On Assignment, Inc. has reported
On Assignment, Inc. has reported its results for the quarter and the year ended December 31, 2009.
Fourth Quarter 2009 Financial Highlights
-- Revenues for the fourth quarter of 2009 were $99.9 million up from $98.1 million in the third quarter of 2009. Revenues grew 2% on an absolute basis and 6% on a same number of billable day basis.
-- Gross Margin was 33.2% up from 32.9% in the fourth quarter of 2008.
-- Adjusted EBITDA (a non-GAAP measurement defined below) was $7.8 million or 7.8% of revenues.
-- Term Debt was reduced voluntarily by $5.0 million to $77.9 million in the quarter.
Full Year 2009 Financial Highlights
-- Gross Margin was 32.7% up from 32.3% in 2008.
-- Term Debt was reduced by $48.0 million to $77.9 million in the year.
-- Operating Cash Flow was 10.3% of revenue.
For the fourth quarter of 2009, the Life Sciences segment revenues were $22.9 million, up 1.6%, on an absolute basis, from $22.6 million in the third quarter of 2009. The Healthcare segment revenues, which include Nurse Travel and Allied Healthcare lines of business, were up 1.6%, on an absolute basis, to $21.4 million compared with $21.0 million in the third quarter of 2009. Nurse Travel revenues were $9.6 million, down 11.0%, on an absolute basis, from $10.7 million in the third quarter 2009, Allied Healthcare revenues were $11.8 million, up 14.7%, on an absolute basis, from $10.3 million in the third quarter of 2009. The Physician segment revenues were $20.1 million, down 11.2%, on an absolute basis, from $22.6 million in the third quarter of 2009, and the IT and Engineering segment revenues were $35.6 million, up 11.6%, on an absolute basis, from $31.9 million in the third quarter of 2009.
Peter Dameris, President and Chief Executive Officer of On Assignment, Inc. said, "Throughout 2009, we remained disciplined in protecting our margins and positioning the Company for future growth and profitability. Although revenues and profits contracted considerably, we were successful in creating value for our shareholders and employees by substantially reducing our long term debt, expanding our consolidated gross margin and maintaining a high EBITDA margin." Dameris concluded, "Our fourth quarter results demonstrate the growth potential that lies ahead for our Company, once the US economy experiences a sustainable recovery."