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On Assignment revenue falls 18%

April 30 2010

First-quarter revenue at On Assignment Inc. (NASD: ASGN) fell 17.5% to $96.3 million from revenue of $116.8 million in the first quarter of 2009.

The Calabasas CA-based professional staffing firm's reported year-over-year revenue declines in all its segments. However, it announced sequential revenue gains in both its life sciences and information technology-engineering segments.

First-quarter travel nurse revenue fell 57.7% on a year-over-year basis to $9.0 million -- it fell 5.6% sequentially.

On Assignment's allied healthcare business posted a 6.3% decline in year-over-year revenue to $9.6 million -- down 19.0% sequentially.

Life sciences revenue fell 9.2% year-over-year in the first quarter to $23.1 million, but rose 0.4% sequentially.

IT and engineering first-quarter revenue fell 6.2% year-over-year to $35.8 million, but rose 0.7% sequentially.

Physician staffing revenue at On Assignment fell 13.2% year-over-year to $18.9 million in the first quarter, and fell 5.9% sequentially.

However, physician staffing gross margin improved to 31.7% in the first quarter from 30.1% in the year-ago quarter. Gross margin narrowed in other divisions, but for the company as a whole gross margin improved to 32.0% from 31.7% in the year-ago quarter.

On Assignment posted a net loss of $302,000 compared with net income of $1.6 million in the first quarter of 2009.

The company estimated second-quarter revenue of between $103 million and $107 million -- a year-over-year increase of 1.1% to 5.1%

On Assignment Inc. (NASD: ASGN)
For the first quarter ended Mach 31, 2010, compared with the same period in 2009.
Revenue: $96.3 million, -17.5%
Net loss: $302,000 vs. net income of $1.6 million

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