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Cross Country revenue, profit rise

November 06 2007

Cross Country Healthcare Inc. (NASD: CCRN) reported a 14% increase in revenue. The healthcare staffing company posted revenue of $185.1 million, up from $162.9 million in the same period last year.

Third-quarter net income was $7.0 million, up from $122,000 in the third quarter of 2006. Cross Country took an after-tax charge of approximately $5.4 million in last year's quarter in the settlement of a wage and hour lawsuit brought by nurses.

Gross margin rose to 24.8% from 23.2%.

Third-quarter nurse and allied staffing revenue rose 6% to $145.8 million. Clinical trials services third-quarter revenue rose 97% to $26.2 million reflecting the acquisitions of Metropolitan Research, AKOS, and Assent. Cross Country's other human capital management services had third-quarter revenue of $13.2 million, up 15% year-over-year.

The company forecast fourth-quarter revenue of $179 million to $182 million.

Cross Country Healthcare Inc. (NASD: CCRN)

For the third quarter ended Sept. 30, 2007, compared with the same period in 2006.

Revenue: $185.1 million, +14%

Net income: $7.0 million vs. net income of $122,000

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