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Medical Staffing Network revenue down 32%

May 08 2009

First-quarter revenue fell 32.1% year-over-year at Medical Staffing Network Holdings Inc. (OTCBB: MNSW.PK) to $98.6 million.

"Weak hospital volumes and, in some cases, declining admissions have caused hospitals to focus more intently on reducing variable costs, including temporary staffing," said Chairman and  CEO Robert Adamson.

First-quarter gross margin at the Boca Raton FL-based healthcare staffing firm rose to 24.9% from 24.1% in the year ago quarter.

Medical Staffing Network Holdings reported a first-quarter net loss of $3.7 million compared with net income of $776,000 in the first quarter of 2008. The company reported a goodwill impairment charge of $969,000 and restructuring and other charges of $681,000.

Medical Staffing Network Holdings said it closed or merged three branches during the first quarter and cut headcount by 100.

Medical Staffing Network Holdings Inc. (OTCBB: MSNW.PK)
For the first quarter ended March 29, 2009, compared with the same period in the previous year.
Revenue: $98.6 million, -32.1%
Net loss: $3.7 million vs. net income of $776,000

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