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AMN revenue up 5% in 3Q08

October 31 2008

AMN Healthcare Services Inc. (NYSE: AHS) posted revenue of $315 million for the quarter ended Sept. 30. This number was up 5% over last year but slightly below company guidance.

Net income for the quarter was down 21% on a year-over-year basis to $9.5 million. Gross margin was 25.7%, slipping from 26.6% from the same period last year, reflecting lower contribution from businesses such as international nursing and physician direct hire business.

Revenue for the company's Nurse and Allied staffing segment was $217.1 million, an increase of 6.4% from the same quarter last year. The Locum Tenens staffing segment generated revenue of $85.3 million, an increase of 2.8% from the same quarter last year, and the Physician Permanent Placement segment provided revenue of $12.6 million, decreasing from $13.2 million reported the same quarter last year.

For the fourth quarter, AMN revised its projected full-year 2008 revenue to $1.22 billion, up 5.2% from 2007. The company projects fourth quarter 2008 revenue in the range of $295 million to $300 million. This number is up between 3.2% and 4.9% from 2007 fourth quarter revenue of $285.9 million.

AMN Healthcare Services Inc. (NYSE: AHS)
For the third quarter ended Sept. 30, 2008,
compared with the same period in 2007.
Revenue: $315 million, 5%
Net income: $9.5 million, -21%

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