Cross Country Healthcare, Inc. (Nasdaq:CCRN) today reported revenue of $129.1 million in the third quarter ended September 30, 2012, a decrease of 2% from the prior year quarter, but a 2% increase sequentially from the second quarter of 2012. The Company incurred a net loss in the third quarter of 2012 of $17.6 million, or $(0.57) per diluted share, which included estimated non-cash goodwill and trademark impairment charges of $17.0 million after-tax, or $(0.55) per diluted share. The impairment charges pertain entirely to the Company’s clinical trial services business segment and result from the interim goodwill impairment test performed during the third quarter of 2012. Excluding the impairment charges, the adjusted net loss (a non-GAAP financial measure defined below) was $0.6 million, or $(0.02) per diluted share. In the same quarter of the prior year, the Company reported revenue of $131.2 million and net income of $1.8 million, or $0.06 per diluted share. Cash flow from operations for the third quarter of 2012 was $1.9 million.
For the nine months ended September 30, 2012, the Company generated revenue of $382.1 million and had a net loss of $32.7 million, or $(1.06) per diluted share, which included the aforementioned estimated non-cash impairment charges and a non-cash goodwill impairment charge in the second quarter of 2012 related to the nurse and allied staffing business segment. The combined impact of these impairment charges was $29.0 million after-tax, or $(0.94) per diluted share. Excluding the impairment charges, the adjusted net loss (a non-GAAP financial measure defined below) was $3.7 million, or $(0.12) per diluted share. This compares to revenue of $379.3 million and net income of $3.6 million, or $0.11 per diluted share, in the first nine months of the prior year. Cash flow from operations for the first nine months of 2012 was $5.7 million.
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