SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 26, 2004
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TEAMSTAFF, INC.
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(Exact name of Registrant as specified in charter)
New Jersey 0-18492 22-1899798
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(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
300 Atrium Drive, Somerset, N.J. 08873
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (732) 748-1700
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(Former name or former address, if changed since last report.)
ITEM 5: OTHER EVENTS.
On April 26, 2004, TeamStaff, Inc. ("TeamStaff") announced that $2.25
million of the $2.5 million held in escrow as part of TeamStaff's sale of the
assets of its professional employer organization division to Gevity HR, Inc. has
been released for TeamStaff's benefit. Additionally, TeamStaff announced that
its workers' compensation insurance carrier has approved a $1.7 million
reduction in the letter of credit that provides security as part of TeamStaff's
PEO workers' compensation program. A press release disclosing these events was
released on April 26, 2004 and is filed as Exhibit 99.1 to this Current Report
on Form 8-K (the "Current Report").
ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements.
None
(b) Pro Forma Financial Information
None
(c) Exhibits.
The following exhibit is filed herewith:
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EXHIBIT NO. DESCRIPTION
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99.1 Press release issued by TeamStaff, Inc. dated April 26, 2004.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: April 26, 2004 TEAMSTAFF, INC.
(Registrant)
By: /s/ Edmund C. Kenealy
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Edmund C. Kenealy,
Vice President, General Counsel
and Secretary