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 EstimatesOn 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.
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