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On Assignment Reports Record Quarterly Revenue And Earnings

Stocks in this article: ASGN

On Assignment, Inc. (NASDAQ: ASGN), a leading global provider of diversified professional staffing solutions, today reported results for the quarter ended September 30, 2011.

Third Quarter 2011 Highlights

  • Revenues for the third quarter of 2011 were $162.4 million, up 40% year-over-year and 13% sequentially.
  • Gross Margin was 33.6%.
  • Adjusted EBITDA (a non-GAAP measurement defined below) for the quarter was $18.2 million, up 55% year-over-year.
  • Adjusted EBITDA margin (Adjusted EBITDA as a % of revenues) for the quarter was 11.2% compared with 10.1% in the third quarter of 2010.
  • Net Income was $7.8 million, or $0.21 per diluted share for the quarter compared with $3.2 million, or $0.09 per diluted share, in the third quarter of 2010.
  • During the third quarter and through October 26, 2011, the Company repurchased under its stock buyback program approximately 325,000 shares at an average price of $6.87 per share.

Peter Dameris, President and Chief Executive Officer of On Assignment, Inc., said, “We are very pleased that, for the first time since Q3 of 2007, all of our operating segments reported for the quarter both sequential and year-over-year revenue growth, with each segment contributing double-digit revenue increases as compared with the third quarter of 2010. While the economic environment remains difficult, our client diversification and focus on highly-skilled positions have served us well and permitted us to report record quarterly revenues.”

Commenting on the results for the third quarter, Dameris continued, “During the quarter, revenues at our IT & Engineering segment grew 48% year-over-year and Life Sciences segments grew 39%. Revenues in our Healthcare segment, which resumed growth in the first quarter after over two years of decline, grew 36% year-over-year and revenues in our Physician Staffing segment, which includes two months of contribution from the acquisition of HealthCare Partners, grew 24%.”

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