AMN Healthcare Reports 4Q Loss On Weak Economy

SAN DIEGO (AP) — Health care staffing company AMN Healthcare Services Inc. reported a fourth-quarter loss Thursday as the weak economy and jobs market pushed a major decline in revenue.

The company lost $2.7 million, or 8 cents per share, compared with profit of $7.6 million, or 23 cents per share, a year ago. Revenue plunged 51 percent to $144.7 million from $295.9 million.

Excluding charges, the company said it lost 2 cents per share. Analysts polled by Thomson Reuters expected the company to break even in earnings per share on revenue of $143.9 million.

"I'm certain most would agree that 2009 represented the most challenging year in the history of the health care staffing industry," said President and CEO Susan R. Nowakowski, in a statement. "The unprecedented rise in unemployment and severe economic contraction wreaked havoc and resulted in precipitous drops in demand volumes unlike any other time."

For the full year, the company lost $122.2 million, or $3.75 per share, compared with profit of $34.4 million, or $1.02 per share, in 2008. Revenue fell to $759.8 million from $1.22 billion.

"While the trajectory of the recovery continues to be difficult to predict, we believe that our comprehensive breadth of service offerings, our stronger client contractual relationships and operational agility leave AMN poised to capture market share and deliver better profitability as the trends improve," Nowakowski said.

Shares of AMN Healthcare Services rose 1 cent to close at $9.09.

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