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Cross Country Healthcare Reports Fourth Quarter And Full Year 2012 Results

For the full year of 2012, segment revenue decreased slightly to $277.8 million from $278.8 million in the same period a year ago, while contribution income decreased 41% to $13.2 million from $22.4 million in the prior year period due primarily to higher health insurance costs and a decrease in the bill-pay spread as a result of changes in geographic mix.

Physician Staffing

For the fourth quarter of 2012, the physician staffing business segment generated revenue of $30.7 million, an increase of 10% from the prior year quarter, but a 6% decrease sequentially from the third quarter of 2012. The year-over-year increase was due to higher bill rates for most specialties while the sequential decrease was due to seasonality. Contribution income was $2.5 million, a 10% decrease year-over-year and a 21% decrease sequentially. The contribution income margin was 8.0% in the fourth quarter of 2012, a decrease of 170 basis points from the prior year quarter and 150 basis points sequentially . The year-over-year decrease was primarily due to higher professional liability insurance expenses in the current quarter compared to a favorable professional liability insurance accrual adjustment in the prior year quarter partially offset by lower non-income based state taxes. The sequential decline was due primarily to negative operating leverage. Physician staffing days filled for the fourth quarter of 2012 was 20,290 days, a slight increase from the prior year quarter, but a 10% decrease sequentially. Revenue per day filled for the fourth quarter of 2012 was $1,511, up 9% year-over-year and 5% sequentially.

For the full year of 2012, segment revenue increased 4% to $123.5 million from $118.8 million in the same period a year ago, while contribution income decreased 6% to $10.7 million from $11.3 million in the prior year period due to higher physician compensation and professional liability expense partially offset by favorable operating leverage.

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