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Cross Country revenue down 27%

November 03, 2009
Staffing Industry Analysts North American Daily News

Third-quarter revenue fell 27.2% at Cross Country Healthcare Inc. (NASD: CCRN) to $129.6 million from $178.1 million in the third quarter of 2008.

Third-quarter nurse and allied staffing revenue at the Boca Raton FL-based healthcare staffing firm fell 50.3% to $64.1 million from $128.9 million in the year-ago quarter. Clinical trials third-quarter revenue fell 35.4% to $16.4 million.

Travel nurse staffing volume rose 6% since mid-September, President and CEO Joseph Boshart said. "This improvement in staffing volume has resulted from a significant increase in demand since the spring, with current open order levels for travel nurses six times the levels seen prior to the summer."

The company reported third-quarter physician staffing revenue of $39.6 million, up from $10.8 million in the third quarter of last year. Cross Country acquired Medical Doctors Associates, a locum tenens staffing firm, last year.

Cross Country's gross margin improved to 27.3% from 26.6%.

Third-quarter net income fell 84.3% to $968,000 from $6.2 million in the year-ago quarter.

Cross Country estimated fourth-quarter revenue of $120 million to $123 million, a year-over-year decline of approximately 40% to 42%.

Cross Country Healthcare Inc. (NASD: CCRN)
For the third quarter ended Sept. 30, 2009, compared with the same period in 2008.
Revenue: $129.6 million, -27.2%
Net income: $968,000, -84.3%