- Revenues were $401.7 million and above the high-end of the previously-announced estimates.
- Revenues were up 3.4 percent sequentially (1.6 percent excluding Nurse Travel). This was achieved despite approximately $1.2 million in lost revenues from Hurricane Sandy and 1.5 fewer billable days in the quarter.
- Adjusted EBITDA (a non-GAAP measurement defined below) was $44.3 million, up 150.3 percent year-over-year.
- Effective tax rate was 45.4 percent for the quarter and 43.1 percent for the full year. The rate for Q4 included the effects of higher than expected non-deductible expenses related to Apex Systems.
- Net Income was $11.3 million ($0.21 per diluted share) compared with $7.5 million ($0.20 per diluted share) in the fourth quarter of 2011 and $17.4 million ($0.33 per diluted share) in the third quarter of 2012.
- Net Income (before the $8.4 million increase in amortization expense of intangible assets) was $16.4 million ($0.31 per diluted share). In Q4, the valuation of the identifiable intangible assets and amortization methods were finalized for Apex Systems resulting in an $8.4 million retrospective increase in amortization of which $5.0 million related to prior quarters.
- Leverage ratio (total indebtedness to trailing twelve months Adjusted EBITDA) was 2.73 to 1 compared with 3.79 to 1 as of May 15, 2012, the effective date of the acquisition of Apex Systems.
On Assignment Reports Results For Fourth Quarter 2012
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