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Buy, allied boost Medical Staffing Network

August 07 2008

Second-quarter revenue at Medical Staffing Network Holdings Inc. (NYSE: MRN) rose 52.2% to $143.0 million, compared with $94.0 million in the second quarter of last year. Chairman and CEO Robert Adamson said the company felt economic headwinds. But its allied health staffing division posted double-digit growth, and an acquisition last year boosted revenue, he said. Medical Staffing Network Holdings bought InteliStaf Holdings Inc. in 2007; it provided per diem, travel nurse and VMS services.

Gross margin at Medical Staffing Network Holdings improved to 24.9% year-over-year from 24.5%.

The Boca Raton FL-based company, however, posted a net loss of $52.7 million compared with net income of $1.7 million in the year-ago quarter. It reported a non-cash charge to goodwill of $59.8 million and a $3.1 million charge to other intangible assets.

"We recorded impairment charges to goodwill and other indefinite lived intangible assets as a result of the challenging industry dynamics currently being experienced, affecting both quarterly results and our assessments of future growth rates of the healthcare staffing industry," said President and CFO Kevin Little.

Medical Staffing Network Holdings Inc. (NYSE: MRN)
For the second quarter ended June 29, 2008, compared with the same period in 2007.
Revenue: $143.0 million, +52.2%
Net loss: $52.7 million vs. net income of $1.7 million

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