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<SEC-DOCUMENT>0000950123-11-015232.txt : 20110217
<SEC-HEADER>0000950123-11-015232.hdr.sgml : 20110217
<ACCEPTANCE-DATETIME>20110217171849
ACCESSION NUMBER:		0000950123-11-015232
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110217
DATE AS OF CHANGE:		20110217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEAMSTAFF INC
		CENTRAL INDEX KEY:			0000785557
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HELP SUPPLY SERVICES [7363]
		IRS NUMBER:				221899798
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18492
		FILM NUMBER:		11621739

	BUSINESS ADDRESS:	
		STREET 1:		300 ATRIUM DRIVE
		CITY:			SOUTH PLAINFIELD
		STATE:			NJ
		ZIP:			08873
		BUSINESS PHONE:		7327481700

	MAIL ADDRESS:	
		STREET 1:		300 ATRIUM DRIVE
		CITY:			SOUTH PLAINFIELD
		STATE:			NJ
		ZIP:			08873

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIGITAL SOLUTIONS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>c12800e10vq.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 10-Q</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM 10-Q</B>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#254;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<!-- xbrl,dc -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B>For the quarterly period ended December&nbsp;31, 2010</B></DIV>
<!-- /xbrl,dc -->

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B>For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Commission File No.&nbsp;0-18492</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B><FONT style="border-bottom: 1px solid #000000">TEAMSTAFF, INC.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>New Jersey</B><BR>
(State or other jurisdiction of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-1899798</B><BR>
(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>1 Executive Drive, Suite&nbsp;130</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Somerset, New Jersey</B><BR>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>08873</B><BR>
(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>(866)&nbsp;952-1647</B><BR>
(Registrant&#146;s telephone number, including area code)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the Registrant (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15 (d)&nbsp;of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for
such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days. YES <FONT style="font-family: Wingdings">&#254;</FONT> NO <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to submit and post such files). Yes
<FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.
(Check one):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="center" valign="top">Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top">Smaller Reporting Company <FONT style="font-family: Wingdings">&#254;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top">(Do not check if a smaller reporting company)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of
the Exchange Act). YES <FONT style="font-family: Wingdings">&#111;</FONT> NO <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate the number of shares outstanding of each of the issuer&#146;s classes of common stock, as
of the latest practicable date: 5,140,232 shares of Common Stock, par value $.001 per share, were
outstanding as of February&nbsp;14, 2011.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="C12800tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TEAMSTAFF, INC.<BR>
FORM 10-Q<BR>
For the Quarter Ended December&nbsp;31, 2010</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>Table of Contents</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page No.</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800101"><B>Part I &#151; Financial Information</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800102">Item&nbsp;1. Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C12800103">Consolidated Balance Sheets as of
December&nbsp;31, 2010 (Unaudited) and September&nbsp;30, 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C12800104">Consolidated Statements of Operations for the three
months ended December&nbsp;31, 2010 and 2009 (Unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C12800105">Consolidated Statements of Cash Flows for the
three months ended December&nbsp;31, 2010 and 2009 (Unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C12800106">Notes to Consolidated Financial Statements
(Unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800107">Item&nbsp;2. Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800108">Item&nbsp;3. Quantitative and Qualitative Disclosures about Market Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800109">Item&nbsp;4. Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800110"><B>Part II &#151; Other Information</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800111">Item&nbsp;1. Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800112">Item&nbsp;1A. Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800113">Item&nbsp;2. Unregistered Sales of Equity Securities and Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800114">Item&nbsp;3. Defaults Upon Senior Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800115">Item&nbsp;4. Removed and Reserved</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800116">Item&nbsp;5. Other Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C12800117">Item&nbsp;6. Exhibits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C12800118">Signatures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c12800exv31w1.htm">Exhibit 31.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c12800exv31w2.htm">Exhibit 31.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c12800exv32w1.htm">Exhibit 32.1</A></FONT></TD></TR>
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C12800101"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Part I &#151; FINANCIAL INFORMATION</B>
</DIV>

<DIV align="left">
<A name="C12800102"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>ITEM 1:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TEAMSTAFF, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="left">
<A name="C12800103"></A>
</DIV>
<!-- xbrl,bs -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED BALANCE SHEETS</B></DIV>
<!-- xbrl,body -->

<DIV align="center" style="font-size: 10pt"><B>(AMOUNTS IN THOUSANDS)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>ASSETS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CURRENT ASSETS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable, net of allowance for doubtful
accounts of $0 as of December&nbsp;31, 2010 and
September&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,324</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid workers&#146; compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,667</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,367</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EQUIPMENT AND IMPROVEMENTS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Furniture and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,259</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Computer equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Computer software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Leasehold improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,446</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less accumulated depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,143</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,112</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Equipment and improvements, net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>312</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>334</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TRADENAMES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,583</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,583</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>GOODWILL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,595</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,595</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OTHER ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>367</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>360</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>25,524</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>25,239</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TEAMSTAFF, INC. AND SUBSIDIARIES<BR>
CONSOLIDATED BALANCE SHEETS<BR>
(AMOUNTS IN THOUSANDS EXCEPT PAR VALUE OF SHARES)</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CURRENT LIABILITIES:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loan payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued payroll</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,887</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued expenses and other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Liabilities from discontinued operation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,398</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,838</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CAPITAL LEASE OBLIGATIONS, net of current portion</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OTHER LONG TERM LIABILITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,407</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,851</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>COMMITMENTS AND CONTINGENCIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SHAREHOLDERS&#146; EQUITY:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock, $.10 par value; authorized 5,000 shares;
none issued and outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock, $.001 par value; authorized 40,000 shares;
issued 5,140 at December&nbsp;31, 2010 and 5,105 at September&nbsp;30, 2010, outstanding 5,138 at
December&nbsp;31, 2010 and 5,103 at September&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61,433</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61,096</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Treasury
stock, 2 shares at cost at December&nbsp;31, 2010 and September&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>25,524</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>25,239</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,bs -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TEAMSTAFF, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="left">
<A name="C12800104"></A>
</DIV>
<!-- xbrl,op -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)</B></DIV>
<!-- xbrl,body -->

<DIV align="center" style="font-size: 10pt"><B>(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>For the Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,793</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>DIRECT EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,431</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>GROSS PROFIT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,362</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,657</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OFFICER SEVERANCE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>DEPRECIATION AND AMORTIZATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Loss from operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(275</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(631</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OTHER INCOME (EXPENSE)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(45</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other income, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Legal expense related to pre-acquisition activity of
acquired company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Loss from
continuing operations before income taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(337</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(651</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INCOME TAX (EXPENSE)&nbsp;BENEFIT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Loss from continuing operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(337</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(651</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LOSS FROM DISCONTINUED OPERATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(785</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from disposal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(349</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Loss from discontinued operation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,134</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NET LOSS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(337</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(1,785</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LOSS PER SHARE &#151; BASIC</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.13</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from discontinued operation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.36</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LOSS PER SHARE &#151; DILUTED</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.13</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from discontinued operation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.36</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>WEIGHTED AVERAGE BASIC SHARES OUTSTANDING</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,op -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TEAMSTAFF, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="left">
<A name="C12800105"></A>
</DIV>
<!-- xbrl,cf -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)</B></DIV>
<!-- xbrl,body -->

