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Cross Country Healthcare Reports Fourth Quarter And Full Year 2012 Results

During February 2013, the Company used a portion of the net proceeds from the sales of its clinical trial services business to repay all $29.3 million of its then outstanding bank debt.

Discontinued Operations

In February 2013, the Company sold its clinical trial services business for $52.0 million, plus an earn-out of up to $3.75 million related to certain performance-based milestones. Accordingly, this business is being accounted for as discontinued operations. For the fourth quarter of 2012, loss from discontinued operations was $6.5 million after-tax, or $(0.21) per diluted share, and included a non-cash goodwill impairment charge in the fourth quarter of 2012 of $7.3 million after-tax, or $(0.24) per diluted share.

Guidance for First Quarter 2013

The following statements are based on current management expectations. Such statements are forward-looking and actual results may differ materially. These statements do not include the potential impact of any future mergers, acquisitions or other business combinations, any impairment charges or valuation allowances, or significant legal proceedings. For the first quarter of 2013, the Company expects:
  • Revenue to be in the $110.0 million to $112.0 million range.
  • Gross profit margin to be in the 24.5% to 25.0% range.
  • Adjusted EBITDA from continuing operations margin to be in the 0.0% to 2.0% range. Adjusted EBITDA, a non-GAAP financial measure, is defined in the accompanying financial statement tables.
  • Earnings per diluted share to be essentially at break-even.

Quarterly Conference Call

The Company will hold its quarterly conference call on Tuesday, March 19, 2013, at 9:00 a.m. Eastern Time to discuss its fourth quarter and full year 2012 financial results. The call will be webcast live and can be accessed online at or by dialing 888-972-6408 in the U.S. or 210-234-0087 from non-U.S. locations – Passcode: Cross Country. From March 19th through April 2nd, a replay of the webcast will be available at the Company’s website and a replay of the conference call will be available via telephone by calling 888-662-6650 in the U.S. or 402-220-6416 from non-U.S. locations – Passcode: 2012.

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