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On Assignment Reports Record Second Quarter 2012 Results

SG&A was $69.3 million which included $6.6 million of acquisition related expenses, $1.6 million of depreciation, $2.2 million of amortization $2.3 million in equity based compensation and $0.5 million of income related to the adjustment of an acquisition related earn-out. Capital expenditures were $5.3 million, interest expense was $4.9 million which included the write-off of $1.2 million of deferred loan costs and non-recurring financing fees.

Third Quarter 2012 Financial Estimates

Based on revenue in the first three weeks of the second quarter, On Assignment is providing financial estimates for the quarter ending September 30, 2012 which do not include any acquisition related costs. Those estimates are as follows:
  • Revenues of $382 million to $388 million
  • Gross Margin of 30.3% to 30.6%
  • SG&A of $84 million which includes $1.9 million in depreciation, amortization of $3.8 million and $2.8 million in equity-based compensation expense
  • Adjusted EBITDA of $40.3 million to $43.2 million
  • Net income of $14.8 million to $16.5 million
  • Earnings per diluted share of $0.28 to $0.31
  • Diluted shares outstanding of 53 million

The estimates assume one less billable day in the third quarter than the second quarter and year-over-year revenue growth ranges in the high 20 percent for Oxford, a slight contraction for Life Sciences, low single digits for Healthcare (due to the labor disruption revenue in Nurse Travel in the 3 rd quarter of 2011) and the low teens for Physician Staffing and Apex. The estimates above assume no deterioration in the staffing markets On Assignment serves.

On Assignment will hold its quarterly conference call to discuss its second quarter 2012 financial results this afternoon, Thursday, July 26, 2012 at 1:30 p.m. Pacific Time. Interested parties are invited to listen to the conference call by dialing (877) 837-4158 or (281) 913-8521 ten minutes before the call. The conference ID number is 99068611. A replay of the conference call can be accessed from approximately 5:30 p.m. Pacific Time Thursday, July 26, 2012 through Thursday, August 9, 2012 by dialing (855) 859-2056 or (404) 537-3406 with the conference ID number 99068611.

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