<DIV align="center" style="font-size: 10pt"><B>(Amount in thousands)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>For the Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(337</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,785</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile net loss to net cash used in
operating activities, net of divested business:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Compensation expense related to employee stock option grants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Compensation expense related to employee restricted stock grants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Compensation expense related to director restricted stock grants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Changes in operating assets and liabilities, net of divested business:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(963</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(219</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Accounts payable, accrued payroll,
accrued expenses and other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(360</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other long term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cash flows from discontinued operation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Net cash used in operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,985</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,236</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CASH FLOWS FROM INVESTING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Purchase of equipment, leasehold improvements and software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(118</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(118</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CASH FLOWS FROM FINANCING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net advances on revolving line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Repayments on capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash flows from discontinued operation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Net cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net decrease in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(593</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,331</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,992</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CASH AND CASH EQUIVALENTS AT END OF PERIOD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,661</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash paid during the period for interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash paid during the period for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,cf -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TEAMSTAFF, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="left">
<A name="C12800106"></A>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>December&nbsp;31, 2010 (Unaudited)</B></DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>(1) </B><U><B>ORGANIZATION AND BUSINESS:</B></U>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff, Inc. and its subsidiaries (&#147;TeamStaff&#148; or the &#147;Company&#148;, also referred to as &#147;we,&#148; &#147;us&#148;
and &#147;our&#148;), provide a range of logistics, healthcare support and technical services to the United
States Department of Veterans Affairs (&#147;DVA&#148;), the United States Department of Defense (&#147;DoD&#148;) and
other US governmental entities. TeamStaff&#146;s primary operations are conducted through its subsidiary
TeamStaff Government Solutions, Inc. (&#147;TeamStaff GS&#148;), located in Loganville, Georgia and its
principal executive office is located at 1 Executive Drive, Suite&nbsp;130, Somerset, New Jersey 08873,
where its telephone number is (866)&nbsp;952-1647.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Company History</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff is a New Jersey corporation that was founded in 1969 as a payroll service company. Over
the years, the Company has evolved into a national provider of contract and permanent medical and
administrative staffing services and today, TeamStaff is a full-service provider of logistics,
healthcare support and technical services to Federal Agencies and the Department of Defense. During
the past 18&nbsp;months, the Company has taken numerous steps in an effort to enhance the value of
TeamStaff and has fully focused the Company&#146;s efforts on the government services market, where the
Company believes it has a proven track record of performance. In connection with the refocusing of
the Company&#146;s operations, during the 2010 calendar year, the Company replaced its Chief Executive
Officer and Chief Financial Officer and hired a new Executive Vice President of Corporate
Development, to lead its efforts as a government services provider.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff GS, which is currently the Company&#146;s only operating subsidiary changed its name from RS
Staffing Services, Inc. on February&nbsp;12, 2008 to reflect the subsidiary&#146;s evolving service
offerings. In connection with the evolution of the Company, on December&nbsp;28, 2009, TeamStaff and
TeamStaff Rx, Inc. (&#147;TeamStaff Rx&#148;), a wholly-owned subsidiary, entered into a definitive Asset
Purchase Agreement with Advantage RN, LLC, for the sale of substantially all of the operating
assets of TeamStaff Rx related to the business of providing travel nurse and allied healthcare
professionals for temporary assignments. The closing of this transaction occurred on January&nbsp;4,
2010. As discussed in Note 3 to these consolidated financial statements, where additional
information about this transaction is provided, the results of operations, cash flows and related
assets and liabilities of TeamStaff Rx have been reclassified in the accompanying consolidated
financial statements as a discontinued operation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff&#146;s other wholly-owned subsidiaries include Teamstaff Rx, DSI Staff ConnXions Northeast,
Inc., DSI Staff ConnXions Southwest, Inc., TeamStaff Solutions, Inc., TeamStaff I, Inc., TeamStaff
II, Inc., TeamStaff III, Inc., TeamStaff IV, Inc., TeamStaff VIII, Inc., TeamStaff IX, Inc.,
Digital Insurance Services, Inc., HR2, Inc. and BrightLane.com, Inc. As a result of the sale of our
Professional Employer Organization business in fiscal year 2004 and other Company business changes,
these &#147;other&#148; subsidiaries are not actively operating.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>(2)&nbsp;</B><U><B>LIQUIDITY AND SIGNIFICANT ACCOUNTING POLICIES:</B></U>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Liquidity </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010 the Company had a net working capital deficit of approximately $3.7&nbsp;million
and an accumulated deficit of approximately $61.4&nbsp;million. For the year ended September&nbsp;30, 2010,
the Company incurred an operating loss and a net loss of approximately $4.3&nbsp;million and $5.8
million, respectively, and incurred an operating loss and net loss of approximately $0.3&nbsp;million
for the quarter ended December&nbsp;31, 2010. The Company has a limited amount of cash and equivalents
at December&nbsp;31, 2010 and will be required to rely on operating cash flow and periodic funding, to
the extent available, from its line of credit to sustain the operations of the Company unless it
elects to pursue and is successful in obtaining additional debt or equity funding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In an effort to improve the Company&#146;s cash flows and financial position, the Company has recently
taken measures which are expected to enhance its liquidity by approximately $1,000,000 as a result
of increasing the maximum availability of its credit facility and receiving commitments for
additional equity and/or debt financing. In that regard, as of February&nbsp;14, 2011, the Company&#146;s
largest shareholder, Wynnefield Capital, Inc., and certain of its directors and executive officers
provided assurances for future financings whereby they collectively agreed to provide up to
$500,000 of additional capital to the Company if it determines, prior to February&nbsp;28, 2012, that
such funds are required (the &#147;Commitments&#148;). In addition, as described in Note 6, on February&nbsp;9,
2011, the Company entered into a further amendment of its Loan and Security Agreement with
Presidential Financial Corporation,
pursuant to which they agreed to increase the maximum availability under the Loan and Security
Agreement by an additional $500,000 and provide an unbilled receivable facility within the limits
of the Loan and Security Agreement. Following this increase, the maximum availability under this
loan facility is $3,000,000; subject to eligible accounts receivable.
At December&nbsp;31, 2010 the amount available was $14,000. In addition, as described in
greater detail below, the parties agreed to amend certain other provisions of the Loan Agreement,
including an extension of the term of the Loan Agreement for an additional year and the Lender
agreed not to seek to terminate the Loan Agreement without cause until after February&nbsp;29, 2012. In
addition, pursuant to its current credit facility, the financial institution also has the ability
to terminate the Company&#146;s line of credit immediately upon the occurrence of a defined event of
default, including among others, a material adverse change in the Company&#146;s circumstances or if
the financial institution deems itself to be insecure in the ability of the Company to repay its
obligations or, as to the sufficiency of the collateral. At present, the financial institution
has not declared an event of default.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management believes, at present, that: (a)&nbsp;cash and cash equivalents of approximately $0.6&nbsp;million
as of December&nbsp;31, 2010, (b)&nbsp;the capital available pursuant to the Commitments, (c)&nbsp;the amounts
available under its line of credit (which, in turn, is limited by the amount of eligible assets)
(d)&nbsp;forecasted operating cash flow; (e)&nbsp;the ultimate non-payment of certain liabilities currently
contested by the Company (classified as current at December&nbsp;31, 2010) in fiscal 2011, or the
applicable portion of 2012 and (f)&nbsp;effects of cost reduction programs and initiatives should be
sufficient to support the Company&#146;s operations for twelve months from the date of these financial
statements. However, should any of these factors not occur substantially as currently expected,
there could be a material adverse effect on the Company&#146;s ability to access the level of liquidity
necessary for it to sustain operations at current levels for the next twelve months. In such an
event, management may be forced to make further reductions in spending or to further extend
payment terms with suppliers, liquidate assets where possible, and/or to suspend or curtail
planned programs. Any of these actions could materially harm the Company&#146;s business, financial
position, results of operations and future prospects.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Due to the foregoing and to address any need for additional capital, the Company intends to pursue
equity, equity-based and/or debt financing alternatives or other financing in order to raise needed
funds. While the Commitments are unconditional, the specific terms of any financing which the
Company may request under these Commitments are subject to final negotiation among the parties and
the approval of the members of the Company&#146;s Board of Directors that are independent of the other
parties involved in accordance with the Company&#146;s policy for approving related-party
transactions. Further, such arrangements would be required to be structured in such a
manner so as to comply with the listing requirements of the Nasdaq Stock Market. The parties also
agreed that if the additional financing would be pursuant to a debt instrument, that any such debt
would not mature prior to February&nbsp;28, 2012. If the Company raises additional funds by
selling shares of common stock or convertible securities, the ownership of its existing
shareholders will be diluted. Further, if additional funds are raised through the issuance of
equity or debt securities, such additional securities may have powers, designations, preferences or
rights senior to our currently outstanding securities. Except for the Commitments, the Company does
not have any firm agreements with any third-parties for such transactions and no assurances can be
given that the Company will be successful in raising any additional capital from financings, or
that additional financing, if at all available, can be obtained on acceptable terms to us. Any
inability to obtain required financing on sufficiently favorable terms could have a material
adverse effect on our business, financial position, and results of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company derives a substantial amount of revenue from agencies of the Federal government and, at
present, is awaiting a response from the DVA on proposals it has submitted for renewal of contracts
that generated, in aggregate, approximately 45% of its revenue in the year ended September&nbsp;30,
2010, in respect of which the Company currently holds contractual order cover through March&nbsp;31,
2011. In addition, the Company also holds contractual order cover through June&nbsp;30, 2011 in respect
of contracts that generated close to a further 50% of its revenue in the year ended September&nbsp;30,
2010, which are not yet the subject of requests for proposals at present. While the Company
believes it is well positioned to continue its relationship with the DVA and other existing
customers, no assurances can be given that they would further extend the Company&#146;s current service
orders for the provision of services, that the Company would be successful in any bid for new
contracts to provide such services or that if it is granted subsequent orders that such orders
would be of a scope comparable to the services that the Company has provided to date. If its
customers do not further extend the Company&#146;s current service contracts or it is not successful in
its efforts to obtain contract awards pursuant to either the current or new solicitations for the
provision of such services, the Company&#146;s results of operations, cash flows and financial condition
would be materially adversely affected. Should there be a major reduction in revenue, the Company
would initiate programs to reduce period costs and expenses. A decrease in revenue or other adverse
change in the assumptions underlying the valuation of the Company&#146;s goodwill and intangible assets
may also result in an impairment loss in the value of the Company&#146;s goodwill and/or intangible
assets in future periods. However, in such circumstances, the Company may be able to avail itself
of a right to continue for an additional period beyond the expiration date as part of any protest
filed by an interested party.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Basis of Presentation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The consolidated interim financial statements included herein have been prepared by TeamStaff,
without audit, pursuant to the applicable rules and regulations of the Securities and Exchange
Commission (&#147;SEC&#148;). Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles have been condensed
or omitted pursuant to such rules and regulations. TeamStaff believes that the disclosures are
adequate to make the information presented not misleading. These consolidated financial
statements should be read in conjunction with the consolidated financial statements and the notes
thereto included in TeamStaff&#146;s fiscal 2010 Annual Report on Form 10-K which was filed on February
14, 2011. This interim financial information reflects, in the opinion of management, all
adjustments necessary (consisting only of normal recurring adjustments and changes in estimates,
where appropriate) to present fairly the results for the interim periods. The results of
operations and cash flows for such interim periods are not necessarily indicative of the results
for the full year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The accompanying consolidated financial statements include the accounts of TeamStaff and its
subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been
eliminated. Certain prior period amounts have been reclassified to conform to the current period
presentation. The results of operations, cash flows and related assets and liabilities of
TeamStaff Rx have been reclassified to discontinued operations in the accompanying consolidated
financial statements from those of continuing businesses for all periods presented.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Revenue Recognition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff accounts for its revenues in accordance with ACS 605-45, <I>Reporting Revenues Gross as a
Principal Versus Net as an Agent, </I>and SAB 104<I>, Revenue Recognition</I>. TeamStaff recognizes all
amounts billed to its contract staffing customers as gross revenue because, among other things,
TeamStaff is the primary obligor in the contract staffing arrangement; TeamStaff has pricing
latitude; TeamStaff selects contract employees for a given assignment from a broad pool of
individuals; TeamStaff is at risk for the payment of its direct costs; and TeamStaff assumes a
significant amount of other risks and liabilities as an employer of its contract employees, and
therefore, is deemed to be a principal in regard to these services. TeamStaff also recognizes as
gross revenue and as unbilled receivables, on an accrual basis, any such amounts that relate to
services performed by contract employees which have not yet been billed to the customer as of the
end of the accounting period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff GS is seeking approval from the Federal government for gross profit on retroactive
billing rate increases associated with certain government contracts at which it had employees
staffed on contract assignments. These adjustments are due to changes in the contracted wage
determination rates for these contract employees. A wage determination is the listing of wage rates
and fringe benefit rates for each classification of laborers whom the Administrator of the Wage and
Hour Division of the U.S. Department of Labor (&#147;DOL&#148;) has determined to be prevailing in a given
locality. Contractors performing services for the Federal government under certain contracts are
required to pay service employees in various classes no less than the wage rates and fringe
benefits found prevailing in these localities. An audit by the DOL in 2008 at one of the facilities
revealed that notification, as required by contract, was not provided to TeamStaff GS in order to
effectuate the wage increases in a timely manner. Wages for contract employees on assignment at the
time have been adjusted prospectively to the prevailing rate and hourly billing rates to the DVA
have been increased accordingly. During the fiscal year ended September&nbsp;30, 2008, TeamStaff
recognized nonrecurring revenues of $10.8&nbsp;million and direct costs of $10.1&nbsp;million, based on
amounts that are contractually due under its arrangements with the Federal agencies. At December
31, 2010, the amount of the remaining accounts receivable with the DVA approximates $9.3
million and the related accrued salary and benefits for direct costs
approximates $8.7 million. The Company has been and continues to be in discussions with representatives of the DVA
regarding the matter and anticipates resolution during fiscal 2011. In addition, TeamStaff is in
the process of negotiating a final amount related to gross profit on these adjustments. As such,
there may be additional revenues recognized in future periods once the approval for such additional
amounts is obtained. The ranges of additional revenue and gross profit are estimated to be between
$0.4&nbsp;million and $0.6&nbsp;million. At present, the Company expects to collect such amounts during
fiscal 2011 based on current discussions and collection efforts. Because these amounts are subject
to further government review, no assurances can be given that we will indeed receive the amounts
recorded as accounts receivable, any additional billings from our government contracts or that if
additional amounts are received, that the amount will be within the range specified above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Direct costs of services are reflected in TeamStaff&#146;s Consolidated Statements of Operations as
&#147;direct expenses&#148; and are reflective of the type of revenue being generated. Direct costs of the
contract staffing business include wages, employment related taxes and reimbursable expenses.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Stock-Based Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Compensation costs for the portion of awards (for which the requisite service has not been
rendered) that are outstanding are recognized as the requisite service is rendered. The
compensation cost for that portion of awards shall be based on the grant-date fair value of those
awards as calculated for recognition purposes under applicable guidance. There was share-based
compensation expense for options for the three months ended December&nbsp;31, 2010 and 2009 of $31,000
and $14,000. As of December&nbsp;31, 2010, there is $170,000 remaining in unrecognized compensation
expense related to non-vested option awards and $150,000 remaining
for unvested restricted stock expense for a total unrecognized stock
expense of $320,000 to be recognized in future periods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">During the three months ended December&nbsp;31, 2010, TeamStaff granted 250,000 options per the terms of
an employment agreement with the Company&#146;s Executive Vice President and recorded share-based
compensation expense of $18,000 in connection with this grant. At December&nbsp;31, 2010, there were
222,500 options outstanding that were vested and exercisable and an additional 750,000 options
outstanding that vest to the recipients when the market value of the Company&#146;s stock achieves and
maintains defined levels. The Company used a binomial valuation model
and various probability
factors in establishing the fair value of the options.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">During the three months ended December&nbsp;31, 2009, TeamStaff granted 30,000 options per the
terms of an employment agreement with the Company&#146;s former Chief Executive Officer and recorded
share-based compensation expense of $14,000. Also during the quarter, 4,500 options expired or
were cancelled unexercised and no options were exercised. There were 40,625 options outstanding as
of December&nbsp;31, 2009 none of which were vested and exercisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">During the three months ended December&nbsp;31, 2010, TeamStaff granted 35,000 shares of restricted
stock to non-employee directors under its 2006 Long Term Incentive Plan, at the
closing price on the award date of $.56. All of these shares vested immediately. Stock
compensation expense associated with these grants was $20,000 for the three months ended December
31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">During the three months ended December&nbsp;31, 2009, TeamStaff granted 42,500 shares of restricted
stock to non-employee directors under its 2006 Long Term Incentive Plan (&#147;2006 Plan&#148;), at the
closing price on the award date of $1.34. All of these shares vested immediately. Stock
compensation expense associated with these grants was $57,000 for the three months ended December
31, 2009. Stock compensation expense related to prior periods&#146;
grants totaled $14,000 for the three months ended December&nbsp;31,
2010.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Contractual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Intrinsic</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options outstanding,
September&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">722,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">9.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cancelled</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options outstanding,
December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">972,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The aggregate intrinsic value in the table above represents the total pretax intrinsic value
(i.e., the difference between the Company&#146;s closing stock price on the last trading day of the
period and the exercise price, times the number of shares) that would have been received by the
option holders had all option holders exercised their in the money options on those dates. This
amount changes based on the fair market value of the Company&#146;s stock.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grant Date </B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock outstanding,
September&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(45,000</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cancelled</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock outstanding,
December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, there were 85,000 shares of unvested restricted stock outstanding. As
of December&nbsp;31, 2010, there is $150,000 remaining costs related
to non-vested restricted stock awards.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2010, the Company had reserved 35,000 shares of common stock for issuance under
various option, shares and warrant plans and arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">During
the three months ended December&nbsp;31, 2010, additional paid-in
capital increased by $66,000 as a result of recognized stock
compensation expense.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Loss Per Share</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Loss per share is calculated by dividing income (loss)&nbsp;available to common shareholders by the
weighted average number of common shares outstanding and restricted stock grants that vested or are
likely to vest during the period. As such effects are anti-dilutive,
there were no differences in the number of weighted average shares
outstanding in determining basic and diluted loss per share in each
of the three months ended December&nbsp;31, 2010 and 2009.
</DIV>





