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Cross Country completes sale of education business

September 02, 2015

Cross Country Healthcare Inc. (NASD: CCRN), the third-largest US healthcare staffing firm, completed the sale of its education business, Cross Country Education LLC, to PESI Inc. for an aggregate purchase price of $8.0 million, plus possible earn-outs of $500,000. Cross Country had announced the deal in July.

Cross Country Education provides in-person seminars to healthcare professionals and was non-core to the company’s business. The company intends to use the net proceeds from the sale to finance future acquisitions and strategic objectives, reduce debt and for general business purposes.

The company also revised its guidance range for the third quarter to reflect the impact of the divestiture. Cross Country now expects revenue to range from $190 million to $195 million, down from a forecast of $192 million to $197 million issued with its second-quarter earnings report. It expects a gross profit margin of 24.9% to 25.4%.