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As of 8:10 PM 10/21/14 All times are local (Market data is delayed by at least 15 minutes).

cross country healthcare inc (CCRN) Key Developments

Cross Country Healthcare, Inc. Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for Third Quarter of 2014

Cross Country Healthcare, Inc. announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue from operations of $122,656,000 against $110,768,000 a year ago. Loss from operations was $1,866,000 against $1,628,000 a year ago. Loss from continuing operations before income taxes was $2,175,000 against $1,692,000 a year ago. Loss from continuing operations was $3,181,000 against $1,435,000 a year ago, primarily due to acquisition and integration costs. Net loss was $3,181,000 against $1,457,000 a year ago. Net loss per diluted share was $0.10 against $0.05 a year ago. Adjusted EBITDA was $3,327,000 against $1,688,000 a year ago. Net loss was $3,181,000 against $1,457,000 a year ago. Cash flow from operations was $3.8 million compared with $5.9 million in the second quarter of 2013. Capital expenditures totaled approximately $300,000 for the quarter. For the six months, the company reported revenue from operations of $240,747,000 against $221,084,000 a year ago. Loss from operations was $3,357,000 against $1,827,000 a year ago. Loss from continuing operations before income taxes was $4,029,000 against $3,538,000 a year ago. Loss from continuing operations was $3,694,000 or $0.13 per diluted share against $2,781,000 or $0.09 per diluted share a year ago. Net loss was $3,964,000 against $299,000 a year ago. Net loss per diluted share was $0.13 against $0.01 a year ago. Adjusted EBITDA was $4,342,000 against $3,676,000 a year ago. The company provided earnings guidance for the third quarter of 2014. For the quarter, the company expects revenue is to be in the range between from $187.0 million to $192.0 million. Gross Profit Margin is to be on the range between from 26% to 26.5%. Adjusted EBITDA margin is to be on the range between from 3.0% to 3.5%.

Cross Country Healthcare, Inc. to Report Q2, 2014 Results on Aug 06, 2014

Cross Country Healthcare, Inc. announced that they will report Q2, 2014 results at 5:00 PM, Eastern Standard Time on Aug 06, 2014

Cross Country Healthcare, Inc., Q2 2014 Earnings Call, Aug 07, 2014

Cross Country Healthcare, Inc., Q2 2014 Earnings Call, Aug 07, 2014

Cross Country Healthcare, Inc. Provides Earnings Guidance for the Fiscal 2014 and 2015

Cross Country Healthcare, Inc. announced that it has signed a definitive agreement to acquire substantially all of the assets and business of Medical Staffing Network and assume substantially all of the liabilities of MSN for an aggregate purchase price of $48.3 million, subject to a post-closing working capital adjustment. The transaction is expected to be dilutive to earnings per share by $0.10 - $0.12 for 2014, primarily due to acquisition and integration related charges. The company also expected accretive to 2015 earnings per share by $0.12 - $0.15.

Cross Country Healthcare, Inc. Enters into Commitments for Subordinated Debt Consisting of $30 Million

Cross Country Healthcare, Inc. has entered into commitments for subordinated debt consisting of a $30 million, 5-year variable rate term loan and $25 million of convertible notes having a 6-year maturity. The combined effective interest rate for the subordinated indebtedness is expected to be 7.72% for 2014. Cross Country Healthcare also has a commitment from its current lender, Bank of America. N.A. to increase its borrowing capacity under its senior secured asset-based revolving credit facility from $65 million to $85 million.

 

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