Cross Country Healthcare CEO Discusses Q3 2010 Results - Earnings Call Transcript
These factors were set forth under the forward-looking statement section of our press release for the third quarter of 2010, as well as under the caption "Risk Factors" in our 10-K for the year ended December 31, 2009 and our other Securities and Exchange Commission filings made during 2010.
Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Given these uncertainties, the forward-looking statements discussed in this teleconference might not occur. Cross Country Healthcare does not have a policy of updating or revising forward-looking statements and thus it should not be assumed that our silence over time means that actual events are occurring as expressed or implied in such forward-looking statements.
And now, I’ll turn the call over to Joe.
Joe BoshartThank you, Howard, and thank you to everyone listening in. As reported in our press release issued last evening, our revenue for the third quarter of 2010 was $116 million, down 11% from a year ago. Net income was $900,000 down 5% from the year-ago quarter. EPS was $0.03 per diluted share equal to the year-ago quarter. On a sequential basis, revenue was down 2% and net income was down 22% from the second quarter. Cash flow from operations for the third quarter was $1.1 million and our Nurse and Allied Staffing business which represents approximately 50% of our total revenue in the third quarter, momentum is building as we move through the fourth quarter, against the back drop of continued weakness in the National Labor market, demand for our Nurse and Allied Staffing services continues to be well below that of 2-3 years ago. However, even as these levels we should be able to grow our staffing volume from the currently depressed levels. In the segment we are encouraged by a substantial improvement in demand in most areas of the country since June, and unlike a year ago the rising demand does not appear to be driven by the flu season expectations to any meaningful extent. Part of the momentum we are seeing is the result of our success and wining VMS contracts at large prestigious hospital systems and healthcare facilities throughout the United States at the fastest pace since we began offering our service in 2003.
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