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Cross Country Healthcare Announces Third-Quarter 2014 Financial Results

Published November 06, 2014 ■ Headline News

Cross Country Healthcare Inc. News Release (11/05/14)

Cross Country Healthcare Inc. reported revenues of $188.9 million for the third quarter of 2014, up 75% from $108 million in the third quarter of 2013. The company reported a net loss of $7.5 million, compared with net income of $1.5 million in the year-ago quarter. The third quarter results include the company’s acquisition of Medical Staffing Network, which closed June 30.

Revenues totaled $147.5 million for its nurse and allied staffing segment, up 125% from $65.6 million in the 2013 third quarter, and $32.3 million for its physician staffing segment, down 3% from $33.4 million a year ago.

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Ortoli | Rosenstadt: What Exactly Is a Seller Responsible for When Selling Its Staffing Firm?

Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.

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