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Cross Country Revenue Rises 1%

May 05 2011

Cross Country Healthcare Inc. (NASD: CCRN) reported revenue rose 0.6 percent year-over-year in the first quarter ended March 31. The Boca Raton, Fla.-based healthcare staffing firm posted revenue of $122.0 million in the first quarter, up from $121.4 million a year ago.

Revenue from nurse and allied staffing, the company’s largest segment, rose 3.4 percent year over year to $66.9 million in the first quarter. Clinical trial services revenue rose 3.0 percent to $15.6 million.

The company’s other two segments fell in the first quarter. Physician staffing revenue slipped 5.5 percent to $29.4 million from year-ago levels. Meanwhile, the company’s “other human capital management services” segment edged down 2.5 percent to $10.1 million. The segment includes education, training and retained search.

“I am particularly encouraged by the continuing recovery in our nurse and allied staffing business,” said Joseph Boshart, president and CEO. “Revenue momentum is being driven by a combination [of factors that] have resulted in our travel nurse renewal rates rebounding to 2008 levels as our nurses now have a greater number of attractive assignments to choose from as they conclude a contract. During the remainder of 2011, I believe the supply of nurses will be the key constraint to achieving more rapid growth.”

First-quarter gross margin lost 70 basis points year over year, falling to 27.0 percent from 27.7 percent a year ago.

Meanwhile, net income fell 81.8 percent to $207,000 from $1.1 million a year ago.

The company forecast second-quarter revenue of between $126.0 million and $128.0 million, a year-over-year increase of between 6.9 percent and 8.6 percent.

Cross Country Healthcare Inc. (NASD: CCRN)
For the second quarter ended March 31, 2011, compared with the same period in 2010.
Revenue: $122.0 million, +0.6 percent
Net income: $207,000, -81.8 percent

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