Fourth-quarter revenue slipped at Cross Country Healthcare Inc. (NASD: CCRN), but the Boca Raton FL-based healthcare staffing firm's nurse and allied revenue rose sequentially.

Cross Country reported fourth-quarter revenue fell 39.7% to $124.1 million from fourth quarter 2008 revenue of $205.9 million.

The Boca Raton FL-based healthcare staffing firm said nurse and allied staffing revenue fell 47.1% on a year-over-year basis to $65.4 million. However, revenue in the segment rose 2.1% sequentially from the third quarter.

Physician staffing revenue fell 27.3% on a year-over-year basis in the fourth quarter to $33.3 million. It was also down 16.0% sequentially.

Clinical trials fourth-quarter revenue fell 37.9% from the year-ago quarter to $14.9 million, and it fell 9.5% sequentially.

Cross Country's fourth-quarter gross margin improved to 29.1% from 26.4% in the year-ago quarter.

The company also posted fourth-quarter net income of $398,000 compared with a net loss of $161.3 million in the same period in the previous year. The fourth quarter of 2008 included an impairment charge of $167.0 million after tax.

Full-year 2009 revenue fell 21.2% to $578.2 million from $734.2 million in 2008. Gross margin improved to 27.2% in 2009 from 26.2% in the previous year.

Cross Country posted 2009 net income of $6.7 million. It reported a net loss of $142.9 million in 2008.

The company estimates first-quarter revenue of between $120 million to $122 million, a year-over-year decrease of between 30.5% and 31.6%.

Cross Country Healthcare Inc. (NASD: CCRN)
For the fourth quarter ended Dec. 31, 2009, compared with the same period in the previous year.
Revenue: $124.1 million, -39.7%
Net income: $398,000 vs. net loss of $161.3 million

For the full year ended Dec. 31, 2009, compared with the previous year.
Revenue: $578.2 million, -21.2%
Net income: $6.7 million vs. net loss of $142.9 million