<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>(3) </B><U><B>DISCONTINUED OPERATIONS:</B></U>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Sale of TeamStaff Rx</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Based on an analysis of historical and forecasted results and the Company&#146;s strategic initiative to
focus on core business, in the fourth quarter of fiscal 2009, the Company approved and committed to
a formal plan to divest the operations of TeamStaff Rx, Inc. a former wholly-owned subsidiary of
the Company. In evaluating the facets of TeamStaff Rx&#146;s operations, management concluded that this
business component met the definition of a discontinued operation. Accordingly, the results of
operations, cash flows and related assets and liabilities of TeamStaff Rx for all periods presented
have been reclassified in the accompanying consolidated financial statements from those of
continuing businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Effective December&nbsp;28, 2009, TeamStaff and TeamStaff Rx entered into a definitive Asset Purchase
Agreement with Advantage RN, providing for the sale of substantially all of the operating assets of
TeamStaff Rx related to TeamStaff Rx&#146;s business of providing travel nurse and allied healthcare
professionals for temporary assignments to Advantage RN. The closing of this transaction occurred
on January&nbsp;4, 2010. The Asset Purchase Agreement provides that the purchased assets were acquired
by Advantage RN for a purchase price of up to $425,000, of which: (i) $350,000 in cash was paid at
the closing, and (ii) $75,000 was subject to an escrowed holdback as described in the Asset
Purchase Agreement. On March&nbsp;25, 2010, the Company and Advantage RN completed the analysis related
to escrow release conditions and reached an agreement as to the final purchase price. Of the
$75,000 held in escrow,
$25,000 was returned to the Company and $50,000 was released to Advantage RN, resulting in a final
purchase price of $375,000. Additionally, Advantage RN was obligated to make rent subsidy payments
to TeamStaff Rx totaling $125,000, consisting of: (i) $25,000 paid at closing, and (ii)&nbsp;an
additional $100,000 payable in 10 equal monthly installments beginning on March&nbsp;1, 2010. The last
rent payment received from Advantage RN was in July&nbsp;2010. They have since vacated the premises and
ceased making installment payments. The Company intends to pursue a claim against Advantage RN for
all amounts owed. The Company has provided an allowance for their estimate of uncollectible
sub-lease funding. Under the terms of the Asset Purchase Agreement, Advantage RN will not assume
any debts, obligations or liabilities of TeamStaff Rx nor will it purchase any accounts receivable
outstanding as of the closing date.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Condensed results of discontinued operations are as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">For the Three Months Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000">(amounts in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling, general and
administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(785</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from disposal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(349</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,134</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">During the three months ended December&nbsp;31, 2009, the Company included in selling, general and
administrative expense from discontinued operations a charge of $0.1&nbsp;million for severance to
certain TeamStaff Rx employees, $0.3&nbsp;million in various accrued expenses related to the sale and
shut down of the business, and a loss on the disposal of TeamStaff Rx approximating $0.3&nbsp;million
principally from recognition of the remaining unfunded operating lease payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following chart details assets and liabilities from all discontinued operations (amounts in
thousands):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">September 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ASSETS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill and intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion capital leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued payroll</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued expenses and other
current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long term capital leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other long term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Activity in the liabilities of discontinued operations is as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">September 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Expensed</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Paid This</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010 Balance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">This Period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010 Balance</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">252</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">252</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>(4) </B><U><B>COMMITMENTS AND CONTINGENCIES: </B></U>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Payroll Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff has received notices from the Internal Revenue Service (&#147;IRS&#148;) claiming taxes, interest
and penalties due related to payroll taxes predominantly from its former PEO operations which were
sold in fiscal 2003. TeamStaff has also received notices from the IRS reporting overpayments of
taxes. Management believes that these notices are predominantly the result of misapplication of
payroll tax payments between its legal entities. If not resolved favorably, the Company may incur
interest and penalties. Until the sale of certain assets related to the former PEO operations,
TeamStaff operated through 17 subsidiaries, and management believes that the IRS has not correctly
identified payments made through certain of the different entities, therefore leading to the
notices. To date, TeamStaff has been working with the IRS to resolve these discrepancies and has
had certain interest and penalty claims abated. TeamStaff has also received notices from the Social
Security Administration claiming variances in wage reporting compared to IRS transcripts. TeamStaff
believes the notices from the Social Security Administration are directly related to the IRS
notices received. TeamStaff had retained the services of Ernst &#038; Young LLP as a consultant to
assist in resolving certain of these matters with the IRS and Social Security Administration.
TeamStaff believes that after the IRS applies all the funds correctly, any significant interest and
penalties will be abated; however, there can be no assurance that each of these matters will be
resolved favorably. In settling various years for specific subsidiaries with the IRS, the Company
has received refunds for those specific periods; however, as the process of settling and concluding
on other periods and subsidiaries is not yet completed, the potential exists for related penalties
and interest. Based upon the most recent correspondence from the IRS and an assessment of open
periods, we believe that our liability of $1.2&nbsp;million at December&nbsp;31, 2010 (recorded in accounts
payable) is fairly stated. Interest expense would accrue on such amounts through the ultimate
payment date, unless waived by the IRS. No payments related to this matter were made during the
fiscal year ended September&nbsp;30, 2010, and the three months ended
December&nbsp;31, 2010, while in the fiscal year ended September&nbsp;30, 2009, the
Company paid $1.1&nbsp;million, related to this matter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management believes that the ultimate resolution of these remaining payroll tax matters will not
have a significant adverse effect on its financial position or future results of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Rent Subsidy from Advantage RN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In connection with our disposition of TeamStaff Rx, Advantage RN was obligated to make rent subsidy
payments to TeamStaff Rx totaling $125,000, consisting of: (i) $25,000 paid at closing, and (ii)&nbsp;an
additional $100,000 payable in 10 equal monthly installments beginning on March&nbsp;1, 2010. The last
rent payment received from Advantage RN was in July&nbsp;2010. They have since vacated the premises and
ceased making installment payments. The Company intends to pursue a claim against Advantage RN for
all amounts owed, which the Company presently estimates is $50,000. The Company has provided an
allowance for their estimate of uncollectible sub-lease funding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Legal Proceedings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>RS Staffing Services, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;17, 2007, a Federal Grand Jury subpoena was issued by the Northern District of Illinois to
the Company&#146;s wholly-owned subsidiary, TeamStaff GS, formerly and then known as RS Staffing
Services, requesting production of certain documents dating back to 1997, prior to the time the
Company acquired RS Staffing Services. The subpoena stated that it was issued in connection with
an investigation of possible violations of Federal criminal laws and related crimes concerning
procurement at the DVA. According to the cover letter accompanying the subpoena, the U.S.
Department of Justice, Antitrust Division (&#147;DOJ&#148;), along with the DVA, Office of the Inspector
General, are responsible for the current criminal investigation. RS Staffing Services provides
contract staffing at certain DVA hospitals that may be part of the investigation. The return date
for documents called for by the subpoena was May&nbsp;17, 2007. In connection with the same
investigation, agents with the DVA, Office of Inspector General, executed a search warrant at the
Monroe, Georgia offices of RS Staffing Services.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The government has advised TeamStaff that the DOJ has no intent to charge TeamStaff or any of its
subsidiaries or employees in connection with the Federal investigation of contract practices at
various government owned/contractor operated facilities. TeamStaff remains committed to cooperate
with the DOJ&#146;s continued investigation of other parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company originally acquired RS Staffing Services in June&nbsp;2005. As part of the purchase price
of the acquisition, the Company issued to the former owners of RS Staffing Services: (i)&nbsp;a $3.0
million promissory note, of which $1.5&nbsp;million in principal and interest of $150,000 was paid in
June&nbsp;2006; and (ii)&nbsp;certain stock in the Company. On May&nbsp;31, 2007, the Company sent a notice of
indemnification claim to the former owners for costs that have been incurred in connection with the
investigation. Effective June&nbsp;1, 2007, the Company and former owners of RS Staffing Services
reached an agreement to extend the due date from June&nbsp;8, 2007 to December&nbsp;31, 2008 with respect to
the remaining $1.5&nbsp;million principal payable and accrued interest payable. Such agreement was
extended to August&nbsp;31, 2010, but has not been further renewed. As of December&nbsp;31, 2010, the amount
has not been settled and negotiations with the former owners of RS Staffing Services are as yet to
be resolved. The Company recognized expenses related to legal representation and costs incurred in
connection with the investigation and dispute in the amount of $19,000 and $1,000 during the three
months ended December&nbsp;31, 2010 and 2009, respectively, as a component of other income (expense).
Cumulative costs related to this matter approximate $1.8&nbsp;million. Pursuant to the acquisition
agreement with RS Staffing Services, the Company has notified the former owners of RS Staffing
Services that it is the Company&#146;s intention to exercise its right to set off the payment of such
expenses against the remaining principal and accrued interest due to the former owners of RS
Staffing Services. The former owners of RS Staffing Services have notified the Company of their
disagreement with the Company&#146;s course of action and of the existence of partial counter-claims in
regard to allegations that the Company without due cause failed to permit them to sell certain of
their stock in the Company at a time when the Company&#146;s per share price was higher than its current
per share price. The parties have unsuccessfully attempted to negotiate a settlement and the
claimants have indicated their intention to proceed to mediation, as provided for in the stock
purchase agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company will pursue the recovery as a right of offset in future periods. Management has a good
faith belief that the Company will recover such amounts; however, generally accepted accounting
principles preclude the Company from recording an offset to the note payable to the former owners
of RS Staffing Services until the final amount of the claim is settled and determinable. At
present, no assurances can be given that the former owners of RS Staffing Services would not pursue
action against us or that the Company will be successful in the offset of such amounts against the
outstanding debt and accrued interest from notice date forward, if any, or in defending the partial
counter-claims. Accordingly, the Company has expensed costs incurred related to the investigation
through December&nbsp;31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Other Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On October&nbsp;2, 2008, the United States Equal Employment Opportunity Commission (&#147;EEOC&#148;) issued a
subpoena to TeamStaff GS regarding the alleged wrongful termination of certain employees who were
employed at a federal facility staffed by TeamStaff GS contract employees. The wrongful termination
is alleged to have occurred when the former employees were terminated because they could not
satisfy English proficiency requirements imposed by the Federal government. TeamStaff GS has
produced all documents that it believes were required by the subpoena and has submitted its
position statement to the EEOC. It is unclear, at present, if or when the EEOC will respond.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As a commercial enterprise and employer, we are subject to various claims and legal actions in the
ordinary course of business. These matters can include professional liability, employment-relations
issues, workers&#146; compensation, tax, payroll and employee-related matters and inquiries and
investigations by governmental agencies regarding our employment practices or other matters. We are
not aware of any pending or threatened litigation that we believe is reasonably likely to have a
material adverse effect on our results of operations, financial position or cash flows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In connection with its medical staffing business, TeamStaff is exposed to potential liability for
the acts, errors or omissions of its contract medical employees. The professional liability
insurance policy provides up to $5,000,000 aggregate coverage with a $2,000,000 per occurrence
limit. Although TeamStaff believes the liability insurance is reasonable under the circumstances to
protect it from liability for such claims, there can be no assurance that such insurance will be
adequate to cover all potential claims.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff is engaged in no other litigation, the effect of which is expected to have a material
adverse impact on TeamStaff&#146;s results of operations, financial position or cash flows.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Employment Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;1, 2010, the Company named John F. Armstrong as our Executive Vice President of
Corporate Development, effective immediately. On February&nbsp;7, 2011, the Company and Mr.&nbsp;Armstrong
entered into an employment agreement. The following is a description of the terms of employment
agreed upon by the Company and Mr.&nbsp;Armstrong. Mr.&nbsp;Armstrong&#146;s appointment as Executive Vice
President of Corporate Development commenced December&nbsp;1, 2010 and the employment agreement will
expire on November&nbsp;30, 2013. Mr.&nbsp;Armstrong will receive an initial base salary of $215,000 per
annum. Mr.&nbsp;Armstrong may receive an annual bonus of up to 50% of base salary based on
performance targets and other key objectives established by the Management Resources and
Compensation Committee of the board of directors. Target bonus will be adjusted by 2% of base
salary for every 1% of variance between targets and actual results and no bonus will be awarded
if results are less than 90% of target and no bonus will exceed 70% of base salary. For the
Company&#146;s 2011 fiscal year, $40,000 of the potential bonus will be guaranteed provided Mr.
Armstrong remains employed as of the date on which the bonus payment is made. The Company granted
Mr.&nbsp;Armstrong options to purchase 250,000 shares of common stock under our 2006 Plan. The options
shall vest as follows: 50,000 options vest immediately; 100,000 options shall vest if the closing
price of the Company&#146;s common stock equals or exceeds $3.00 per share for ten consecutive trading
days; an additional 50,000 options shall vest if the closing price of the Company&#146;s common stock
equals or exceeds $5.00 per share for ten consecutive trading days; and an additional 50,000
options shall vest if the closing price of the Company&#146;s common stock equals or exceeds $7.00 per
share for ten consecutive trading days. The options, to the extent vested, shall be exercisable
for a period of ten years at the per share exercise price equal to the fair market value of the
Company&#146;s common stock on the date his employment commenced.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>(5)&nbsp;PREPAID WORKERS&#146; COMPENSATION:</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As part of the Company&#146;s discontinued PEO operations, TeamStaff had a workers&#146; compensation program
with Zurich, which covered the period from March&nbsp;22, 2002 through November&nbsp;16, 2003, inclusive.
Payments for the policy were made to a trust monthly based on projected claims for the policy
period. Interest on all assets held in the trust is credited to TeamStaff. Payments for claims and
claims expenses are made from the trust. From time-to-time, trust assets have been refunded to the
Company based on Zurich&#146;s and managers&#146; overall assessment of claims experience and historical and
projected settlements. In June&nbsp;2009 and March&nbsp;2008, Zurich reduced the collateral requirements on
outstanding workers&#146; compensation claims and released $114,000 and $350,000, respectively, in trust
account funds back to the Company. The final amount of trust funds that could be refunded to the
Company is subject to a number of uncertainties (e.g. claim settlements and experience, health care
costs, the extended statutory filing periods for such claims); however, based on a third party&#146;s
study of claims experience, TeamStaff estimates that at December&nbsp;31, 2010, the remaining prepaid
asset of $0.3&nbsp;million will be received within the next twelve months. This amount is reflected on
TeamStaff&#146;s balance sheet as of December&nbsp;31, 2010 as a current asset, in addition to approximately
$0.2&nbsp;million related to current policy deposits.
</DIV>


