Cross Country Healthcare Inc. News Release (11/06/12)

Cross Country Healthcare Inc. on Nov. 6 reported revenue of $129.1 million in the third quarter ended Sept. 30, 2012, a decrease of 2% from the prior year quarter, but a 2% increase sequentially from the second quarter of 2012. The company incurred a net loss in the third quarter of 2012 of $17.6 million. Cash flow from operations for the third quarter of 2012 was $1.9 million.

The nurse and allied staffing business segment generated revenue of $69.8 million for the third quarter of 2012, reflecting a 5% decrease from the prior year quarter, but a 3% increase sequentially from the second quarter. The year-over-year decrease was due to lower staffing volume. The sequential increase was due to a combination of higher staffing volume and bill rates. Segment staffing volume decreased 5% from the prior year quarter, but increased 1% sequentially. Travel staffing volume decreased 3% year-over-year, but increased 1% sequentially while per diem staffing volume decreased 12% year-over-year, but increased 2% sequentially.

For the third quarter of 2012, the physician staffing business segment generated revenue of $32.7 million, an increase of 6% from both the prior year quarter and sequentially from the second quarter of 2012. Physician staffing days filled for the third quarter of 2012 was 22,647 days, a 1% decrease from the prior year quarter, but a 6% increase sequentially. Revenue per day filled for the third quarter of 2012 was $1,443, up 7% year-over-year and unchanged sequentially.