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On Assignment Revenue Up 34%

April 29 2011

On Assignment Inc. (NASD: ASGN) yesterday reported revenue for the first quarter ended March 31 rose 34.4 percent from the year-ago quarter. The Calabasas, Calif.-based life sciences, healthcare and technology staffing company reported first-quarter revenue of $129.4 million, compared with $96.3 million in the first quarter of 2010.

“During the quarter, our revenue growth continued to accelerate,” said Peter Dameris, president and CEO. “We experienced very robust revenue growth in our IT & engineering and life sciences segments and believe that the first quarter marked the bottom in revenue declines for our nurse travel and physician staffing divisions.”

Gross margin for the quarter rose to 33.3 percent from 32.0 percent in the year-ago quarter.

Net income was $3.2 million, compared with net loss of $302,000 in the year-ago quarter.

Revenue rose in three of the company’s four business segments in the first quarter. First-quarter, year-over-year revenue results for the segments:

* Life sciences, up 43.0 percent to $33.0 million
* Healthcare staffing, up 6.8 percent to $19.8 million
* Physician staffing, down 12.5 percent to $16.5 million
* Information technology and engineering, up 67.9 percent to $60.1 million

Looking forward, the company expects revenue of between $142 million and $145 million, or an increase of between 35.9 percent and 38.8 percent. The company anticipates gross margin to be approximately 34 percent.

On Assignment Inc. (NASD: ASGN)
For the first quarter ended March 31, 2011, compared with the same period last year.
Revenue: $129.4 million, +34.4 percent
Net income: $3.2 million vs. net loss of $302,000

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