<!-- xbrl,n -->



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>(6)&nbsp;</B><U><B>DEBT:</B></U>
</DIV>
<!-- xbrl,body -->

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Current Facility</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;29, 2010, TeamStaff GS entered into a Loan and Security Agreement (the &#147;Loan
Agreement&#148;) with Presidential Financial Corporation (the &#147;Lender&#148;). Under the Loan Agreement,
the Lender agreed to provide a two (2)&nbsp;year loan and security facility to TeamStaff GS in an
aggregate amount of up to $1.5&nbsp;million, subject to the terms and conditions of the Loan
Agreement. In November&nbsp;2010, the Lender agreed by means of an amendment to the Loan Agreement
to increase the maximum amount available under the facility from
$1.5&nbsp;million to $2.5&nbsp;million. In February&nbsp;2011 the Company and Lender further increased the maximum availability under
the Loan Agreement by an additional $500,000 to $3.0&nbsp;million and provided an unbilled
receivable facility within the limits of the Loan Agreement. An interest rate premium of 2% is
payable in respect of any advances secured by unbilled accounts receivable, which are subject
to a sub-facility limit of $500,000 and an advance rate of 75%. The loan is secured
by a security interest and lien on all of TeamStaff GS&#146;s accounts, account deposits, letters of
credit and investment property, chattel paper, furniture, fixtures and equipment, instruments,
investment property, general intangibles, deposit accounts, inventory, other property, all
proceeds and products of the foregoing (including proceeds of any insurance policies and claims
against third parties for loss of any of the foregoing) and all books and records related
thereto. TeamStaff GS&#146;s ability to request loan advances under the Loan Agreement is subject to
(i)&nbsp;computation of TeamStaff GS&#146;s advance availability limit based on &#147;eligible accounts
receivables&#148; (as defined in the Loan Agreement) multiplied by the &#147;Accounts Advance Rate&#148; established by the Lender which
initially shall be 85% and may be increased or decreased by the Lender in exercise of its
discretion; and (ii)&nbsp;compliance with the covenants and conditions of the loan. The loan was
initially for a term of 24&nbsp;months and after giving effect to the February&nbsp;2011 amendment, which
also extended the term of the Loan Agreement by 12&nbsp;months, will mature on July&nbsp;29, 2013.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest on the loan accrues on the daily unpaid balance of the loan advances secured by billed
receivables. Following the February&nbsp;2011 amendment to the Loan Agreement, the interest rate
under the Loan and Security Agreement is the greater of (a)&nbsp;3.25% or (b)(i) 1.95% above the
Wall Street Journal Prime rate on the accounts receivable portion of the credit line and (ii)
3.95% above the Wall Street Journal Prime rate on the unbilled accounts portion. The
interest rate at December&nbsp;31, 2010 was 5.2%. In addition, TeamStaff GS will pay certain other
related fees and expense reimbursements including a monthly service charge of 0.65% based on
the average daily loan balance which shall accrue daily and be due and payable on the last day
of each month so long as the Loan Agreement is outstanding. At December&nbsp;31, 2010, the amount
of the unused availability under the line was $14,000. The amount outstanding as of December
31, 2010 was $1,805,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Loan Agreement requires compliance with customary covenants and restrictions on the
Company&#146;s ability to, among other matters, dispose of certain assets, engage in certain
transactions, incur indebtedness and pay dividends, and TeamStaff GS&#146;s tangible net worth. The
Lender may terminate the Loan Agreement at any time upon 60&nbsp;days written notice after February
29, 2012 and the Loan Agreement provides for customary events of default following which the
Lender may, at its option, terminate the loan agreement and accelerate the repayment of any
amount outstanding. The defined events of default include, among other things, a material
adverse change in the Company&#146;s circumstances, or if the Lender deems itself insecure in the
ability of the Company to repay its obligations, or as to the sufficiency of the collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As part of the February&nbsp;2011 amendment, the Lender also agreed to waive the Company&#146;s
non-compliance with the covenant under the Loan Agreement to furnish them with a copy of TeamStaff
GS&#146; financial statements within 90&nbsp;days after the end of its fiscal year. In addition to granting
this waiver, the Lender also agreed to modify this covenant to require that the Company provide
them, within 90&nbsp;days after the end of each fiscal year, audited consolidated financial statements
of the Company and its subsidiaries as of the end of such fiscal year and, in addition, at the same
time, furnish consolidating income statement and balance sheet schedules, including a
reconciliation with TeamStaff GS&#146;s financial information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff has concurrently executed a Corporate Guaranty Agreement with Lender pursuant to
which it has guaranteed all of the obligations of Teamstaff GS under the Loan Agreement.
</DIV>


<!-- xbrl,n -->



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>(7)&nbsp;</B><U><B>SUBSEQUENT EVENTS:</B></U>
</DIV>

<!-- xbrl,body -->

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management evaluated subsequent events through the date these financial statements were issued.
Based on this evaluation, the Company has determined, except for the matters described below, that
no subsequent events have occurred which require disclosure through the date that these financial
statements are issued.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As of February&nbsp;14, 2011, the Company&#146;s largest shareholder, Wynnefield Capital, Inc., and certain
of the Company&#146;s directors and executive officers provided assurances for future financings whereby
they collectively agreed to provide up to $500,000 of additional capital to the Company if the
Company determines, prior to February&nbsp;28, 2012, that such funds are required. While the Commitments
are unconditional, the specific terms of any financing which the Company may request under these
Commitments are subject to final negotiation among the parties and the approval of the members of
the Company&#146;s Board of Directors that are independent of the other parties involved in accordance
with the Company&#146;s policy for approving related-party transactions. Further, the transaction will
be structured in such a manner so as to comply with the listing requirements of the Nasdaq Stock
Market. However, the parties agreed that if the additional financing would be pursuant to a debt
instrument, that any such debt would not mature prior to February&nbsp;28, 2012. In conjunction with
these Commitments, the Company&#146;s Lender, as discussed in Note 6 to these consolidated financial
statements, increased the maximum availability under the facilities that it provides by $500,000
limited to eligible accounts receivable and agreed to certain additional modifications to the Loan
Agreement.
</DIV>

<!-- /xbrl,ns -->


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left">
<A name="C12800107"></A>
</DIV>


