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

was 18.7% as a percentage of revenue as compared to 19.0% for 2006.

Income from operations for the fourth quarter of 2007 was $16.8 million, or 5.9% of revenue, as compared to $20.4 million, or 7.2% of revenue, for the fourth quarter of 2006, and $21.0 million, or 7.0% of revenue, for the third quarter of 2007. The decrease in operating margin compared to the previous year was due mainly to the prior year including the previously noted $2.9 million favorable adjustment. Also contributing to the decrease in operating margin compared to the previous year and previous quarter was the $0.7 million of OGP restructuring costs recorded this quarter. Operating margin for the full year 2007 was 6.3% of revenue, as compared to 6.8% for 2006.

Net interest expense for the fourth quarter of 2007 was $2.9 million, compared to $4.0 million for the fourth quarter of 2006 and $3.1 million for the third quarter of 2007. The decrease in net interest expense from the previous year and previous quarter reflected the continued reduction in outstanding debt.

The effective tax rate for the fourth quarter of 2007 was 35.3% compared to 38.6% for the fourth quarter of 2006, with both quarters including adjustments required to finalize year-end federal and state tax provisions. The full year effective tax rate was 39.9%, which approximates the 40.2% rate we anticipate for 2008.

Strong cash flow continued with the company generating $25.3 million in cash flow from operations during the fourth quarter of 2007 and $79.6 for the full year 2007. Total debt outstanding at December 31, 2007 was $147.0 million, yielding a leverage ratio of 1.6. Weighted average diluted shares outstanding for the fourth quarter of 2007 were 34.2 million.

Additionally, on February 15, 2008, as previously announced, the company acquired substantially all of the assets of Platinum Select, L.P. ("Platinum Select"), one of the nation's leading travel allied staffing firms. The purchase pri
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SOURCE AMN Healthcare Services, Inc.
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