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On Assignment Reports Results For Second Quarter 2013

Stocks in this article: ASGN

Income from continuing operations (excluding the write-off of loan costs, acquisition-related costs and strategic planning expenses) was $17.4 million ($0.32 per diluted share) compared with $12.7 million ($0.24 per diluted share) for the second quarter of 2012 on a pro forma basis.

Net income, which is comprised of income from continuing operations and the loss from discontinued operations, was $7.3 million ($0.14 per diluted share) compared with $7.6 million ($0.16 per diluted share) in the second quarter of 2012. Net income for the quarter included (i) a $15.0 million ($9.2 million, $0.17 per diluted share, after tax) write-off of loan costs, (ii) acquisition-related costs and strategic planning expenses totaling $0.7 million ($0.4 million, or $0.01 per diluted share, after tax) and (iii) a $0.5 million loss from discontinued operations.

Financial Estimates for Q3 2013

On Assignment is providing below financial estimates from continuing operations for the third quarter of 2013. These estimates do not include acquisition-related costs and strategic planning expenses.

  • Revenues of $429 million to $433 million
  • Gross Margin of 29.8 percent to 30.1 percent
  • SG&A (excludes amortization of intangible assets) of $87.5 to $89.0 million (includes $2.3 million in depreciation and $4.2 million in equity-based compensation expense)
  • Amortization of intangible assets of $5.2 million
  • Adjusted EBITDA of $46 million to $48 million
  • Effective tax rate of 42.5 percent
  • Adjusted Income from Continuing Operations of $25.8 million to $27.0 million
  • Adjusted Income from Continuing Operations per diluted share of $0.47 to $0.49
  • Income from Continuing Operations of $17.8 million to $18.9 million
  • Income from Continuing Operations per diluted share of $0.33 to $0.35
  • Diluted shares outstanding of 54.4 million

These estimates reflect normal seasonality in the business. The estimates assume year-over-year revenue growth of approximately high-teens for Apex Systems and Oxford, mid-single digit for Life Sciences, low single-digit for Physician Staffing and Allied Healthcare. The estimates above assume no deterioration in the staffing markets that On Assignment serves. For the full year, the Company expects to trend toward the high-end of the previously-announced full year 2013 targets.

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