Cross Country Healthcare, Inc. (Nasdaq: CCRN) today reported revenue of $113.7 million in the fourth quarter ended December 31, 2010 and a net loss of $6.0 million, or ($0.19) per diluted share. Adjusted net income, a non-GAAP financial measure as defined in the accompanying financial statement tables, was $0.6 million, or $0.02 per diluted share on an adjusted basis, and excluded $6.6 million of after-tax trademark impairment charges related to the Medical Doctor Associates acquisition. In the same quarter of the prior year, the Company had revenue of $124.1 million and net income of $0.4 million, or $0.01 per diluted share. Adjusted net income was $1.7 million, or $0.05 per diluted share on an adjusted basis, and excluded an impairment charge and a legal settlement charge totaling $1.3 million after-tax. Cash flow from operations for the fourth quarter of 2010 was $6.7 million.
For the year ended December 31, 2010, the Company generated revenue of $468.6 million and had a net loss of $2.8 million, or ($0.09) per diluted share. Adjusted net income was $3.8 million, or $0.12 per diluted share on an adjusted basis. This compares to revenue of $578.2 million and net income of $6.7 million, or $0.22 per diluted share in the prior year. Adjusted net income in the prior year was $8.0 million, or $0.26 per diluted share on an adjusted basis. Cash flow from operations for the year ended December 31, 2010 was $31.5 million.
“The fourth quarter of 2010 appears to be the nadir of the most challenging period in our Company’s history as our revenue expectation is for solid sequential growth in the first quarter of 2011,” said Joseph A. Boshart, President and Chief Executive Officer of Cross Country Healthcare, Inc. “I continue to believe our strategy and operating discipline has put us in an attractive position relative to our major competitors. In particular, our early and internally-developed entry in 2003 into the managed service provider (MSP) delivery model has paid significant dividends for us, especially during this recent demand constrained environment,” he added.
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