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TheStreet Open House

CORRECTING and REPLACING On Assignment Reports Results for Fourth Quarter and Full Year 2013

Stocks in this article: ASGN

The press release issued earlier today contained a typographical error related to its SG&A expense estimates for the full year 2014. The release below corrects the statement “SG&A ( excludes amortization of intangible assets)” under Financial Estimates for 2014 - Full Year 2014. The statement now reads “SG&A ( includes amortization of intangible assets)”.

The corrected release reads:

ON ASSIGNMENT REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2013

Revenues up 14.7 percent Year-over-Year EPS & Adjusted EBITDA above Estimates

On Assignment, Inc. (NYSE: ASGN), a leading global provider of diversified professional staffing solutions, today reported results for the quarter ended December 31, 2013.

Fourth Quarter Highlights

  • Revenues were $423.6 million, up 14.7 percent year-over-year and 0.5 percent sequentially.
  • Adjusted Income from continuing operations (a non-GAAP measure defined below) was $27.5 million ($0.50 per diluted share).
  • Income from continuing operations (excluding $1.5 million after tax of acquisition and strategic planning expenses, which were not included in our estimates) was $19.0 million ($0.35 per diluted share). Income from continuing operations as reported (which includes the acquisition and strategic planning expenses) was $17.4 million ($0.32 per diluted share).
  • Adjusted EBITDA (a non-GAAP measure defined below) was $48.4 million, up from $39.4 million in fourth quarter of 2012.
  • Percentage of gross profit converted into Adjusted EBITDA was 37.3 percent.
  • Closed the sale of Allied Healthcare unit (“Allied”) for $28.7 million (a gain of $16.4 million, net-of-tax) and acquired Whitaker Medical, LLC (“Whitaker”), a physician staffing business, and CyberCoders Holdings, Inc. (“CyberCoders”), a permanent placement recruiting firm.
  • Leverage ratio (total indebtedness to trailing twelve months Adjusted EBITDA) was 2.2 to 1 at December 31, 2013, down from 2.9 to 1 at December 31, 2012.

Commenting on the results, Peter Dameris, President and Chief Executive Officer of On Assignment, Inc., said, “We reported strong financial performance for the quarter, completed the sale of our Allied Healthcare unit and acquired two businesses, which we believe further solidify our position as a top player in each of the markets we serve. Revenues, gross profit, income from continuing operations and Adjusted EBITDA were above the high-end of our estimates. We believe we are well positioned and have good momentum going into 2014.”

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