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Cross Country Healthcare Reports Fourth Quarter And Full Year 2012 Results

For the full year 2012, consolidated revenue from continuing operations was $442.6 million, an increase of 1% from the prior year. Including discontinued operations, the Company had a net loss of $42.2 million, or $(1.37) per diluted share. The net loss included a non-cash goodwill impairment charge in the second quarter of 2012 of $12.1 million after-tax, or $(0.39) per diluted share related to the nurse and allied staffing business segment, as well as non-cash goodwill and trademark impairment charges in the third and fourth quarters of 2012 totaling $24.2 million after-tax, or $(0.79) per diluted share related to the clinical trial services business segment. Loss from continuing operations before income taxes was $26.9 million. Loss from continuing operations was $20.7 million, or $(0.67) per diluted share. Cash flow from operations for the full year 2012 was $10.1 million.

For the full year 2011, consolidated revenue from continuing operations was $439.4 million. Income from continuing operations was $1.5 million, or $0.05 per diluted share. Net income was $4.1 million, or $0.13 per diluted share, in the prior year.

“While our fourth quarter revenue was in-line with our expectations, our results were affected by a variety of factors that combined to result in a loss from continuing operations. Excluding the impact of the aforementioned professional liability expense, our successful efforts to improve our gross margin sequentially, primarily in our nurse and allied staffing segment, delivered results more rapidly than we had expected,” said Joseph A. Boshart, President and Chief Executive Officer of Cross Country Healthcare, Inc. “Currently, open orders for our travel nurse staffing services are significantly above the level of a year ago. Reflecting the stronger demand environment, bill rates increased in the fourth quarter, which aided in the expansion of our bill-pay spread,” he stated.

“Our physician staffing business had a strong fourth quarter with revenue up 10% year-over-year. In our other human capital management services segment, revenue in our retained search business improved year-over-year, but it was more than offset by weakness in our education and training business,” said Mr. Boshart.

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