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AMN Healthcare Announces Second Quarter 2009 Results
Date:8/6/2009

g our infrastructure, enabling us to adjust to short-term volume trends, while operating with an improved cost structure going forward. At the same time, we are also maintaining our long-term strategy of investing in our future through progress with new service lines."

Key business highlights include:

  • Strong market leadership position, with stable pricing and gross margins across service lines;
  • Signs of stabilization and improvement in Nursing and Allied orders;
  • Progress in new market expansion areas of Emergency Medicine Physician staffing, Home Health Nurse and Allied staffing, and Recruitment Process Outsourcing;
  • Significant debt reduction and increased cash that position the company to capture additional market opportunities for future growth;
  • Cost structure improvements and more streamlined infrastructure for improved profitability as the market rebounds.

For the second quarter of 2009, revenue for the Nurse and Allied staffing segment was $111 million, a decrease of 48% from the same quarter last year and 32% sequentially. The Locum Tenens staffing segment generated revenue of $79 million, a decrease of 6% from the same quarter last year and an increase of 6% sequentially.

Gross margin in the second quarter of 2009 was 27.0%, an increase of 140 bps as compared to 25.6% for the previous quarter and an increase of 60 bps as compared to 26.4% for the same quarter last year. The year over year and sequential increase mainly reflected a shift in business mix and tight management of direct costs.

Selling, general and administrative ("SG&A") expenses (excluding restructuring costs) for the second quarter of 2009 were 19.0% as a percentage of revenue as compared to 19.2% in the same quarter last year. SG&A declined by $22.3 million, or 37%, over the same period in the prior year and
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SOURCE AMN Healthcare Services, Inc.
Copyright©2009 PR Newswire.
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