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On Assignment Reports Results For Fourth Quarter 2012

Net income was $11.3 million ($0.21 per diluted share) compared with $7.5 million (0.20 per diluted share) for the fourth quarter of 2011. Income before income taxes included approximately $0.7 million ($0.01 per diluted share) in non-recurring acquisition costs. The $8.4 million increase in amortization expense on the customer relationship intangible asset discussed above, reduced net income $5.1 million ($0.10 per diluted share).

Financial Estimates for 2013

On Assignment is providing financial estimates for the first quarter and full year 2013. These estimates do not include any operating results from our Nurse Travel division (including the gain on the sale), acquisition-related costs or any expenses related to our strategic planning project. Those estimates follow:

First Quarter 2013

  • Revenues of $375 million to $380 million
  • Gross Margin of 29.4 percent to 29.7 percent
  • SG&A (excludes amortization of intangible assets) of $83 to $85 million (includes $2.0 million in depreciation and $2.6 million in equity-based compensation expense)
  • Amortization of intangible assets of $5.4 million
  • Adjusted EBITDA of $31 million to $34 million
  • Effective tax rate of 43 percent
  • Net income of $8.8 million to $10.5 million
  • Earnings per diluted share of $0.16 to $0.19
  • Diluted shares outstanding of 54.2 million

The Q1 estimates reflect normal seasonality in the business in which gross margins are lower sequentially due the reset of payroll taxes and SG&A expenses are higher sequentially due to headcount added in Q4 and Q1 to drive revenue growth for the year. The estimates assume year-over-year revenue growth of approximately 11 percent for Apex Systems, low teens for Oxford, a slight contraction for Life Sciences, low single digits for Physician Staffing and mid-to-high teens for Allied Healthcare. The estimates above assume no deterioration in the staffing markets that On Assignment serves.

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