<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 2:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></TD>
</TR>
</TABLE>
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Forward Looking and Cautionary Statements</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">This Quarterly Report on Form 10-Q contains &#147;forward-looking statements&#148; within the meaning of the
Private Securities Litigation Reform Act of 1995 (the &#147;1995 Reform Act&#148;), Section&nbsp;27A of the
Securities Act of 1933, as amended and Section&nbsp;21E of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;). TeamStaff desires to avail itself of certain &#147;safe harbor&#148;
provisions of the 1995 Reform Act and is therefore including this special note to enable TeamStaff
to do so. Forward-looking statements are identified by words such as &#147;believe,&#148; &#147;anticipate,&#148;
&#147;expect,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;will,&#148; &#147;may&#148; and other similar expressions. In addition, any
statements that refer to expectations, projections or other characterizations of future events or
circumstances are forward-looking statements. Forward-looking statements included in this Quarterly
Report involve known and unknown risks, uncertainties and other factors which could cause
TeamStaff&#146;s actual results, performance (financial or operating) or achievements to differ from the
future results, performance (financial or operating) or achievements expressed or implied by such
forward-looking statements. We based these forward-looking statements on our current expectations
and best estimates and projections about future events. Our actual results could differ materially
from those discussed in, or implied by, these forward-looking statements. The following factors
(among others) could cause our actual results to differ materially from those implied by the
forward-looking statements in this Quarterly Report: our ability to continue to recruit qualified
healthcare and other professionals and administrative staff at reasonable costs; our ability to
obtain any needed financing; our ability to attract and retain sales and operational personnel; our
ability to secure contract awards, including the ability to secure renewals of contracts under
which we currently provide services; our ability to enter into contracts with United States
Government facilities and agencies on terms attractive to us and to secure orders related to those
contracts; changes in the timing of orders for and our placement of professionals and
administrative staff; the overall level of demand for the services we provide; the variation in
pricing of the contracts under which we place professionals; our ability to manage growth
effectively; the performance of our management information and communication systems; the effect of
existing or future government legislation and regulation; changes in government and customer
priorities and requirements (including changes to respond to the priorities of Congress and the
Administration, budgetary constraints, and cost-cutting initiatives); economic, business and
political conditions domestically; the impact of medical malpractice and other claims asserted
against us; the disruption or adverse impact to our business as a result of a terrorist attack; our
ability to carry out our business strategy; the loss of key officers, and management personnel; the
competitive environment for our services; the effect of recognition by us of an impairment to
goodwill and intangible assets; other tax and regulatory issues and developments; and the effect of
adjustments by us to accruals for self-insured retentions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Other factors that could cause actual results to differ from those implied by the forward-looking
statements in this Quarterly Report on Form 10-Q are set forth in our Annual Report on Form 10-K
for the year ended September&nbsp;30, 2010 and our other reports filed with the SEC. We undertake no
obligation to update any forward-looking statement or statements in this filing to reflect events
or circumstances that occur after the date on which the statement is made or to reflect the
occurrence of unanticipated events.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Critical Accounting Policies and Estimates</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">See Note 2 of TeamStaff&#146;s 2010 Annual Report on Form 10-K as well as &#147;Critical Accounting Policies&#148;
contained therein for a discussion on critical accounting policies and estimates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Income Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff accounts for income taxes in accordance with the &#147;liability&#148; method, whereby deferred tax
assets and liabilities are determined based on the difference between the financial statement and
tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the
differences are expected to reverse. Deferred tax assets are reflected on the consolidated balance
sheet when it is determined that it is more likely than not that the asset will be realized. This
guidance also requires that deferred tax assets be reduced by a valuation allowance if it is more
likely than not that some or all of the deferred tax asset will not be realized. At December&nbsp;31,
2010, the Company provided a 100% deferred tax valuation allowance of
approximately $14.4&nbsp;million.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Overview</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Business Description</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We are a New Jersey corporation that was founded in 1969 as a payroll service company. Over the
years, we evolved into a national provider of contract and permanent medical and administrative
staffing services and today TeamStaff is a full-service provider of logistics, healthcare support
and technical services to Federal Agencies and the Department of Defense. During the past 18
months, we have taken numerous steps in an effort to enhance the value of TeamStaff and have fully
focused our efforts on the government services market, where we believe we have a proven track
record of performance. In connection with the refocusing of our operations, we have replaced our
Chief Executive Officer and Chief Financial Officer and hired a new Executive Vice President of
Corporate Development, to lead our efforts as a government services provider.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff&#146;s principal operations are conducted through its subsidiary, TeamStaff Government
Solutions, Inc. (&#147;TeamStaff GS&#148;), a wholly-owned subsidiary of TeamStaff, Inc. TeamStaff GS, which
is currently the Company&#146;s only operating subsidiary changed its name from RS Staffing Services,
Inc. on February&nbsp;12, 2008 to reflect the subsidiary&#146;s evolving service offerings. In connection
with the evolution of our company, on December&nbsp;28, 2009, TeamStaff and TeamStaff Rx, Inc.
(&#147;TeamStaff Rx&#148;), a wholly-owned subsidiary, entered into a definitive Asset Purchase Agreement
with Advantage RN, LLC, for the sale of substantially all of the operating assets of TeamStaff Rx
related to our business of providing travel nurse and allied healthcare professionals for temporary
assignments. The closing of this transaction occurred on January&nbsp;4, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff provides logistics, healthcare support and other technical services to U.S. government
entities through TeamStaff GS and is completely focused on successfully performing, effectively
partnering, and profitably growing its direct and in-direct (as a sub-contractor to others)
business with federal government agencies, namely the Department of Veteran Affairs (the &#147;DVA&#148;)
and the Department of Defense (DoD). In recent years the Company has provided services for a range
of DoD clients including but not limited to, the US Army Installation Management Commands at Fort
Benning and Fort Gordon, GA, the Army Transportation Center at Fort Eustis, VA, Patrick Air Force
Base, FL, Seymore Johnson Air Force Base, NC, Madigan and Tripler Army Medical Centers, WA and HI
respectively, National Naval Medical Centers, and the Army Corps of Engineers. In addition to its
largest customer, the Department of Veteran Affairs, other federal non-DoD customers have included
the Department of Energy, the Department of Homeland Security, the Department of Treasury, the
Forestry Service, FEMA and the Center for Disease Control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff remains particularly dependent on the continuation of its relationship with the DVA. As
previously reported, in January&nbsp;2008 TeamStaff GS was issued purchase orders for six of the DVA&#146;s
seven consolidated pharmacy distribution centers from the DVA national contracting office. Although
the current task orders expired on December&nbsp;31, 2009, continuation of pharmaceutical and logistics
services extensions for locations serviced by TeamStaff GS have been granted by the DVA to us
through March&nbsp;31, 2011 with respect to pharmaceutical services, and through June&nbsp;30, 2011 with
respect to logistic services. The DVA released a new request for proposal related to technical
services at its pharmacy distribution facilities in 2010 and the Company submitted a proposal in a
timely manner. The DVA has not as of yet published a request for proposals with respect to the
provision of logistic services at these locations. While the Company believes it is well
positioned to continue its relationship with the DVA, no assurances can be given that the DVA would
further extend our current service orders for the provision of pharmacy or logistics services, that
we would be successful in any bid for new contracts for the provision of such services or that if
we are granted subsequent orders, that such orders would be of a scope comparable to the services
that we have provided to date. If the DVA does not further extend the Company&#146;s current service
contracts or the Company is not successful in its efforts to obtain contract awards pursuant to
either current or new solicitations for such services, the Company&#146;s results of operations, cash
flows, financial condition and liquidity would be materially adversely affected. However, in such
circumstances, the Company may be able to avail itself of a right to continue for an additional
period beyond the expiration date as part of any protest filed by an interested party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff&#146;s new leadership and management team possess significant experience in operating and
growing government services businesses and manages over 800 employees in over 20 states. Committed
to providing top-quality services, TeamStaff&#146;s managers are trained and certified (where
applicable) in management processes utilized by DoD other and federal agencies. TeamStaff GS has
developed a strong track record of delivering best-value and on-schedule services to its varied
clients. TeamStaff has an on-going process to tailor its infrastructure to align with its
remaining core business of government services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Much of the services offered by TeamStaff GS are provided through independent federal supply
schedule (FSS)&nbsp;contracts through the General Services Administration (GSA). The provision of
logistics and other work is accomplished through competitively awarded contracts and task orders
including the Logistics Worldwide Schedule. The healthcare services are supplied through
competitively awarded contracts and task orders including the Professional and Allied Healthcare
Staffing Services Schedule. During the three months ended December&nbsp;31, 2010, the Company generated
$10.6&nbsp;million in revenues through its government services business.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Strategic
Lines of Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Having completed an extensive review and analysis of its core competencies, prospective growth
markets within the Federal and DoD space, and its competitiveness within the addressable markets,
TeamStaff has determined its three principal lines of services entering its 2011 fiscal year as
follows:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Logistics &#038; Technical Services </I>&#151; This line of service draws heavily upon TeamStaff GS&#146;
proven logistics expertise and processes in areas involving supply chain management,
performance-based logistics, inventory management, statistical process control,
packaging/handling/storage &#038; transportation, and supply support operations. In
addition, it embodies program and project management, engineering and prototype
fabrication services, equipment and non-tactical vehicle operations and maintenance,
hazardous material management, facilities and shipyard support services and more. In
fiscal 2010, approximately 45% of our revenue was derived from this line of service.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Healthcare Delivery Solutions </I>&#151; Leveraging a strong heritage in medical,
pharmaceutical, and associated facilities management TeamStaff is well-positioned to
expand and diversify its customer base in this area. TeamStaff-developed tools such as
the web-based Practicioner Resource Allocation Tool coupled with expert recruiting
talent and tools provide for a degree of differentiation needed to compete favorably in
this space. Professional services have included critical care, medical/surgical,
emergency room/trauma center, behavioral health and trauma brain injury. Allied support
includes a wide range including MRI technology, diagnostic sonography, phlebotomy,
dosimetry, physical therapy, pharmaceuticals and others. In fiscal 2010 approximately
45% of our revenue was derived from this line of service.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Contingency/Staff Augmentation </I>&#151; This line of service combines the ability to provide
disaster and emergency response services with our legacy staffing and workforce
augmentation services. TeamStaff&#146;s outstanding track record of response during
hurricanes Rita and Katrina demonstrates its ability to support major federal and DoD
opportunities in this area. General staffing and selective recruitment process
outsourcing are key components of this business area. Less than five percent of fiscal
2010 revenue was derived from this line of service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management believes that streamlining the Company&#146;s strategic focus around these three lines of
services serves to align its resourcing and investments decisions around a cohesive set of business
objectives. Equally important in this evolution is the decision to exit previous market focus
areas with high barriers to entry and traditionally low margins for the Company (including
commercial &#038; federal IT and general administrative temporary staffing services). The figure below
depicts the relative mix of the lines of service by revenue percentage for the first quarter of
fiscal 2011.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c12800c1280001.gif" alt="(PIE CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Recent Business Trends </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff has developed a strategic plan which leverages the core competencies of TeamStaff GS in
the areas of: (1)&nbsp;Logistics and Technical Services, (2)&nbsp;Healthcare Delivery Solutions and (3)
Contingency &#038; Staff Augmentation Services. The Company has a long history of providing these
services to federal clients, the DVA in particular. The company has transitioned it executive
management team to better align with its government services focus. All commercial staffing
business and resources have been divested or replaced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The DVA has been our largest customer (95% of revenue in fiscal 2010) followed by the DoD. The new
business development focus will seek to compete in a much larger scale for business opportunities
in the three lines of business cited above. Prior to the second quarter of fiscal 2010, over 90%
of the Company&#146;s marketing, sales and discretionary resources were directed toward the commercial
nursing and temporary staffing business and TeamStaff GS did not bid on large government services
contracts to complement its work with DVA and increase its backlog. As such its business base over
the recent 5&nbsp;years remained relatively flat when adjusted for DVA business anomalies (such as
overtime policy changes, preparation for anticipated epidemic, government in-sourcing, etc.).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The current plan is to pursue retention of its current DVA business while leveraging its strengths
to qualify, position, bid and win new business in adjacent logistics and healthcare customer
markets. New business development processes have been put into place and new resources with
successful track records in these areas have been secured. Over recent months the company has
developed a substantial new business pipeline and is working to implement an accelerated growth
plan though the typical sales cycle is 18 to 24&nbsp;months for major awards. In addition, the company
has established several new teaming and partnership arrangements with key companies with a view to
assisting in profitably growing the business.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Though our nation&#146;s economy continues to create headwinds for all markets, management has found
that many government services industry analysts project a favorable market outlook. Based on its
research and market analysis, management believes that the federal government&#146;s healthcare budget
remains a top priority and that U.S. Defense Logistics Agency will continue to be the largest
contractor base agency. Further, there has been an increase in mergers and acquisition activity
within the government services space due to an interest on the part of acquirers to reposition
capability and customer portfolios in areas where future growth in anticipated. Management also
believes that the most significant of the federal government&#146;s in-sourcing efforts have occurred in
2009-2010. Further, management has found that many analysts continue to view the federal services
market remains as an attractive growth area with quality customer credit (i.e. federal government)
as a focus of buyer group portfolios and that strategically-focused and niche firms that can offer
a differentiated product or service offering to support high demand areas will be considered higher
value companies. Although we cannot provide any assurances of our growth or profitability, based
on these factors, management believes that TeamStaff&#146;s new strategic direction to leverage and
invest in its government services strengths within its market sector offers the potential for
significant enhanced shareholder value in the foreseeable future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">This belief is supported by the fact that, despite our transitional period and the government
delays in major new contract awards, TeamStaff has followed a number of quarters of declining
revenues with three consecutive quarters of revenue growth, as illustrated by the figure below.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c12800c1280002.gif" alt="(BAR GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">For periods prior to our disposition of TeamStaff Rx, Inc., the above table reflects the
performance of TeamStaff Government Solutions only, as the results of operations of TeamStaff Rx
have been reclassified to discontinued operations. See Note 3 to the accompanying Notes to
Consolidated Financial Statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Further, under the new leadership team, the Company has developed a substantial qualified pipeline
of opportunities to bid for contracts with DoD and other Federal agencies through fiscal year 2012.
Many of these are through teaming arrangements with other strategic partner companies.
</DIV>


