Cross Country Healthcare Reports Fourth Quarter And Year-End 2011 Results

Cross Country Healthcare, Inc. (Nasdaq: CCRN) today reported revenue of $124.7 million in the fourth quarter ended December 31, 2011, a 10% increase from revenue of $113.7 million in the prior year quarter and a 5% decrease sequentially from the third quarter of 2011. Net income was $0.5 million, or $0.02 per diluted share, and included $0.02 per diluted share for income and non-income tax expenses related to prior years. This compares to revenue of $113.7 million and a net loss of $6.0 million or ($0.19) per diluted share in the same quarter of the prior year that included $6.6 million, or $(0.21) per diluted share, of after-tax trademark impairment charges related to the acquisition of Medical Doctor Associates (MDA). Cash flow from operations for the fourth quarter was $3.7 million.

For the year ended December 31, 2011, the Company generated revenue of $504.0 million and net income of $4.1 million, or $0.13 per diluted share, after the aforementioned tax related matters. This compares to revenue of $468.6 million and a net loss of $2.8 million, or ($0.09) per diluted share, in the prior year that included the aforementioned impairment charges. Cash flow from operations for 2011 was $18.3 million.

“Revenue growth in our nurse and allied staffing segment was a strong 18% in the fourth quarter, but was slightly below our expectations which were based on booking momentum maintained through October that did not hold for the remainder of the year. At year-end we saw a return to more normal field employee attrition levels around the holidays which suggests travel nurses have more leverage in their schedule negotiations with hospitals than they have had for the past several years. This is typical in a supply-constrained environment, which is more favorable for our business than one in which demand is constrained. However, I believe there has also been some pushback from hospital administrators whose 2011 budgets likely did not factor in the pace of recovery in the utilization of temporary nurse and allied labor that our 2011 results indicate; thus bringing more focus on this expense category than existed at the same time last year,” said Joseph A. Boshart, President and Chief Executive Officer of Cross Country Healthcare, Inc.

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