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TheStreet Open House

On Assignment Reports Record Second Quarter 2012 Results

Stocks in this article: ASGN

On Assignment, Inc. (NASDAQ: ASGN), a diversified professional staffing firm providing flexible and permanent staffing solutions in specialty skills including Life Sciences, Healthcare, Physician and Information Technology and Engineering, today reported results for the quarter ended June 30, 2012.

Second Quarter 2012 Highlights

  • Revenues for the second quarter of 2012 were $283.2 million, including $99.0 million from Apex Systems which was acquired on May 15 th. Revenues were up 97 percent year-over-year and up 70 percent from the preceding quarter.
  • Revenue growth (excluding the acquisition of Apex Systems) was 28 percent over the second quarter of 2011.
  • Adjusted EBITDA (a non-GAAP measurement defined below) was $32.3 million, up 118 percent year-over-year.
  • Adjusted EBITDA margin (Adjusted EBITDA as a percent of revenues) for the quarter was 11.4 percent compared with 10.3 percent in the second quarter of 2011.
  • Net Income was $8.5 million, or $0.19 per diluted share and $13.0 million or $0.28 per diluted share excluding acquisition related costs (net of income tax).

Commenting on the results for the second quarter, Peter Dameris, President and Chief Executive Officer of On Assignment, Inc., said, “I’m very pleased with our results for the second quarter of 2012. Our revenue almost doubled year-over-year and net income before acquisition related costs, as well as our Adjusted EBITDA more than doubled. Apex accounted for $99 million of our second quarter revenues and our other business grew 28 percent year-over-year. We are very pleased that our efforts during the quarter continue to demonstrate our operating discipline in that we were able to complete an acquisition that roughly doubled the size of the Company while at the same time achieving above market growth in our other businesses.”

“Our second quarter results reflect our expected income contribution from the Apex acquisition.” Dameris continued, “In addition, these results, which included expansion of our operating margins, were not impacted by any synergy savings from the acquisition of Apex.”

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