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<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Results of Operations</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following table summarizes, for the periods indicated, selected consolidated statements of
operations data expressed as a percentage of revenue:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>For the Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Condensed Consolidated Statement of Operations:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">87.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">87.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gross Profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling, general and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss&nbsp;from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-2.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-5.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-0.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-0.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from continuing operations
before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-3.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-6.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax (expense)&nbsp;benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-3.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-6.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from discontinued operation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-10.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-3.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-16.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Revenues from TeamStaff&#146;s continuing operations for the three months ended December&nbsp;31, 2010 and
2009 were $10.6&nbsp;million and $10.8&nbsp;million, respectively, which represents a decrease of $.2&nbsp;million
or 1.9% over the prior
fiscal year period. The decrease in revenues from continuing operations is due primarily to the
impact of reduced overtime as well as net reductions in headcount at certain Government facilities
related to federal government &#147;in sourcing&#148; certain positions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff GS is seeking approval from the Federal government for gross profit on retroactive
billing rate increases associated with certain government contracts at which it had employees
staffed on contract assignments. These adjustments are due to changes in the contracted wage
determination rates for these contract employees. A wage determination is the listing of wage rates
and fringe benefit rates for each classification of laborers whom the Administrator of the Wage and
Hour Division of the U.S. Department of Labor (&#147;DOL&#148;) has determined to be prevailing in a given
locality. Contractors performing services for the Federal government under certain contracts are
required to pay service employees in various classes no less than the wage rates and fringe
benefits found prevailing in these localities. An audit by the DOL in 2008 at one of the facilities
revealed that notification, as required by contract, was not provided to TeamStaff GS in order to
effectuate the wage increases in a timely manner. Wages for contract employees on assignment at the
time have been adjusted prospectively to the prevailing rate and hourly billing rates to the DVA
have been increased accordingly. During the fiscal year ended September&nbsp;30, 2008, TeamStaff
recognized nonrecurring revenues of $10.8&nbsp;million and direct costs of $10.1&nbsp;million, based on
amounts that are contractually due under its arrangements with the Federal agencies. At December
31, 2010, the amount of the remaining accounts receivable with the DVA approximates $9.3
million and the related accrued salary and benefits for direct costs
approximates $8.7 million. The Company has been and continues to be in discussions with representatives of the DVA
regarding the matter and anticipates resolution during fiscal 2011. In addition, TeamStaff is in
the process of negotiating a final amount related to gross profit on these adjustments. As such,
there may be additional revenues recognized in future periods once the approval for such additional
amounts is obtained. The ranges of additional revenue and gross profit are estimated to be between
$0.4&nbsp;million and $0.6&nbsp;million. At present, the Company expects to collect such amounts during
fiscal 2011 based on current discussions and collection efforts. Because these amounts are subject
to further government review, no assurances can be given that we will indeed receive the amounts
recorded as accounts receivable, any additional billings from our government contracts or that if
additional amounts are received, that the amount will be within the range specified above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Direct expenses from continuing operations for the three months ended December&nbsp;31, 2010 and 2009
were $9.3&nbsp;million and $9.4&nbsp;million, respectively which represents a decrease of $0.1&nbsp;million or
1.1% over the prior fiscal year period. As a percentage of revenue from continuing operations,
direct expenses were 87.5% and 87.4%, respectively, for the three months ended December&nbsp;31, 2010
and 2009. See the discussion on gross profit directly below for an explanation of the increase in
direct expenses as a percentage of revenue.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Gross profit from continuing operations for the three months ended December&nbsp;31, 2010 and 2009 were
$1.3&nbsp;million and $1.4&nbsp;million, respectively which represents a decrease of $0.1&nbsp;million or 7.2%
over the prior fiscal year period. Gross profit from continuing operations, as a percentage of
revenue, was 12.5% and 12.6%, for the three months ended December&nbsp;31, 2010 and 2009, respectively.
The key drivers for the period over period decrease in gross profit (as a percentage of revenue)
are lower overtime at certain government facilities which earn a higher gross profit margin,
increased health and welfare expense and increased vacation accruals as a result of lower employee
turnover rates
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Selling, general and administrative (&#147;SG&#038;A&#148;) expenses for the three months ended December&nbsp;31, 2010
and 2009 were $1.6&nbsp;million and $2.0&nbsp;million, respectively, which represent a decrease of $0.4
million, or 20.0%. The decrease is primarily due to officer severance for the Company&#146;s former
Chief Executive Officer in the amount of $0.3&nbsp;million during the three months ended December&nbsp;31,
2009 that did not reoccur in the three months ended December&nbsp;31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Depreciation and amortization expense was approximately $31,000 and $26,000 for the three months
ended December&nbsp;31, 2010 and 2009, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Loss from operations for the three months ended December&nbsp;31, 2010 was $0.3&nbsp;million as compared to
loss from operations for the three months ended December&nbsp;31, 2009 of $0.6&nbsp;million. This represents
an improvement of $0.3&nbsp;million in results from operations from the prior fiscal year period. The
improvement is due to no SG&#038;A expense for officer severance for the three months ended December&nbsp;31,
2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest income and other income was negligible for the three months ended December&nbsp;31, 2010 and
2009. The comparative reduction was driven by lower cash and equivalents available for investment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest expense for the three months ended December&nbsp;31, 2010 and 2009 was approximately $0.05
million and $0.02&nbsp;million respectively. The increase of $0.03&nbsp;million was due to increased
borrowings with our new credit facility.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company recorded other expense of $19,000 and $1,000, for the three months ended December&nbsp;31,
2010 and 2009, respectively related to legal representation and investigation and dispute related
costs incurred in connection with the Federal Grand Jury subpoena issued to our subsidiary formerly
known as RS Staffing Services on April&nbsp;17, 2007. The subpoena requested production of certain
documents dating back to 1997. The Company acquired RS Staffing effective as of June&nbsp;2005. These
expenses are classified as non-operating expenses because the subpoena relates to activity prior to
the acquisition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Beginning in fiscal 2006, the Company provided a 100% deferred tax valuation allowance because it
believes that it cannot be considered more likely than not that it will be able to realize the full
benefit of the deferred tax asset. The Company determined that negative evidence, including
historic and current taxable losses, as well as uncertainties related to the ability to utilize
certain Federal and state net loss carry forwards, outweighed any objectively verifiable positive
factors, and as such, concluded that a valuation allowance was necessary. In assessing the need
for a valuation allowance, the Company historically has considered all positive and negative
evidence, including scheduled reversals of deferred tax liabilities, prudent and feasible tax
planning strategies and recent financial performance. The Company did not record a Federal tax
benefit for the three months ended December&nbsp;31, 2010 and 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Loss from continuing operations for the three months ended December&nbsp;31, 2010 was $0.3&nbsp;million, or
$0.07 per basic and diluted share, as compared to loss from continuing operations of $0.7&nbsp;million,
or $0.13 per basic and diluted share, for the three months ended December&nbsp;31, 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">There was no net income or loss from discontinued operations for the three months ended December
31, 2010. Loss from discontinued operations for the three months ended December&nbsp;31, 2009 was $1.1
million, or $0.23 per basic and diluted share. Loss from operations of the TeamStaff Rx
discontinued business was $0.8&nbsp;million. This includes the operating loss as well as a charge of
$0.1&nbsp;million for severance to certain TeamStaff Rx employees and $0.3&nbsp;million in various accrued
expenses related to the sale and shut down of the business. Loss from disposal of the TeamStaff Rx
discontinued business was $0.3&nbsp;million. Included in this loss are expenses approximating $0.3
million principally from recognition of the remaining unfunded operating lease payments, net of
estimated rent subsidy, as well as legal expenses related to the sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net loss for the three months ended December&nbsp;31, 2010 was $0.3&nbsp;million, or $0.07 per basic and
diluted share, as compared to net loss of $1.8&nbsp;million, or $0.36 per basic and diluted share, for
the three months ended December&nbsp;31, 2009. This represents a decline in net loss of $1.4&nbsp;million
primarily due to officer severance in the amount of $0.3&nbsp;million and loss from discontinued
operations of $1.1&nbsp;million recorded in the three months ended December&nbsp;31, 2009 and not in the
three months ended December&nbsp;31, 2010.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Potential Contractual Billing Adjustments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As
described in greater detail in Note 2-Revenue Recognition to the consolidated financial statements included in this
Quarterly Report on Form 10-Q, TeamStaff GS is seeking approval from the Federal government for
additional gross profit on retroactive billing rate increases associated with certain of its
government contracts. These adjustments are due to changes in the contracted wage determination
rates for covered contract employees. At December&nbsp;31, 2010 and September&nbsp;30, 2010, the amount of
the remaining accounts receivable with the DVA approximates $9.3&nbsp;million. The Company has been and
continues to be in discussions with representatives of the DVA regarding the matter and anticipates
resolution during fiscal 2011. TeamStaff is currently in the process of negotiating a final amount
related to gross profit on these adjustments. As such, there may be additional revenues recognized
in future periods once the approval for such additional amounts is obtained. The ranges of
additional revenue and gross profit are estimated to be between $0.4&nbsp;million and $0.6&nbsp;million. At
present, the Company expects to collect such amounts during fiscal 2011. Because these amounts are
subject to government review, no assurances can be given that we will receive any additional
billings from our government contracts or that if additional amounts are received, that the amount
will be within the range specified above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Liquidity and Capital Resources; Commitments</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our principal sources of cash to fund our working capital needs are cash generated from operating
activities and borrowings under our asset backed revolving credit facility.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In an effort to improve our cash flows and financial position, we have recently taken measures
which are expected to enhance our liquidity by approximately $1,000,000 as a result of increasing
the maximum availability of our credit facility and receiving commitments for additional equity
and/or debt financing. As of February&nbsp;14, 2011, our largest shareholder, Wynnefield Capital, Inc.,
and certain of our directors and executive officers provided assurances for future financings
whereby they collectively agreed to provide up to $500,000 of additional capital to us if we
determine, prior to February&nbsp;28, 2012, that such funds are required (the &#147;Commitments&#148;). In
addition, as described in greater detail below, on February&nbsp;9, 2011, we entered into a further
amendment of our Loan Agreement with Presidential Financial Corporation, pursuant to which they
agreed to increase our maximum availability under the Loan Agreement by an additional $500,000 and
provide an unbilled receivable facility within the limits of the Loan Agreement. Following this
increase, the maximum availability under this loan facility is $3,000,000; limited to eligible
accounts receivable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management believes that: (a)&nbsp;cash and cash equivalents of approximately $.6&nbsp;million as of
December&nbsp;31, 2010, (b)&nbsp;the available capital pursuant to the Commitments, (c)&nbsp;the amounts
available under its line of credit (which, in turn, is limited by the amount of eligible assets),
(d)&nbsp;forecasted operating cash flow, (e)&nbsp;the ultimate non-payment of certain liabilities we are
currently contesting (classified as current at December&nbsp;31, 2010) in fiscal 2011, or the
applicable portion of 2012 and (f)&nbsp;the effects of cost reduction programs and initiatives, will be
sufficient to support our operations for twelve months from the date of these financial
statements. However, should any of these factors not occur substantially as currently expected,
there could be a material adverse effect on our ability to access the level of liquidity necessary
for us to sustain operations at current levels for the next twelve months. In such an event,
management may be forced to make further reductions in spending or to further extend payment terms
with suppliers, liquidate assets where possible, and/or to suspend or curtail planned programs.
Any of these actions could materially harm our business, results of operations and future
prospects.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Due to the foregoing and to address any need for additional capital, we intend to pursue equity,
equity-based and/or debt financing alternatives or other financing in order to raise needed funds.
While the Commitments are unconditional, the specific terms of any financing which we may request
under the Commitments are subject to final negotiation among the parties and the approval of
members of our board of directors independent of the other parties involved in accordance with our
policy for approving related-party transactions. Further, the transactions will also be required to
be structured in such a manner so as to comply with the listing requirements of the Nasdaq Stock
Market. If we raise additional funds by selling shares of common stock or convertible
securities, the ownership of our existing shareholders will be diluted. Further, if additional
funds are raised though the issuance of equity or debt securities, such additional securities may
have powers, designations, preferences or rights senior to our currently outstanding securities.
Except for the Commitments, we do not have any firm agreements with any third-parties for such
transactions and no assurances can be given that we will be successful in raising any additions
capital from financings, or that additional financing, if at all available, can be obtained on
acceptable terms to us. Any inability to obtain required financing on sufficiently favorable terms
could have a material adverse effect on our business, results of operations, financial condition,
cash flows and liquidity.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Cash from operating activities</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net cash used in operating activities for the three months ended December&nbsp;31, 2010 was $1.9
million. This decrease in cash was primarily driven by net losses, an increase in accounts
receivable due to the slowdown in cash collections that historically occurs during the end of
December and a decrease in accrued expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net cash used in operating activities for the three months ended December&nbsp;31, 2009 was $1.2
million. This decrease in cash was primarily driven by net losses, an increase in accounts
receivable due to the slowdown in cash collections that historically occurs during the end of
December and a decrease in accrued expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Cash from investing activities</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net cash used in investing activities for each of the three months ended December&nbsp;31, 2010 and 2009
was $0.1&nbsp;million for costs related to the purchase and stages of implementation of a new computer
operating system for TeamStaff GS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Cash from financing activities</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net cash provided by financing activities was $1.4&nbsp;million for the three months ended December&nbsp;31,
2010. Net cash provided by financing activities for the three months ended December&nbsp;31, 2009 was
neglible. The increase is due to the result of borrowing on the credit facility to fund operations
during the three months ended December&nbsp;31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Cash Flows</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2010, TeamStaff had cash and cash equivalents of $0.6&nbsp;million and net accounts
receivable of $12.3&nbsp;million. At December&nbsp;31, 2010, the amount of the accounts receivable associated
with the DVA retroactive billings approximates $9.3&nbsp;million and was unbilled at December&nbsp;31, 2010.
At December&nbsp;31, 2010 there was $1.8&nbsp;million of debt outstanding under the Loan Agreement. As of
September&nbsp;30, 2010, there was $0.4&nbsp;million of debt outstanding. Unused availability (as defined)
totaled $0.01&nbsp;million and $0.6&nbsp;million, at December&nbsp;31, 2010 and September&nbsp;30, 2010, respectively,
net of required collateral reserves per the Loan Agreement for certain payroll and tax liabilities.
The average daily outstanding balance on the facility for the three months ended December&nbsp;31, 2010
was $1.1&nbsp;million. As of December&nbsp;31, 2010, we had a working capital deficiency of $3.7&nbsp;million.
The Company also classifies a $1.5&nbsp;million note payable related to the acquisition of RS Staffing Services as a
current liability (See Note 4 of Notes to Consolidated Financial Statements). However, the Company
plans to pursue its right of offset against the note for legal expenses incurred and has a good
faith belief that we will recover such amounts. The Company believes that it has adequate
liquidity resources to fund operations over the next twelve months in view of the additional
funding committed by the Company&#146;s Lender and other parties in February&nbsp;2011 as discussed in the
notes to the consolidated financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Loan Facility</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;29, 2010, TeamStaff GS entered into a Loan and Security Agreement (the &#147;Loan
Agreement&#148;) with Presidential Financial Corporation (the &#147;Lender&#148;). Under the Loan Agreement,
the Lender agreed to provide a two (2)&nbsp;year loan and security facility to TeamStaff GS in an
aggregate amount of up to $1.5&nbsp;million, subject to the terms and conditions of the Loan
Agreement. In November&nbsp;2010, the Lender agreed by means of an amendment to the Loan Agreement
to increase the maximum amount available under the facility from $1.5&nbsp;million to $2.5&nbsp;million
(See Note 6). In February&nbsp;2011 the Company and Lender further increased the maximum
availability under the Loan Agreement by an additional $500,000 to $3.0&nbsp;million and to provide
an unbilled receivable facility within the limits of the Loan Agreement. An interest rate
premium of 2% is payable in respect of any advances secured by unbilled accounts receivable,
which are subject to a sub-facility limit of $500,000 and an advance rate of 75%. The
loan is secured by a security interest and lien on all of TeamStaff GS&#146;s accounts, account
deposits, letters of credit and investment property, chattel paper, furniture, fixtures and
equipment, instruments, investment property, general intangibles, deposit accounts, inventory,
other property, all proceeds and products of the foregoing (including proceeds of any insurance
policies and claims against third parties for loss of any of the foregoing) and all books and
records related thereto. TeamStaff GS&#146;s ability to request loan advances under the Loan
Agreement is subject to (i)&nbsp;computation of TeamStaff GS&#146;s advance availability limit based on
&#147;eligible accounts receivables&#148; (as defined in the Loan Agreement) and subject to certain
requirements discussed in Note 6 multiplied by the &#147;Accounts Advance Rate&#148; established by the
Lender which initially shall be 85% and may be increased or decreased by the Lender in exercise
of its discretion; and (ii)&nbsp;compliance with the covenants and conditions of the loan. The loan
was initially for a term of 24&nbsp;months and after giving effect to the February&nbsp;2011 amendment,
which also extended the term of the Loan Agreement by 12&nbsp;months, will mature on July&nbsp;29, 2013.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest on the loan accrues on the daily unpaid balance of the loan advances secured by billed
receivables. Following the February&nbsp;2011 amendment to the Loan Agreement, the interest rate
under the Loan and Security Agreement is the greater of (a)&nbsp;3.25% or (b)(i) 1.95% above the
Wall Street Journal Prime rate on the accounts receivable portion of the credit line and (ii)
3.95% above the Wall Street Journal Prime rate on the unbilled accounts portion. The interest
rate at December&nbsp;31, 2010 was 5.2%. In addition, TeamStaff GS will pay certain other related
fees and expense reimbursements including a monthly service charge of 0.65% based on the
average daily loan balance which shall accrue daily and be due and payable on the last day of
each month so long as the Loan Agreement is outstanding. At December&nbsp;31, 2010, the amount of
the unused availability under the line was $14,000. The amount outstanding as of December&nbsp;31,
2010 was $1,805,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Loan Agreement requires compliance with customary covenants and restrictions on the
Company&#146;s ability to, among other matters, dispose of certain assets, engage in certain
transactions, incur indebtedness and pay dividends, and TeamStaff GS&#146;s tangible net worth. The
Lender may terminate the Loan Agreement at any time upon 60&nbsp;days written notice after February
29, 2012 and the Loan Agreement provides for customary events of default following which the
Lender may, at its option, terminate the loan agreement and accelerate the repayment of any
amount outstanding. The defined events of default include, among other things, a material
adverse change in the Company&#146;s circumstances, or if the Lender deems itself insecure in the
ability of the Company to repay its obligations, or as to the sufficiency of the collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As part of the recent amendment, the Lender also agreed to waive the Company&#146;s non-compliance with
the covenant under the Loan Agreement to furnish them with a copy of TeamStaff GS&#146; financial
statements within 90&nbsp;days after the end of its fiscal year. In addition to granting this waiver,
the Lender also agreed to modify this covenant to require that the Company provide them, within 90
days after the end of each fiscal year, audited consolidated financial statements of the Company
and its subsidiaries as of the end of such fiscal year and, in addition, at the same time, furnish
consolidating income statement and balance sheet schedules, including a reconciliation with
TeamStaff GS&#146;s financial information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff has concurrently executed a Corporate Guaranty Agreement with Lender pursuant to which it
has guaranteed all of the obligations of Teamstaff GS under the Loan Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Under the Loan Agreement our customers make payments directly to a bank account controlled by our
Lender over which we have no control and which is used to pay down our loans. As a result, our
access to cash resources is substantially at the discretion of the Lender and could cease in the
event of a default on our Loan Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Payroll Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As described in greater detail in the notes to the consolidated financial statements, TeamStaff had
received notices from IRS claiming taxes, interest and penalties due related to payroll taxes
predominantly from its former PEO operations which were sold in fiscal 2003. TeamStaff has also
received notices from the IRS reporting overpayments of taxes. Management believes that these
notices are predominantly the result of misapplication of payroll tax payments between its legal
entities. If not resolved favorably, the Company may incur interest and penalties. To date,
TeamStaff has been working with the IRS to resolve these discrepancies and has had certain interest
and penalty claims abated. TeamStaff has also received notices from the Social Security
Administration claiming variances in wage reporting compared to IRS transcripts. TeamStaff
believes the notices from the Social Security Administration are directly related to the IRS
notices received. TeamStaff believes that after the IRS applies all the funds correctly, any
significant interest and penalties will be abated; however, there can be no assurance that each of
these matters will be resolved favorably. In settling various years for specific subsidiaries with
the IRS, the Company has received refunds for those specific periods; however, as the process of
settling and concluding on other periods and subsidiaries is not yet completed and the potential
exists for related penalties and interest, the remaining liability ($1.2&nbsp;million at December&nbsp;31,
2010) has been recorded in accounts payable. Management believes that the ultimate resolution of these remaining payroll tax
matters will not have a significant adverse effect on its financial position or future results of
operations.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Contractual Obligations</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Contractual</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Payments Due By Period</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>1-3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>4-5</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(Amounts in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating Leases (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Severance
Liabilities (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the loan payable, the maximum amount of notes payable related to the acquisition
of TeamStaff GS, and capital lease obligations.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents lease payments net of sublease income, including those of discontinued
operations.</TD>
</TR>


