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On Assignment Results Out

On Assignment Results Out

On Assignment, Inc. the diversified professional staffing firm providing flexible and permanent staffing solutions in specialty skills including Laboratory/Scientific, Healthcare/Nursing, Physicians, Medical Financial, Information Technology and Engineering, has reported its results for the quarter ended September 30, 2009.

Third Quarter 2009 Financial Highlights
Revenues for the third quarter of 2009 were $98.1 million down from $101.8 million in the second quarter of 2009.
Net Income was $1.5 million, up from $0.6 million in the second quarter of 2009.

Adjusted EBITDA (a non-GAAP measurement defined below) was $8.7 million or 8.9% of revenues, up from $7.5 million or 7.3% of revenue in the second quarter of 2009.

Peter Dameris, President and Chief Executive Officer of On Assignment, Inc. said, During the quarter, we executed very well against our stated 2009 operating objectives of sustaining gross and EBITDA margins. Dameris concluded, For the first time since the third quarter of 2008, the number of billable consultants out on assignment was greater at the end of the quarter than at the beginning. This placement trend should permit us to grow revenues sequentially on a same number of billable day basis in the seasonally impacted fourth quarter.

Jim Brill, Senior Vice President and Chief Financial Officer of On Assignment, Inc. stated, Our third quarter gross margin was 33.4%, up from 32.8% in the second quarter of 2009. In the third quarter of 2009 gross margin in Life Sciences was 33.6%, Healthcare gross margin was 29.9%, while Physician staffing gross margin was 33.4% and IT and Engineering gross margin was 35.7%. Brill continued, We ended the quarter with $35.1 million in cash and cash equivalents, which was down from $44.5 million at the end of the preceding quarter. After generating $9.2 million in cash flow from operations during the quarter, we paid down our bank debt by $18.0 million to $82.9 million. Capital expenditures were $1.1 million, amortization of intangibles was $1.5 million, depreciation was $1.4 million and equity-based compensation expense was $1.5 million.

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