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AMN Healthcare Announces First Quarter 2009 Results
Date:5/7/2009

  • Experienced a further reduction in new physician permanent placement searches
  • Launched a new Emergency Medicine division within locum tenens
  • Secured a favorable credit agreement amendment from our debtholders

  • For the first quarter of 2009, revenue for the Nurse and Allied staffing segment was $164 million, a decrease of 20% from the same quarter last year and 21% sequentially. The Locum Tenens staffing segment generated revenue of $75 million, a decrease of 2% from the same quarter last year and sequentially. The Physician Permanent Placement segment provided revenue of $11 million, a decrease of 17% from the same quarter last year and 10% sequentially.

    Gross margin during the first quarter of 2009 was 25.6%, generally unchanged from the previous quarter, but down 75 bps as compared to 26.4% for the same quarter last year. The year over year decline mainly reflected continued lower revenue mix from the relatively high margin business line of international nursing and narrower margins in the travel nursing business.

    Selling, general and administrative ("SG&A") expenses for the first quarter of 2009, excluding $0.9 million in non-recurring legal expenses, were 19.7% as a percentage of revenue as compared to 18.8% in the same quarter last year. While SG&A increased as a percentage of revenue due to negative operating leverage, SG&A excluding the non-recurring legal expenses declined in absolute terms by $5.9 million, or 11%, over prior year and by $6.0 million, or 11%, sequentially, as cost-saving initiatives begun in the previous quarter took hold.

    As a result of certain cost-reduction actions, the company recorded $2.9 million in restructuring charges, consisting mainly of severance payments related to workforce reductions as well as lease-related charges associated with facility consolidations. Also, in accord
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    SOURCE AMN Healthcare Services, Inc.
    Copyright©2009 PR Newswire.
    All rights reserved

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