<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents severance payments related to former employees.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Employment Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;1, 2010, the Company named John F. Armstrong as our Executive Vice President of
Corporate Development, effective immediately. On February&nbsp;7, 2011, the Company and Mr.&nbsp;Armstrong
entered into an employment agreement. The following is a description of the terms of employment
agreed upon by the Company and Mr.&nbsp;Armstrong. Mr.&nbsp;Armstrong&#146;s appointment as Executive Vice
President of Corporate Development commenced December&nbsp;1, 2010 and the employment agreement will
expire on November&nbsp;30, 2013. Mr.&nbsp;Armstrong will receive an initial base salary of $215,000 per
annum. Mr.&nbsp;Armstrong may receive an annual bonus of up to 50% of base salary based on
performance targets and other key objectives established by the Management Resources and
Compensation Committee of the board of directors. Target bonus will be adjusted by 2% of base
salary for every 1% of variance between targets and actual results and no bonus will be awarded
if results are less than 90% of target and no bonus will exceed 70% of base salary. For the
Company&#146;s 2011 fiscal year, $40,000 of the potential bonus will be guaranteed provided Mr.
Armstrong remains employed as of the date on which the bonus payment is made. The Company granted
Mr.&nbsp;Armstrong options to purchase 250,000 shares of common stock under our 2006 Plan. The options
shall vest as follows: 50,000 options vest immediately; 100,000 options shall vest if the closing
price of the Company&#146;s common stock equals or exceeds $3.00 per share for ten consecutive trading
days; an additional 50,000 options shall vest if the closing price of the Company&#146;s common stock
equals or exceeds $5.00 per share for ten consecutive trading days; and an additional 50,000
options shall vest if the closing price of the Company&#146;s common stock equals or exceeds $7.00 per
share for ten consecutive trading days. The options, to the extent vested, shall be exercisable
for a period of ten years at the per share exercise price equal to the fair market value of the
Company&#146;s common stock on the date his employment commenced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Off-Balance Sheet Arrangements</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We have not created, and are not party to, any special-purpose or off-balance sheet entities for
the purpose of raising capital, incurring debt or operating parts of our business that are not
consolidated into our financial statements. We do not have any arrangements or relationships with
entities that are not consolidated into our financial statements that are reasonably likely to
materially affect our liquidity or the availability of our capital resources. We have entered into
various agreements by which we may be obligated to indemnify the other party with respect to
certain matters. Generally, these indemnification provisions are included in contracts arising in
the normal course of business under which we customarily agree to hold the indemnified party
harmless against losses arising from a breach of representations related to such matters as
intellectual property rights. Payments by us under such indemnification clauses are generally
conditioned on the other party making a claim. Such claims are generally subject to challenge by us
and to dispute resolution procedures specified in the particular contract. Further, our obligations
under these arrangements may be limited in terms of time and/or amount and, in some instances, we
may have recourse against third parties for certain payments made by us. It is not possible to
predict the maximum potential amount of future payments under these indemnification agreements due
to the conditional nature of our obligations and the unique facts of each particular agreement.
Historically, we have not made any payments under these agreements that have been material
individually or in the aggregate. As of our most recent fiscal year end we were not aware of any
obligations under such indemnification agreements that would require material payments.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Effects of Inflation</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Inflation and changing prices have not had a material effect on TeamStaff&#146;s net revenues and
results of operations, as TeamStaff has been able to modify its prices and cost structure to
respond to inflation and changing prices.
</DIV>

<DIV align="left">
<A name="C12800108"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 3:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff does not undertake trading practices in securities or other financial instruments and
therefore does not have any material exposure to interest rate risk, foreign currency exchange rate
risk, commodity price risk or other similar risks, which might otherwise result from such
practices. TeamStaff is not materially subject to fluctuations in foreign exchange rates, commodity
prices or other market rates or prices from market sensitive instruments. TeamStaff has a material
interest rate risk with respect to our prior workers&#146; compensation programs. In connection with
TeamStaff&#146;s prior workers&#146; compensation programs, prepayments of future claims were deposited into
trust funds for possible future payments of these claims in accordance with the policies. The
interest income resulting from these prepayments is for the benefit of TeamStaff, and is used to
offset workers&#146; compensation expense. If interest rates in these periods decrease, TeamStaff&#146;s
workers&#146; compensation expense would increase because TeamStaff would be entitled to less interest
income on the deposited funds. Further, and as discussed elsewhere in this filing, TeamStaff, Inc.,
effective in July&nbsp;29, 2010, interest on our revolving credit facility accrues on the daily unpaid
balance of the loan advances secured by billed receivables. Following the February&nbsp;2011 amendment
to this arrangement, the applicable interest rate is the greater of (a)&nbsp;3.25% or (b)(i) 1.95% above
the Wall Street Journal Prime rate on the accounts receivable portion of the credit line and (ii)
3.95% above the Wall Street Journal Prime
rate on the unbilled accounts portion. The interest rate at December&nbsp;31, 2010 was 5.2%. An interest
rate premium of 2% is payable in respect of any advances secured by unbilled accounts receivable,
which are subject to a sub-facility limit of $500,000 and an advance rate of 75%. In
addition, TeamStaff GS will pay certain other related fees and expense reimbursements including a
monthly service charge of 0.65% based on the average daily loan balance which shall accrue daily
and be due and payable on the last day of each month so long as the Loan Agreement is outstanding.
Material increases in the Prime rate could have an adverse effect on our results of operations,
the status of the revolving credit facility as well as interest costs.
</DIV>

<DIV align="left">
<A name="C12800109"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 4:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>CONTROLS AND PROCEDURES</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Evaluation of Disclosure Controls and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our CEO and President and Chief Financial Officer, after evaluating the effectiveness of our
disclosure controls and procedures (as defined in Rule&nbsp;13a-15(e) or 15d-15(e) under the Exchange
Act) as of the end of the period covered by this report, has concluded that, based on the
evaluation of these controls and procedures, our disclosure controls and procedures were effective
at the reasonable assurance level to ensure that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the SEC&#146;s rules and forms and that such information
is accumulated and communicated to our management, including our CEO and President and Chief
Financial Officer, to allow timely decisions regarding required disclosure.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our management, including our CEO and President and Chief Financial Officer, does not expect that
our disclosure controls and procedures or our internal controls will prevent all errors and all
fraud. A control system, no matter how well conceived and operated, can provide only reasonable,
not absolute, assurance that the objectives of the control system are met. Further, the design of a
control system must reflect the fact that there are resource constraints, and the benefits of
controls must be considered relative to their costs. Because of the inherent limitations in all
control systems, no evaluation of controls can provide absolute assurance that all control issues
and instances of fraud, if any, within our company have been detected. Our management, however,
believes our disclosure controls and procedures are in fact effective to provide reasonable
assurance that the objectives of the control system are met.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Changes in Internal Controls</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">There have been no changes in the Company&#146;s internal control over financial reporting (as defined
in Rule&nbsp;13a-15(f) under the Exchange Act) that occurred during the Company&#146;s fiscal quarter ended
December&nbsp;31, 2010, that have materially affected, or are reasonably likely to materially affect,
the Company&#146;s internal control over financial reporting.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left">
<A name="C12800110"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Part II &#151; OTHER INFORMATION</B>
</DIV>

