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Cross Country Healthcare Reports Second Quarter 2012 Results

Cross Country Healthcare Inc. News Release (08/06/12)

Cross Country Healthcare Inc. on Aug. 6 reported revenue of $126.3 million in the second quarter ended June 30, 2012, essentially flat compared with both the prior year quarter and sequentially from the first quarter of 2012. The company incurred a net loss in the second quarter of 2012 of $14.5 million, which included a noncash goodwill impairment charge of $12.0 million after-tax.

Joseph A. Boshart, president and chief executive officer of Cross Country Healthcare, noted that “both the physician staffing and clinical trial services businesses—which combined accounted for 38% of total revenue—achieved year-over-year and sequential growth in the second quarter.” For the second quarter of 2012, the physician staffing business segment generated revenue of $30.9 million, an increase of 1% from the prior year quarter and a 6% increase sequentially from the second quarter of 2012. The year-over-year increase was due to higher revenue per day filled and the sequential increase resulted from higher staffing volume, in particular for hospitalists and emergency medicine physicians, along with higher revenue per day filled.

The nurse and allied staffing business segment generated revenue of $67.6 million in the second quarter, reflecting a 1% decrease from the prior year quarter and a 3% decrease sequentially from the first quarter of 2012, both due primarily to lower staffing volume. Segment staffing volume decreased 1% from both the prior year quarter and sequentially. Travel staffing volume increased slightly year-over-year, but decreased 1% sequentially while per diem staffing volume decreased 10% year-over-year and 2% sequentially.