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Medical Staffing Network swings to profit

May 08 2008

Medical Staffing Network Holdings Inc. (NYSE: MRN) posted a first-quarter profit of $776,000 compared with a loss of $69,000 in the first quarter of 2007.

First-quarter revenue at the Boca Raton FL-based company rose 60.4% to $145.2 million from $90.5 million in the same period last year. Gross margin improved to 24.1% from 23.2%.

"Our per diem business grew sequentially aided by a strong performance from the acquired InteliStaf per diem business," said Chairman and CEO Robert Adamson. Medical Staffing Network acquired InteliStaff in May 2007.

Adamson, however, said the company continues to feel the headwinds of a sluggish economy.

Medical Staffing Network Holdings Inc. (NYSE: MRN)
For the first quarter ended March 30, 2008, compared with the same period in 2007.
Revenue: $145.2 million, +60.4%
Net income: $776,000 vs. net loss of $69,000

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