This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

AMN Healthcare Completes Sale Of Home Healthcare Business

SAN DIEGO, Jan. 30, 2012 /PRNewswire/ -- AMN Healthcare Services, Inc. (NYSE: AHS) announced it has completed the sale of its home healthcare business to BAYADA Home Health Care, Inc. effective January 30, 2012.  As a result of the sale, AMN will receive cash proceeds of $9.65 million and retain working capital of approximately $4 million.   

"Given significant reimbursement changes and the current uncertainty in the regulatory environment, we determined a divestiture of home healthcare would allow an even sharper focus on our market-leading healthcare workforce solutions offerings," said Susan R. Salka, the Company's chief executive officer. 

"Our primary strategy of evolving our innovative healthcare workforce solutions offerings and improving profitability through growth and leverage of our leadership position in managed services programs continues to be on track," Salka noted.  "We have our sights set on another year of industry leading revenue and profitability growth and continuing to build our market share in 2012." 

As a result of the sale, the home healthcare segment will be reported in Discontinued Operations for all applicable periods presented in our consolidated financial statements. Due to this presentation, fourth quarter revenues from Continuing Operations are now expected to be between $219 million and $223 million, which is consistent with previous guidance excluding approximately $13 million of revenue associated with the home healthcare segment. Gross margin is expected to be at the high end of the previous range provided of 27.5% to 28.0% and adjusted EBITDA margin is expected to be above the prior target of 6%. The sale of this segment is not expected to have a meaningful impact to fourth quarter income from Continuing Operations. The Company's 19 franchisee-owned Nursefinders offices were not included in the transaction.

The Company intends to use proceeds from the sale to pay down debt.  In addition, the Company does not anticipate any impact on its credit facility or related covenants and no amendments to the credit facility were required to execute the transaction.   

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs