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On Assignment Reports Record Second Quarter 2012 Results

Stocks in this article: ASGN

Dameris concluded, “We will continue to maintain our operational discipline, as we have demonstrated in the past, by growing our market share without sacrificing our margins. The inclusion of Apex, together with continued growth of our other businesses, will significantly increase our free cash flow generation allowing us to focus on reducing our outstanding debt. During the second quarter, we repaid $23.4 million of our debt and reduced total leverage from 3.79 times trailing twelve months Adjusted EBITDA to under 3.4 times.”

Jim Brill, Senior Vice President and Chief Financial Officer of On Assignment, Inc., stated, “Consolidated gross margin was 31.4% in the second quarter of 2012. Oxford’s gross margin was 35.9%, Apex System’s gross margin was 27.3%, Life Sciences’ gross margin was 34.1%, Healthcare’s gross margin was 28.8% and Physician Staffing’s gross margin was 30.8%.”

Second Quarter 2012 Results

For the second quarter of 2012, consolidated revenues were $283.2 million, up 97.1 percent year-over-year and up 69.5 percent on a sequential basis. Apex, which was acquired on May 15, 2012, accounted for $99.0 in revenues for the quarter. Net income was $8.5 million, or $0.19 per diluted share. Excluding acquisition related expenses of $6.6 million ($3.8 million net of income tax) and the write off of deferred loan costs and non-recurring financing costs of $1.2 million together totaling $4.5 million after income tax, net income was $13.0 million, or $0.28 per diluted share, compared with $6.0 million, or $0.16 per diluted share in the second quarter of 2011.

Oxford, the legacy IT and Engineering segment revenues were up 35 percent, year-over-year. The Life Sciences segment revenues were up 2% year-over-year, the Healthcare segment which includes Nurse Travel and Allied Healthcare lines of business, grew 40% from the second quarter of 2011. Nurse Travel revenues were $16.8 million and included $5.3 million of revenue related to supporting customers that experienced labor disruption as compared to $0.9 million in labor disruption revenue in the same period in the prior year. Allied Healthcare revenues were up 26 percent year-over-year and Physician segment revenues, which were positively affected by the acquisition of Healthcare Partners in 2011, was up 47% from the second quarter of 2011.

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