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AMN net income rises 6.5%

October 31 2007

AMN Healthcare Services Inc. (NYSE: AHS) said third-quarter profit rose 6.5% to $10.1 million from $9.5 million in the same period last year.

The healthcare staffing company said third-quarter revenue rose 6.2% to $300.3 million from $282.7 million in the third quarter of 2006.

Gross margin slipped to 26.6% from 27.1%. The company said the decline came from higher housing and health insurance costs in the nurse and allied segment.

Revenue rose in all the company's divisions with the greatest increase coming in locum tenens. AMN reported third-quarter locum tenens revenue of $83.0 million, up 21.2% year-over-year. Nurse and allied healthcare staffing rose 1.1% to $204.1 million; and physician permanent placement revenue rose 7.1% to $13.2 million.

AMN forecast fourth-quarter revenue between $286 million and $288 million. It also reiterated full-year 2007 revenue of between $1.16 billion and $1.17 billion.

The San Diego-based company also said its offices were closed for two days last week as a precautionary measure because of the Southern California wildfires. CEO Susan Nowakowski said its workers were all safe and most everybody is back in their homes. "While a short period of time, this was a real test of our disaster recovery and business continuity plans, which I'm pleased to say, worked beautifully," Nowakowski said.

AMN Healthcare Services Inc. (NYSE: AHS)

For the third quarter ended Sept. 30, 2007, compared with the same period in 2006.

Revenue: $300.3 million, +6.2%

Net income: $10.1 million, +6.5%

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