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AMN says demand up, profit rises 16.1%

May 08 2008

AMN Healthcare Services Inc. (NYSE: AHS) reported a 16.1% increase in first-quarter net income. President and CEO Susan Nowakowski said demand for travel nurses and allied healthcare professionals rose since the start of the year.

San Diego-based AMN, the country's largest healthcare staffing company, reported first-quarter net income of $9.5 million, up from $8.2 million in the same period last year.

First-quarter revenue rose 3.4% to $293.6 million from $283.9 million in the first quarter of 2007. Gross margin increased to 26.4% from 25.5%.

Revenue also rose in all three of its business segments. Nurse and allied healthcare staffing first-quarter revenue rose 2.0% to $204.0 million, locum tenens staffing revenue rose 6.9% to $76.4 million, and physician permanent placement services revenue rose 5.5% to $13.3 million.

AMN estimated second-quarter 2008 revenue at between $313.0 million and $316.0 million, up between 6.5% and 7.5% from the second quarter of 2007. The company estimated full-year 2008 revenue will increase 7% to 12% over 2007.

AMN had announced on Feb. 15 that it acquired Platinum Select LP, a Dallas-based provider of travel nurse and allied healthcare staffing.

AMN Healthcare Services Inc. (NYSE: AHS)
For the first quarter ended March 31, 2008, compared with the same period in 2007.
Revenue: $293.6 million, +3.4%
Net income: $9.5 million, +16.1%

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