- 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 Announces Second Quarter 2013 Financial Results
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