This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cross Country 3Q Profit Tumbles 84 Percent

BOCA RATON, Fla. (AP) ¿ Health care staffing services company Cross Country Healthcare Inc. said Monday its profit shrank 84 percent in the third quarter, as the recession cut into demand for skilled nurses, and older doctors appeared to postpone retiring, leaving fewer positions to be filled.

Cross Country said nurse and allied staffing revenue was cut in half as its customers chose to use more "per diem" nurses and fewer skilled professionals. Physician staffing revenue also declined, which the company said might be due to older doctors putting off retirements due to the stock market plunge and weaker housing market, as well as a dip in elective surgeries. Clinical trial revenue also decreased.

The company said its profit dropped to $968,000, or 3 cents per share, from $6.2 million, or 20 cents per share. Total revenue slid 27 percent, to $129.6 million from $178.1 million. According to Thomson Reuters, analysts were projecting a profit of 2 cents per share and $132.4 million in revenue.

Nurse and allied staffing revenue was down 50 percent to $64.1 million, with staffing volume down 48 percent. Physician staffing revenue slipped 3 percent to $39.6 million, and staffing days filled fell 13 percent.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
CCRN $11.01 1.10%
YHOO $41.46 0.40%
AAPL $125.22 -0.46%
FB $78.43 1.10%
GOOG $529.67 -0.21%


DOW 17,871.81 -56.39 -0.31%
S&P 500 2,082.73 -6.73 -0.32%
NASDAQ 4,922.5520 -16.7750 -0.34%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs