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Angelica Corp (6571) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

Angelica Corp

CIK: 6571

Exhibit 99.1

Angelica Announces Fourth Quarter and Fiscal Year 2007 Results

ST. LOUIS--(BUSINESS WIRE)--Angelica Corporation (NYSE: AGL) announced today 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 the fourth 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.

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.


The following information was filed by Angelica Corp on Wednesday, April 9, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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