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US – Cross Country Revenue Rises 10%

06 March 2012

Cross Country Healthcare Inc. (NASD: CCRN) reported fourth-quarter revenue rose 9.7 percent to $124.7 million from $113.7 million in the year-ago quarter.

The Boca Raton, Fla.-based healthcare staffing firm reported fourth-quarter revenue in its nurse and allied staffing division rose 18.3 percent on a year-over-year basis to $70.3 million.

Fourth-quarter revenue in Cross Country’s physician staffing business edged up 0.1 percent to $27.9 million. The company cited a change in mix toward a higher staffing volume of lower bill-rate specialties.

Clinical trial services revenue at the company rose 2.9 percent in the fourth quarter to $15.7 million.

However, fourth-quarter revenue in “other human capital management services” fell 2.6 percent to $10.8 million. The other human capital management services segment includes education, training and retained search.

Cross Country’s fourth-quarter gross margin narrowed to 27.8 percent from 28.7 percent in the fourth quarter of the previous year.

The staffing firm posted fourth-quarter net income of $532,000 compared to a net loss of $6.0 million in the fourth quarter of 2010. The previous year’s fourth quarter included an impairment charge of $10.8 million related to the company’s acquisition of Medical Doctor Associates.

Revenue for full-year 2011 rose 7.6 percent to $504.0 million from $468.6 million in the previous year.

2011 gross margin narrowed to 27.4 percent from 2010 gross margin of 28.2 percent.

2011 net income was $4.1 million, compared to a net loss of $2.8 million in 2010. The company posted an impairment charge of $10.8 million in 2010.

Cross Country forecast first-quarter revenue of between $126.0 million and $128.0 million, a year-over-year increase of between 3.2 percent and 4.9 percent.

Cross Country Healthcare Inc. (NASD: CCRN)
For the quarter ended Dec. 31, 2011, compared with the year-ago period.
Revenue: $124.7 million, +9.7 percent
Net income: $532,000 vs. net loss of $6.0 million
For the year ended Dec. 31, 2011, compared with the previous year.
Revenue: $504.0 million, +7.6 percent
Net income: $4.1 million vs. net loss of $2.8 million

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