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Medical Staffing Network net loss narrows

March 06 2008

Fourth-quarter net loss at Medical Staffing Network Holdings Inc. (NYSE: MRN) narrowed to $963,000 from $24.8 million in the fourth quarter of 2006.

The net loss in the fourth quarter included a goodwill impairment of $700,000, a restructuring charge of $200,000, and a non-cash tax provision of $2.7 million, according to the Boca Raton FL-based healthcare staffing company. In the fourth quarter of 2006, the company reported a goodwill impairment of $28.6 million and a tax non-cash charge of $7.4 million.

Medical Staffing Network's fourth-quarter revenue rose 43.9% to $143.2 million from $99.5 million in the fourth quarter of 2006. Gross margin improved to 24.6% from 23.6%.

Net loss for full-year 2007 was $1.1 million compared to a net loss of $27.0 million in 2006. Revenue rose 25.1% to $482.3 million from $385.5 million in the previous year. Gross margin improved to 24.1% from 22.3%.

Medical Staffing Network acquired privately held InteliStaf Holdings Inc. in May 2007.

Chairman and CEO Robert Adamson said the company is optimistic about improving earnings in 2008 despite the slower overall economy. "The weaker demand experienced in a few key markets in the fourth quarter reversed as the first quarter progressed and we anticipate exiting the quarter at a revenue run rate approaching that of the third quarter," Adamson said.

Medical Staffing Network Holdings Inc. (NYSE: MRN)
For the fourth quarter ended Dec. 30, 2007, compared with the same period in 2006.
Revenue: $143.2 million, +43.9%
Net loss: $963,000 vs. net loss of $24.8 million

For full-year 2007 ended Dec. 30, 2007, compared with the previous year.
Revenue: $482.3 million, +25.1%
Net loss $1.1 million vs. net loss of $27.0 million

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