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Cross Country profit increases 22%

May 08 2008

First-quarter net income at Cross Country Healthcare Inc. (NASD: CCRN) rose 22% to $5.9 million from $4.8 million in the same period last year.

The Boca Raton FL-based healthcare staffing firm's first-quarter revenue rose 2% to $179.3 million from $176.1 million in the first quarter of 2007. Gross margin improved to 25.2% from 23.0%.

"Of note, in our nurse staffing business we experienced further margin expansion over the prior year quarter as a result of a continued widening of the bill-pay spread, a decline in housing cost as a percent of revenue, and a continued rise in bill rates in the low single digit range," President and CEO Joseph Boshart said.

Revenue in the company's nurse and allied staffing division fell 3% to $140.7 million. Cross Country said an increase in revenue per hour was offset by lower staffing volumes

The company's clinical trials services division revenue rose 26% to $24.9 million. This division got a boost from Cross Country's acquisition of two firms in 2007, AKOS Ltd. and Assent Consulting.

Cross Country's other human capital management services division posted a 16% increase in revenue to $13.7 million.

The company estimated second-quarter revenue of $173 million to $175 million, about flat with the second quarter of 2007.

Cross Country Healthcare Inc. (NASD: CCRN)
For the first quarter ended March 31, 2008, compared with the same period in 2007.
Revenue: $179.3 million, 2%
Net income: $5.9 million, +22%

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