in fiscal 2007 from 12.1% in fiscal 2006. Fiscal 2007 SG&A expenses included $.4 million of expenses related to the strategic alternatives review process.
Net income for fiscal 2007 was $3.9 million versus $3.6 million for fiscal 2006. Net income per share was $0.42 in fiscal 2007 versus $0.39 for fiscal 2006. Fiscal year 2007 had $2.3 million more in tax credits than fiscal 2006 while fiscal 2006 had $1.1 million more in non-operating income than fiscal 2007.
Commenting on the results, Steve O'Hara, president and chief executive officer, stated, “We are pleased by the improvement in the fourth quarter excluding our Edison facility and are pleased to report the Edison operation is closed and fully accounted for in fiscal 2007 results.
We believe the improvements in our fourth quarter gross margin excluding the Edison facility's impact highlights the progress we are making to improve operational efficiencies. Moreover, if we exclude Edison results from both fiscal years 2007 and 2006, income from operations increased 20.0%.”
Angelica Corporation
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