Cross Country Healthcare Announces Third Quarter 2016 Financial Results

Cross Country Healthcare, Inc. (Nasdaq: CCRN) today announced financial results for the third quarter ended September 30, 2016.

GAAP Financial Highlights:
  • Revenue was $215.0 million compared to $195.7 million in the prior year quarter
  • Net income attributable to common shareholders was $14.1 million compared to $5.0 million in the prior year quarter
  • Diluted Earnings Per Share (EPS) was $0.22 compared to $0.16 in the prior year quarter

Other Financial Highlights:
  • Revenue was $215.0 million, up 10% year-over-year and 7% on a proforma basis
  • Adjusted EBITDA was $13.1 million, or 6.1% of revenue versus $12.3 million, or 6.3% of revenue in the prior year
  • Adjusted EPS was $0.24 compared to $0.23 in the prior year
  • Cash flow from operations was $19.4 million compared to $12.9 million in the prior year

Note: Refer to table and discussion of Non-GAAP financial measures below.

"This was a strong quarter for the company with revenue, Adjusted EBITDA and Adjusted EPS all significantly ahead of guidance," said William J. Grubbs, President & Chief Executive Officer. "The investments and improvement initiatives we have been working on for more than three years are starting to pay off, giving us good momentum going into the fourth quarter and 2017."

Third quarter consolidated revenue was $215.0 million, an increase of 10% year-over-year and 8% sequentially. The Company's consolidated gross profit margin was 27.1%, up 80 basis points year-over-year and down 40 basis points sequentially. Net income attributable to common shareholders was $14.1 million compared to $5.0 million in the prior year. The third quarter included a gain on the derivative liability of $7.1 million as compared to a $2.9 million loss in the prior year that was partly offset by a $1.3 million after-tax gain on the sale of a business. Diluted EPS was $0.22 per share compared to $0.16 per share in the prior year. Adjusted EBITDA was $13.1 million or 6.1% of revenue, as compared with $12.3 million or 6.3% of revenue in the prior year. Adjusted EPS was $0.24 compared to $0.23 in the prior year and $0.16 in the prior quarter.

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