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On Assignment Announces Two Acquisitions, Sale Of Its Allied Healthcare Unit And Updated Q4 Estimates

Safe Harbor

Certain statements made in this news release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. Forward-looking statements include statements regarding the Company’s anticipated financial and operating performance in 2013. All statements in this release, other than those setting forth strictly historical information, are forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results might differ materially. In particular, the Company makes no assurances that the estimates (including pro forma) of revenues, gross margin, SG&A, Adjusted EBITDA, income from continuing operations, adjusted income from continuing operations, earnings per share or earnings per diluted share set forth above will be achieved. Factors that could cause or contribute to such differences include actual demand for our services, our ability to attract, train and retain qualified staffing consultants, our ability to remain competitive in obtaining and retaining temporary staffing clients, the availability of qualified temporary professionals, management of our growth, continued performance of our enterprise-wide information systems, the integration and operation of our acquired businesses, and other risks detailed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC on March 18, 2013, our report on Form 8-K filed with the SEC on June 13, 2013, and our Forms 10-Q for the quarterly periods ended March 31, 2013, June 30, 2013 and September 30, 2013 as filed with the SEC on May 9, 2013, August 2, 2013, and November 5, 2013, respectively. We specifically disclaim any intention or duty to update any forward-looking statements contained in this news release.

 
ON ASSIGNMENT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

FOR EACH OF THE THREE-MONTH PERIODS IN THE NINE MONTHS ENDED SEPTEMBER 30, 2013 (UNAUDITED)
(in thousands, except per share amounts)
 
 
  Three Months Ended
Mar. 31   June 30   Sept. 30
Revenues $ 379,044 $ 407,864 $ 421,491
Cost of services   268,933     286,532     294,281  
Gross profit 110,111 121,332 127,210
Selling, general and administrative expenses 81,877 84,282 86,329
Amortization of intangible assets   5,379     5,275     5,199  
Operating income 22,855 31,775 35,682
Interest expense (5,096 ) (4,081 ) (3,257 )
Write-off of deferred loan costs   -     (14,958 )   -  
Income from continuing operations before income taxes 17,759 12,736 32,425
Provision for income taxes   7,543     5,493     12,954  
Net income from continuing operations 10,216 7,243 19,471
Gain on sale of discontinued operations, net of tax 14,412 - -
Income (loss) from discontinued operations, net of tax   (15 )   96     679  
Net Income $ 24,613   $ 7,339   $ 20,150  
 
Basic earnings per common share:
Income from continuing operations $ 0.19 $ 0.14 $ 0.36
Income from discontinued operations   0.27     -     0.02  
Net Income $ 0.46   $ 0.14   $ 0.38  
 
Diluted earnings per common share:
Income from continuing operations $ 0.19 $ 0.13 $ 0.36
Income from discontinued operations   0.27     0.01     0.01  
Net Income $ 0.46   $ 0.14   $ 0.37  
 

Number of shares and share equivalents used to calculate earnings per share:

Basic   53,046     53,378     53,620  
Diluted   54,036     54,327     54,624  
 
Reconciliation of net income to comprehensive income:
Net income $ 24,613 $ 7,339 $ 20,150
Changes in fair value of derivative, net 67 76 29
Foreign currency translation adjustment   (1,259 )   403     1,504  
Comprehensive income $ 23,421   $ 7,818   $ 21,683  
 
 
ON ASSIGNMENT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

FOR EACH OF THE THREE-MONTH PERIODS IN THE YEAR ENDED DECEMBER 31, 2012 (UNAUDITED) AND
THE YEAR ENDED DECEMBER 31, 2012
(in thousands, except per share amounts)
 
  Three Months Ended   Year Ended
Mar. 31   June 30   Sept. 30   Dec. 31 Dec. 31
Revenues $ 148,277 $ 256,386 $ 363,882 $ 369,441 $ 1,137,986
Cost of services   98,160     174,877     251,669     257,387     782,093  
Gross profit 50,117 81,509 112,213 112,054 355,893
Selling, general and administrative expenses 40,530 63,063 75,184 77,919 256,696
Amortization of intangible assets   634     3,884     6,679     6,819     18,016  
Operating income 8,953 14,562 30,350 27,316 81,181
Interest expense (701 ) (3,840 ) (5,787 ) (5,440 ) (15,768 )
Write-off of deferred loan costs   -     (813 )   -     -     (813 )
Income from continuing operations before income taxes 8,252 9,909 24,563 21,876 64,600
Provision for income taxes   3,461     4,323     10,485     9,872     28,141  
Net income from continuing operations 4,791 5,586 14,078 12,004 36,459
Income from discontinued operations, net of tax   592     1,976     1,425     2,201     6,194  
Net Income $ 5,383   $ 7,562   $ 15,503   $ 14,205   $ 42,653  
 
Basic earnings per common share:
Income from continuing operations $ 0.13 $ 0.12 $ 0.27 $ 0.23 $ 0.78
Income from discontinued operations   0.01     0.05     0.03     0.04     0.13  
Net Income $ 0.14   $ 0.17   $ 0.30   $ 0.27   $ 0.91  
 
Diluted earnings per common share:
Income from continuing operations $ 0.13 $ 0.12 $ 0.26 $ 0.22 $ 0.76
Income from discontinued operations   0.01     0.04     0.03     0.04     0.13  
Net Income $ 0.14   $ 0.16   $ 0.29   $ 0.26   $ 0.89  
 

Number of shares and share equivalents used to calculate earnings per share:

Basic   37,269     44,852     52,131     52,581     46,739  
Diluted   38,154     45,879     53,162     53,680     47,826  
 
Reconciliation of net income to comprehensive income:
Net income $ 5,383 $ 7,562 $ 15,503 $ 14,205 $ 42,653
Changes in fair value of derivative, net - 39 (93 ) 33 (21 )
Foreign currency translation adjustment   1,097     (1,767 )   776     748     854  
Comprehensive income $ 6,480   $ 5,834   $ 16,186   $ 14,986   $ 43,486  
 




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