DALLAS, April 1 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin
Board: CRDT), a leading healthcare staffing company, today announced
results for the fourth quarter ended December 31, 2007.
Revenue in the quarter was $9,806,540, an increase of 34% over third
quarter 2007 revenue of $7,329,161 and an increase of 15% over revenue of
$8,531,970 in the fourth quarter of 2006. Gross profit improved to
,228,061 in the fourth quarter of 2007, compared to $1,570,923 in the
third quarter of 2007 and $1,619,346 in the fourth quarter of 2006. Net
loss attributable to common stockholders was ,644,869 in the fourth
quarter of 2007, an improvement from the net loss of $13,639,772 reported
in the fourth quarter of 2006. The fourth quarter of 2006 included a
$10,000,000 charge for loss on impairment of goodwill. Net loss was $0.06
per share for the fourth quarter of 2007 on weighted average shares of
44,288,419 compared to a net loss of $0.98 per share for the fourth quarter
of 2006 on weighted average shares of 13,913,454.
During the fourth quarter, Crdentia raised a total of $5,750,000 in
private equity transactions. The proceeds from this raise were used
primarily to acquire Medical People Healthcare Services, Inc. and ATS
Health Services. These acquisitions enabled the Company to expand its
presence and depth of services throughout the Sun Belt region. In addition,
these transactions are expected to enhance Crdentia's future operations as
a result of increased absorption of the Company's corporate overhead costs
over a larger base of business.
John Kaiser, CEO of Crdentia said, "The improved fourth quarter
financial results are evidence that the Company is making good progress
towards our objective of profitably growing our business. I am also pleased
to have completed the equity raise during the fourth quarter which enabled
us to make two acquisitions that contributed meaningfully to fourth quarter
revenue. Also, the $10.2 million long-term debt financing announced during
the first quarter of 2008 enhanced our financial flexibility. Crdentia is
now moving forward with our objective of achieving profitability through
improved operating performance and executing our growth initiatives to
expand our footprint in key Sun Belt markets."
About Crdentia Corp.
Crdentia Corp., one of the nation's leading providers of healthcare
staffing solutions, is focused on recruiting talented national and
international healthcare professionals to meet the ever-increasing
employment needs of over 2,300 clients. Crdentia is one of the few
companies that can provide quality temporary staff for all healthcare
industry positions including local nurses, travel nurses, allied health,
locum tenens and home care professionals. For more information, visit
http://www.crdentia.com.
Forward Looking Statements
Statements contained in this release that are not historical facts are
forward-looking statements that involve risks and uncertainties. Among the
important factors which could cause actual results to differ materially
from those in the forward-looking statements include, but are not limited
to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms
10-Q, and other filings with the Securities and Exchange Commission. Such
risk factors include, but are not limited to, a limited operating history
with no earnings; reliance on the Company's management team, members of
which have other business interests; the ability to successfully implement
the Company's business plan; the ability to continue as a going concern;
the ability to fund the Company's business and acquisition strategy; the
growth of the temporary healthcare professional staffing business;
difficulty in managing operations of acquired businesses; uncertainty in
government regulation of the healthcare industry; and the limited public
market for the Company's common stock. The actual results that the Company
achieves may differ materially from any forward-looking statements due to
such risks and uncertainties. Crdentia undertakes no obligation to revise
or update publicly any forward-looking statements for any reason.
Contacts
Crdentia Corp.
John Kaiser, CEO
Phone: 972.850.0780
Fax: 972.392.2722
jkaiser@crdentia.com
Jim TerBeest, CFO
Phone: 972.850.0780
Fax: 972.392.2722
jterbeest@crdentia.com
Crdentia Corp.
Unaudited Consolidated Statements of Operations
Three Months Ended
December 31,
2007 2006
Revenue from services $9,806,540 $8,531,970
Direct operating expenses 7,578,479 6,912,624
Gross profit 2,228,061 1,619,346
Operating expenses:
Selling, general, and
administrative expenses 4,305,809 3,924,497
Loss on impairment of intangibles - 10,000,000
Gain from settlement of claims 80,706 100,075
Gain from extinguishment of debt - 524,213
Total operating expenses 4,386,515 14,548,785
Loss from continuing operations
before interest and taxes (2,158,454) (12,929,439)
Interest expense, net (486,415) (817,050)
Loss from continuing operations
before income taxes (2,644,869) (13,746,489)
Income tax expense - -
Loss from continuing operations (2,644,869) (13,746,489)
Income from discontinued operations - 106,717
Net loss attributable to common
stockholders $(2,644,869) $(13,639,772)
Net loss per share - basic and diluted:
Loss from continuing operations $(0.06) $(0.99)
Income from discontinued operations - 0.01
Basic and diluted loss per common
share attributable to common stockholders $(0.06) $(0.98)
Weighted average number of common
shares outstanding 44,288,419 13,913,454
Crdentia Corp.
Consolidated Balance Sheets
December 31, December 31,
2007 2006
Current assets:
Cash and cash equivalents $94,470 $198,068
Accounts receivable, net of
allowance for doubtful accounts of
$961,160 and $450,000, respectively 6,081,131 5,776,473
Other current assets 1,748,315 700,524
Total current assets 7,923,916 6,675,065
Property and equipment, net 344,212 469,396
Goodwill 15,063,047 14,532,917
Intangible assets, net 1,272,164 1,581,954
Other assets 243,969 628,764
Total assets 4,847,308 3,888,096
Current liabilities:
Revolving lines of credit $4,355,338 $6,412,029
Accounts payable and accrued expenses 3,627,305 3,807,253
Due to iVOW - 791,943
Accrued employee compensation and
benefits 880,718 896,260
Current portion of notes payable
including amounts due to significant
stockholders of $935,425 and
$1,234,078, respectively 1,534,333 1,234,078
Notes payable to lender, net of
discount of $80,150 at December 31,
2006 2,075,000 701,717
Debentures, net of discount of
$1,109,313 - 554,687
Other current liabilities 725,053 345,643
Total current liabilities 13,197,747 14,743,610
Debentures, net of discount of $153,750 371,250 -
Long-term note payable 375,667 -
Long-term bonus payable 495,864 903,455
Other long-term liabilities - 757,954
Total liabilities 14,440,528 16,405,019
Commitments and contingencies
Stockholders' equity:
Convertible preferred stock,
10,000,000 shares authorized
no shares issued and outstanding - -
Common stock, par value $0.0001,
150,000,000 shares authorized at
December 31, 2007 and December 31, 2006;
49,860,327 shares issued and
outstanding at December 31, 2007
and 14,538,313 shares issued and
14,430,672 shares outstanding at
December 31, 2006 4,986 1,454
Additional paid-in capital 145,235,911 126,768,011
Treasury stock, no shares at
December 31, 2007 and 107,641
shares at cost at December 31, 2006 - -
Accumulated deficit (134,834,117) (119,286,388)
Total stockholders' equity 10,406,780 7,483,077
Total liabilities and stockholders'
equity 4,847,308 3,888,096
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Via: Healthcare
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