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Cross Country Healthcare Announces Second Quarter 2013 Financial Results

Cross Country Healthcare, Inc. (NASDAQ: CCRN) today announced financial results for the second quarter ended June 30, 2013.

  • Consolidated revenue was $110.8 million compared with $108.8 million last year, an increase of 2%.
  • Loss from continuing operations was $1.4 million, or $0.05 per diluted share, compared with a loss of $18.8 million, or $0.61 per diluted share, in the prior year that included a non-cash goodwill impairment charge of $12.0 million after-tax, or $0.39 per diluted share.
  • Adjusted EBITDA (see table titled “Reconciliation of Non-GAAP Financial Measures”) increased to $1.7 million, or 1.5% of revenue, compared with $1.6 million, or 1.4% of revenue, in the prior year quarter.
  • Cash flow from operations was $5.9 million and total debt was $0.4 million at the end of the period. At the end of the quarter, the Company had $25.9 million in cash and cash equivalents and $27.7 million of excess availability under its credit facility.
  • The Company initiated a restructuring plan to reduce operating costs and recorded a restructuring charge of $0.4 million, pretax, primarily related to senior management employee severance pay.
  • The Company agreed in principle to settle a wage and hour class action lawsuit in California for $0.75 million, subject to a final binding agreement and approval by the court.

Cross Country Healthcare President and CEO William J. Grubbs commented, “Second quarter performance was in line with our expectations. We generated modest revenue growth and solid operating cash flow and ended the quarter with a very strong liquidity position. Our team demonstrated sound financial discipline with higher bill rates and higher bill/pay spreads in our staffing businesses. As well, we initiated a restructuring program to reduce operating costs. Demand for services within our industry continues to be stable and we remain committed to our strategy of driving revenue growth from our targeted customer segments and increasing Adjusted EBITDA margins.”

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