<DIV align="left">
<A name="C12800111"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 1:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>LEGAL PROCEEDINGS</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>RS Staffing Services, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;17, 2007, a Federal Grand Jury subpoena was issued by the Northern District of Illinois to
the Company&#146;s wholly-owned subsidiary, TeamStaff GS, formerly known as RS Staffing Services,
requesting production of certain documents dating back to 1997, prior to the time the Company
acquired RS Staffing Services. The subpoena stated that it was issued in connection with an
investigation of possible violations of Federal criminal laws and related crimes concerning
procurement at the DVA. According to the cover letter accompanying the subpoena, the U.S.
Department of Justice, Antitrust Division (&#147;DOJ&#148;), along with the DVA, Office of the Inspector
General, are responsible for the current criminal investigation. RS Staffing Services provides
contract staffing at certain DVA hospitals that may be part of the investigation. The return date
for documents called for by the subpoena was May&nbsp;17, 2007. In connection with the same
investigation, agents with the DVA, Office of Inspector General, executed a search warrant at the
Monroe, Georgia offices of RS Staffing Services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The government has advised TeamStaff that the DOJ has no intent to charge TeamStaff or any of its
subsidiaries or employees in connection with the Federal investigation of contract practices at
various government owned/contractor operated facilities. TeamStaff remains committed to cooperate
with the DOJ&#146;s continued investigation of other parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company originally acquired RS Staffing Services in June&nbsp;2005. As part of the purchase price
of the acquisition, the Company issued to the former owners of RS Staffing Services; (i)a $3.0
million promissory note, of
which $1.5&nbsp;million in principal and interest of $150,000 was paid in June&nbsp;2006 (ii)&nbsp;and common
stock in the Company. On May&nbsp;31, 2007, the Company sent a notice of indemnification claim to the
former owners for costs that have been incurred in connection with the investigation. Effective
June&nbsp;1, 2007, the Company and former owners of RS Staffing Services reached an agreement to extend
the due date from June&nbsp;8, 2007 to December&nbsp;31, 2008 with respect to the remaining $1.5&nbsp;million
principal payable and accrued interest payable. Such agreement was extended to August&nbsp;31, 2010,
but has not been further renewed. As of December&nbsp;31 2010, the amount has not been settled and
negotiations with the former owners of RS Staffing Services are as yet to be resolved. The Company
recognized expenses related to legal representation and costs incurred in connection with the
investigation and dispute in the amount of $19,000 and $1,000 in the
three months ended December&nbsp;31, 2010 and 2009,
respectively, as a component of other income (expense). Cumulative costs related to this matter
approximate $1.8&nbsp;million. Pursuant to the acquisition agreement with RS Staffing Services, the
Company has notified the former owners of RS Staffing Services that it is the Company&#146;s intention
to exercise its right to set-off the payment of such expenses against the remaining principal and
accrued interest due to the former owners of RS Staffing Services. The former owners of RS
Staffing Services have notified the Company of their disagreement with the Company&#146;s course of
action and of the alleged existence of partial counter-claims based on the Company&#146;s alleged
failure to permit them to transfer certain shares of the Company&#146;s stock at a time when the
Company&#146;s per share price was higher than its current per share price. The parties have
unsuccessfully attempted to negotiate a settlement and the claimants have indicated their intention
to proceed to mediation, as provided for in the stock purchase agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company will pursue the recovery as a right of offset in future periods. Management has a good
faith belief that the Company will recover such amounts; however, generally accepted accounting
principles preclude the Company from recording an offset to the note payable to the former owners
of RS Staffing Services until the final amount of the claim is settled and determinable. At
present, no assurances can be given that the former owners of RS Staffing Services would not pursue
action against us or that the Company will be successful in the offset of such amounts against the
outstanding debt and accrued interest from notice date forward, if any, or in defending the partial
counter-claims. Accordingly, the Company has expensed costs incurred related to the investigation
through December&nbsp;31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Other Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As a commercial enterprise and employer, we are subject to various claims and legal actions in the
ordinary course of business. These matters can include professional liability, employment-relations
issues, workers&#146; compensation, tax, payroll and employee-related matters and inquiries and
investigations by governmental agencies regarding our employment practices. We are not aware of
any pending or threatened litigation that we believe is reasonably likely to have a material
adverse effect on our results of operations, financial position or cash flows.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In connection with its medical staffing business, TeamStaff is exposed to potential liability for
the acts, errors or omissions of its temporary medical employees. The professional liability
insurance policy provides up to $5.0&nbsp;million aggregate coverage with a $2.0&nbsp;million per occurrence
limit. Although TeamStaff believes the liability insurance is reasonable under the circumstances
to protect it from liability for such claims, there can be no assurance that such insurance will be
adequate to cover all potential claims.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">TeamStaff is engaged in no other litigation, the effect of which would be anticipated to have a
material adverse impact on TeamStaff&#146;s results of operations, financial position or cash flows.
</DIV>

<DIV align="left">
<A name="C12800112"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 1A:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>RISK FACTORS</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our operating results and financial condition have varied in the past and may in the future vary
significantly depending on a number of factors. In addition to the other information set forth in
this report, you should carefully consider the factors discussed in the &#147;Risk Factors&#148; section in
our Annual Report on Form 10-K for the year ended September&nbsp;30, 2010 for a discussion of the risks
associated with our business, financial condition and results of operations. These factors, among
others, could have a material adverse effect upon our business, results of operations, financial
condition or liquidity and cause our actual results to differ materially from those contained in
statements made in this report and presented elsewhere by management from time to time. The risks
identified by TeamStaff in its reports are not the only risks facing us. Additional risks and
uncertainties not currently known to us or that we currently believe are immaterial also may
materially adversely affect our business, results of operations, financial condition or liquidity.
We believe there have been no material changes in our risk factors from those disclosed in our
Annual Report on Form 10-K for the fiscal year ended September&nbsp;30, 2010.
</DIV>

<DIV align="left">
<A name="C12800113"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 2:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">During the period covered by this report, the Company granted an aggregate of 35,000 shares of
restricted stock to our non-executive directors, consistent with its compensation policy for
non-executive directors. These shares were issued pursuant to the exemption from registration
provided by Section&nbsp;4(2) of the Securities Act of 1933, as amended.
</DIV>

<DIV align="left">
<A name="C12800114"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 3:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>DEFAULTS UPON SENIOR SECURITIES</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We have entered into a Loan Agreement with Presidential Financial Corporation which requires
compliance with customary covenants and restrictions on our ability to, among other things, dispose
of certain assets, engage in certain transactions, incur indebtedness and pay dividends, and
TeamStaff GS&#146;s tangible net worth. As part of the amendment to the Loan Agreement we entered into
with the Lender on February&nbsp;9, 2011, the Lender agreed to waive our non-compliance with the
covenant under the Loan Agreement to furnish them with a copy of TeamStaff GS&#146; financial statements
within 90&nbsp;days after the end of its fiscal year.
</DIV>

<DIV align="left">
<A name="C12800115"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 4:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>REMOVED AND RESERVED</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left">
<A name="C12800116"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 5:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>OTHER INFORMATION</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As previously reported, on January&nbsp;14, 2011, we received a staff deficiency letter from The Nasdaq
Stock Market LLC (&#147;Nasdaq&#148;) notifying us that we were not in compliance with Nasdaq Listing Rule
5250(c)(1) since we did not timely file our Annual Report on Form 10-K for the fiscal year ended
September&nbsp;30, 2010. Under the Nasdaq Listing Rules, we were afforded 60 calendar days to submit a
plan to Nasdaq to regain compliance with this requirement. On February&nbsp;14, 2011, we filed our
Annual Report on Form 10-K for the fiscal year ended September&nbsp;30, 2010 and on February&nbsp;15, 2011,
the Nasdaq staff issued us a letter notifying us that as a result of our filing of the Annual
Report on Form 10-K, we have regained compliance with Listing Rule&nbsp;5250(c)(1).
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left">
<A name="C12800117"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 6:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>EXHIBITS</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The exhibits designated with an asterisk (*) are filed herewith. All other exhibits have been
previously filed with the Commission and, pursuant to 17 C.F.R. Secs. 20l.24 and 240.12b-32, are
incorporated by reference to the document referenced in brackets following the descriptions of such
exhibits. The exhibits designated with a number sign (#) indicate a management contract or
compensation plan or arrangement.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">#</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employment Agreement between the Company and John F. Armstrong,
dated February&nbsp;7, 2011 (filed as Exhibit&nbsp;10.34 to the Company&#146;s
Annual Report on Form&nbsp;10-K for the fiscal year ended September&nbsp;30,
2010).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Third Amendment to Secured Promissory Note and Loan and Security
Agreement with Presidential Financial Corporation dated February&nbsp;9,
2011 (filed as Exhibit&nbsp;10.35 to the Company&#146;s Annual Report on Form
10-K for the fiscal year ended September&nbsp;30, 2010).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.1</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Executive Officer pursuant to Section 17 CFR
240.13a-14(a) or 17 CFR 240.15d-14(a).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.2</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Financial Officer pursuant to Section 17 CFR
240.13a-14(a) or 17 CFR 240.15d-14(a).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.1</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Chief Executive Officer and Chief Financial
Officer pursuant to 17 CFR 240.13a-14(b) or 17 CFR 240.15d-14(b)
and Section&nbsp;1350 of Chapter&nbsp;63 of Title 18 of the United States
Code.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C12800tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left">
<A name="C12800118"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Signatures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto
duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>TEAMSTAFF, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Zachary C. Parker
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Zachary C. Parker<br>
Chief Executive Officer<br>
(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John E. Kahn
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John E. Kahn&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer<br>
(Principal Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: February&nbsp;17, 2011
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>c12800exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 31.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Certification</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Zachary C. Parker, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this quarterly report on Form 10-Q of TeamStaff, Inc.;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officers and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules&nbsp;13a-15(f) and 15d-15(f)) for the registrant and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such
disclosure controls and
procedures, or caused
such disclosure
controls and procedures
to be designed under
our supervision, to
ensure that material
information relating to
the registrant,
including its
consolidated
subsidiaries, is made
known to us by others
within those entities,
particularly during the
period in which this
report is being
prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal
control over financial
reporting, or caused
such internal control
over financial
reporting to be
designed under our
supervision, to provide
reasonable assurance
regarding the
reliability of
financial reporting and
the preparation of
financial statements
for external purposes
in accordance with
generally accepted
accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures and presented in
this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the
end of the period covered by this report based on
such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the
registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s most
recent fiscal quarter (the registrant&#146;s fourth fiscal
quarter in the case of an annual report) that has
materially affected, or is reasonably likely to
materially affect, the registrant&#146;s internal control
over financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officer(s) and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
directors (or persons performing the equivalent functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses
in the design or operation of internal control over
financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record,
process, summarize and report financial information;
and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant&#146;s internal control over
financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date: February&nbsp;17, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Zachary C. Parker
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Zachary C. Parker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Principal Executive Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>c12800exv31w2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 31.2</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Certification</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, John Kahn, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this quarterly report on Form&nbsp;10Q of TeamStaff, Inc.;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this report;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and
15d-15(f)) for the registrant and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls
and procedures, or caused such
disclosure controls and procedures
to be designed under our
supervision, to ensure that
material information relating to
the registrant, including its
consolidated subsidiaries, is made
known to us by others within those
entities, particularly during the
period in which this report is
being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control
over financial reporting, or
caused such internal control over
financial reporting to be designed
under our supervision, to provide
reasonable assurance regarding the
reliability of financial reporting
and the preparation of financial
statements for external purposes
in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the
registrant&#146;s disclosure controls
and procedures and presented in
this report our conclusions about
the effectiveness of the
disclosure controls and
procedures, as of the end of the
period covered by this report
based on such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any
change in the registrant&#146;s
internal control over financial
reporting that occurred during the
registrant&#146;s most recent fiscal
quarter (the registrant&#146;s fourth
fiscal quarter in the case of an
annual report) that has materially
affected, or is reasonably likely
to materially affect, the
registrant&#146;s internal control over
financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officer(s) and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to
the registrant&#146;s auditors and the audit committee of the registrant&#146;s board
of directors (or persons performing the equivalent functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and
material weaknesses in the design
or operation of internal control
over financial reporting which are
reasonably likely to adversely
affect the registrant&#146;s ability to
record, process, summarize and
report financial information; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not
material, that involves management
or other employees who have a
significant role in the
registrant&#146;s internal control over
financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date: February&nbsp;17, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John Kahn
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Kahn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Principal Accounting Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>c12800exv32w1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 32.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Certification of Chief Executive Officer and Chief Financial Officer<BR>
Pursuant to 18 U.S.C Section&nbsp;1350,<BR>
As Adopted Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In connection with the Quarterly Report of TeamStaff, Inc. (&#147;TeamStaff&#148;) on Form 10-Q for the
period ending December&nbsp;31, 2010 as filed with the Securities and Exchange Commission on the date
hereof (the &#147;Report&#148;), the undersigned, being, Zachary C. Parker, Chief Executive Officer, and John
Kahn, Chief Financial Officer and Principal Accounting Officer, certify, pursuant to 18 U.S.C.
ss.1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all
material respects, the financial condition and result of
operations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: February&nbsp;17, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Zachary C. Parker
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John Kahn
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Zachary C. Parker
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John Kahn</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Principal Executive Officer)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A signed original of this written statement required by Section&nbsp;906 has been provided to the
Company and will be retained by the Company and furnished to the Securities and Exchange Commission
or its staff upon request.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
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M!`50T`9]T`B=T`J]T`S=T`[]T!`=T1(]T11=T19]T1B=T1J]T1S=T1[]T2`=
MTB(]TB2]T!S`#`"09"J]TBS=TB[]TC`=TS(]TS1=TS9]TSB=TSJ]TSS=TS[]
6TT`=U$(]U$1=U$9]!]1(+=,0&P@`.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
