Cross Country Healthcare Inc. News Release (03/18/13)

Cross Country Healthcare Inc. on March 18 reported results for the fourth quarter and full year ended Dec. 31, 2012. Consolidated revenue from continuing operations for the fourth quarter of 2012 was $111.7 million, an increase of 3% from the prior year quarter, but a slight decrease sequentially from the third quarter of 2012. Including discontinued operations, the company incurred a net loss in the fourth quarter of 2012 of $9.5 million. Loss from continuing operations before income taxes was $1.3 million, including a $0.8 million charge recognized in the fourth quarter for a professional liability indemnity claim in the nurse and allied staffing business. Loss from continuing operations after taxes was $3.0 million. In the same quarter of the prior year, Cross Country had net loss from continuing operations of $0.2 million, while net income including discontinued operations was $0.5 million.

For the full year 2012, consolidated revenue from continuing operations was $442.6 million, an increase of 1% from the prior year. Including discontinued operations, the company had a net loss of $42.2 million. Loss from continuing operations before income taxes was $26.9 million. Loss from continuing operations was $20.7 million. For the full year 2011, net income was $4.1 million.