Cross Country Healthcare, Inc. (Nasdaq: CCRN) today reported revenue of $126.0 million in the second quarter ended June 30, 2011, a 3% increase sequentially from the first quarter of 2011 and a 7% increase from revenue of $117.8 million in the prior year quarter. Net income in the second quarter of 2011, which benefited from a lower than expected effective income tax rate due to discrete items, was $1.6 million, or $0.05 per diluted share, as compared to $1.2 million, or $0.04 per diluted share, in the same quarter of the prior year. Cash flow from operations for the second quarter of 2011 was $10.0 million.
For the six months ended June 30, 2011, the Company generated revenue of $248.1 million and net income of $1.8 million, or $0.06 per diluted share, which included the aforementioned discrete tax items. This compares to revenue of $239.2 million and net income of $2.3 million, or $0.07 per diluted share, in the first six months of the prior year. Cash flow from operations for the first six months of 2011 was $11.4 million.
“Our second quarter results highlight the continued recovery in the markets we serve as all four of our business segments produced revenue growth from the prior quarter. The strongest momentum was generated in our largest segment, nurse and allied staffing, of which the sequential improvement was seasonally atypical for us. Currently, the number of FTEs on contract in this segment is up more than 20% year-over-year,” said Joseph A. Boshart, President and Chief Executive Officer of Cross Country Healthcare, Inc. “Additionally, due in large part to the broad-based resurgence in demand, the dynamics in our nurse and allied staffing business are much better than they were for the last several years. While our managed service provider (MSP) staffing service and staffing for electronic medical record implementations continue to be staples of our business, I am especially encouraged by the significant increase in demand from other accounts that have largely been dormant over the past few years. In fact, non-MSP clients currently account for a substantial majority of our open nurse staffing job orders, which provide our healthcare professionals with even more options to choose from. Said another way, success today is driven much more by supply than demand. And although we are in a supply constrained environment, this greater diversity in job orders should enable us to further improve our recruitment and retention of nurses,” he added.
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