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Cross Country Healthcare Reports Third Quarter 2011 Results

Stocks in this article: CCRN

Cross Country Healthcare, Inc. (Nasdaq: CCRN) today reported revenue of $131.2 million in the third quarter ended September 30, 2011, a 13% increase from revenue of $115.7 million in the prior year quarter and a 4% increase sequentially from the second quarter of 2011. Net income in the third quarter of 2011 was $1.8 million, or $0.06 per diluted share, as compared to $0.9 million, or $0.03 per diluted share, in the same quarter of the prior year. Cash flow from operations for the third quarter of 2011 was $3.3 million.

For the nine months ended September 30, 2011, the Company generated revenue of $379.3 million and net income of $3.6 million, or $0.11 per diluted share. This compares to revenue of $354.9 million and net income of $3.2 million, or $0.10 per diluted share, in the first nine months of the prior year. Cash flow from operations for the first nine months of 2011 was $14.6 million.

“Our nurse and allied staffing segment delivered strong top and bottom line growth year-over-year in the third quarter driven by a broad-based resurgence in demand,” said Joseph A. Boshart, President and Chief Executive Officer of Cross Country Healthcare, Inc. “The fact that net weeks booked were up 24% during the third quarter suggests the fourth quarter should show similar year-over-year comparisons, which also bodes well for our largest segment as we enter 2012. Currently, there appears to be nothing in our metrics that would be consistent with an economic slowdown from current levels,” said Mr. Boshart.

“Our clinical trial services business saw modest top-line improvement in the third quarter both sequentially and compared to a year ago. More importantly, margins in this segment were much improved versus the comparable periods and were an important contributor to our improved performance in the third quarter. Our physician staffing business continued to show signs of recovery in the third quarter. And while we anticipate this business will experience a normal seasonal sequential decline in the fourth quarter, we expect revenue in this segment to be up year-over-year for the first time since 2008. Additionally, I am especially pleased with the much improved performance of our retained physician and executive search business in the third quarter,” Mr. Boshart added.

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