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AMN Healthcare Reports Fourth Quarter and Year End 2007 Results; Provides Full Year 2008 Guidance
Date:2/26/2008

sident and Chief Executive Officer. "In 2007, we continued to take steps towards expanding our service offerings by launching new clinical disciplines, selling into new client markets, and completing new acquisitions to further diversify AMN in high-growth, high-margin market niches within the industry. These are small, but important, seeds for us to plant for stronger future growth opportunities."

Gross profit for the fourth quarter of 2007 was $76.0 million, representing a 26.6% gross margin, as compared to $74.3 million, or a 26.2% gross margin, for the fourth quarter of 2006 and $79.7 million, or a 26.6% gross margin, for the third quarter of 2007. The 40 basis points improvement over the prior year was due primarily to an improved pay-to-bill spread in the nurse and allied staffing segment, while gross margin remained relatively stable compared to last quarter. Gross margins by business segment for the fourth quarter of 2007 were 24.4% for nurse and allied healthcare staffing, 26.1% for locum tenens staffing and 61.8% for physician permanent placement services. Consolidated gross margin for the full year 2007 was 26.0% as compared to 26.7% for 2006, a decline caused primarily by higher housing and healthcare insurance expense in the nurse and allied staffing segment.

Selling, general, and administrative ("SG&A") expenses for the fourth quarter of 2007 were $55.9 million, or 19.6% of revenue, as compared to $51.2 million, or 18.1% of revenue, for the fourth quarter of 2006 and $55.8 million, or 18.6% of revenue, for the third quarter of 2007. SG&A in the current quarter also included restructuring costs of $0.7 million associated with the company's O'Grady Peyton International nurse staffing division. The increase in SG&A as a percentage of revenue compared to the previous year was due primarily to a $2.9 million favorable adjustment to the professional liability insurance reserve recorded in the fourth quarter of 2006. SG&A for the full year 2007
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SOURCE AMN Healthcare Services, Inc.
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