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Cross Country Healthcare Inc. (NASD: CCRN) reported its nurse and allied staffing business benefitted from higher volume and average bill rates. However, revenue in the healthcare staffing provider’s physician staffing business fell despite higher bill rates amid lower volume in specialties such as anesthesia, primary care and surgery.
Total first-quarter revenue rose 0.5 percent at Cross Country on a year-over-year basis to $110.3 million. As a note, the company’s first-quarter report includes its clinical trial services segment as a discontinued operation. The segment was sold in February to ICON plc.
Nurse and allied staffing revenue rose 4.6 percent to $72.7 million in the first quarter. It’s the Boca Raton, Fla.-based firm’s largest segment. But physician staffing revenue fell 4.1 percent to $28.1 million in the first quarter.
Cross Country’s “other human capital management” services revenue fell 13.7 percent to $9.5 million in the first quarter. Among the reasons were fewer physician searches in the firm’s retained search operations, according to the company. The segment includes retained search as well as education and training operations.
The company’s first-quarter gross margin narrowed to 26.2 percent from 26.5 percent in the same quarter last year.
Cross Country posted a net income of almost $1.2 million in the first quarter compared to a net loss of $584,000 in the same period a year ago.
Cross Country Healthcare Inc. (NASD: CCRN)
For the first quarter ended March 31, 2013, compared with the same period a year ago.
Revenue: $110.3 million, +0.5 percent
Net Income: $1.2 million vs. net loss of $584,000