DALLAS, April 1 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC:CRDT)
(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 $2,228,061 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 $2,644,869 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 Jim TerBeest, CFO Phone:
972.850.0780 Fax: 972.392.2722 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 $24,847,308
$23,888,096 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 $24,847,308 $23,888,096
DATASOURCE: Crdentia Corp. CONTACT: John Kaiser, CEO,
+1-972-850-0780, fax, +1-972-392-2722, , or Jim TerBeest, CFO,
+1-972-850-0780, fax, +1-972-392-2722, , both of Crdentia Corp. Web
site: http://www.crdentia.com/
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