On Assignment, Inc. (NYSE: ASGN), a leading global provider of diversified professional staffing solutions, today reported results for the quarter ended March 31, 2014.
First Quarter Highlights
- Revenues were $439.3 million, up 15.9 percent year-over-year and 9.8 percent on a pro forma basis (pro forma assumes the acquisitions of Whitaker Medical, LLC and CyberCoders Holdings, Inc. in December 2013 occurred at the beginning of 2013).
- Adjusted Income from continuing operations (a non-GAAP measure defined below) was $23.1 million ($0.42 per diluted share).
- Income from continuing operations was $14.0 million ($0.26 per diluted share). Income from continuing operations included $0.8 million ($0.5 million net of income taxes, or $0.01 per share) in acquisition, integration and strategic planning expenses, which were not included in our previously announced estimates.
- Adjusted EBITDA (a non-GAAP measure defined below) was $40.2 million.
- Amended our credit agreement on February 28, 2014, which results in an annual interest expense savings of approximately $1.0 million.
- Leverage ratio (total indebtedness to trailing twelve months Adjusted EBITDA) was 2.12 to 1 at March 31, 2014, down from 2.2 to 1 at December 31, 2013.
Commenting on the results, Peter Dameris, President and Chief Executive Officer of On Assignment, Inc., said, “We reported strong financial results for the quarter despite the effects of the inclement weather. Our IT segments continue to report strong performance led by our Apex Segment, which grew 16 percent year-over-year. Demand for our IT services continues to be robust and we are well positioned to expand our market share.”
“During the quarter, we completed our five-year strategic plan, which we reviewed at our analysts’ day presentation last month. We have already realigned our operating segments, which we believe will enhance our ability to improve our growth prospects and our operating efficiency.”