Earnings Roundup: Cross Country Healthcare, Inc. (NASDAQ: CCRN)

On Friday 19 October, Cross Country Healthcare, Inc. (NASDAQ: CCRN) has shown upward/downward move of -3.03% and ended the last trade at $8.31. The trading volume was recorded to 254,906 shares as compared to average traded volume of 276,535 shares.

Cross Country Healthcare, Inc. (CCRN) recently reported financial results for its second quarter ended June 30, 2018.

Second quarter consolidated revenue was $204.6M, a decrease of 2% year-over-year and 3% sequentially. Not Including the Advantage acquisition, revenue reduced 12% on a year-over-year basis. Consolidated gross profit margin was 26.2%, down 80 basis points year-over-year and up 60 basis points sequentially. Net income attributable to ordinary shareholders was $1.5M contrast to $4.9M in the previous year and $1.6M in the previous quarter. Diluted EPS was $0.04 per share contrast to $0.13 per share in the previous year and $0.05 in the previous quarter. Adjusted EBITDA was $8.7M or 4.3% of revenue, as contrast with $10.9M or 5.2% of revenue in the previous year, and $8.4M or 4.0% of revenue in the previous quarter. Adjusted EPS was $0.05 in the current quarter as contrast to $0.16 in the previous year and $0.06 in the previous quarter.

For the six months ended June 30, 2018, consolidated revenue was $414.9M, a decrease of less than 1% year-over-year, 10% not including the impact of the Advantage acquisition. Consolidated gross profit margin was 25.9%, down 40 basis points year-over-year. Adjusted EBITDA was $17.1M or 4.1% of revenue, as contrast with $17.3M or 4.2% of revenue in the previous year. Net income attributable to ordinary shareholders was $3.2M, or $0.09 per diluted share, contrast to net income of $2.8M, or $0.05 per diluted share, in the previous year. Adjusted EPS was $0.11 contrast to $0.21 in the previous year.

Quarterly Business Section Highlights

Nurse and Allied Staffing

Revenue from Nurse and Allied Staffing was $179.3M, a decrease of 1% year-over-year and 3% sequentially. Not Including the Advantage acquisition, revenue reduced 12% on a year-over-year basis. Contribution income in this section was $16.9M, down from $18.1M in the previous year, and up sequentially from $16.8M in the previous quarter. Average field FTEs reduced to 7,143 from 7,155 in the previous year and reduced from 7,466 in the previous quarter. Revenue per FTE per day was $276 contrast to $278 in the previous year and $275 in the previous quarter.

Physician Staffing

Revenue from Physician Staffing was $21.3M, a decrease of 14% year-over-year and 1% sequentially. Contribution income was $1.4M, down from $2.0M in the previous year and $1.5M in the previous quarter. Total days filled were 13,751 as contrast with 15,690 in the previous year and 14,250 in the previous quarter. Revenue per day filled was $1,551 as contrast with $1,576 in the previous year and $1,513 in the previous quarter.

Other Human Capital Management Services

Revenue from Other Human Capital Management Services was $3.9M, an raise of 6% year-over-year and 8% sequentially. Section contribution income was $0.3M for the current quarter contrast to $0.2M in the previous year, and consistent with the previous quarter.

Cash Flow and Balance Sheet Highlights

Cash flow provided by operating activities for the current quarter was $4.7M contrast to $24.1M in the previous year. At June 30, 2018, the Company had $32.6M in cash and cash equivalents and a $97.5M term loan, par value, outstanding under the term loan. There were no borrowings drawn on its $115.0M revolving credit facility, and $21.6M of letters of credit outstanding, leaving $93.4M accessible for borrowings under the revolving credit facility.

During the second quarter of 2018, the Company repurchased 157,056 shares of ordinary stock for $1.8M, at an average market price of $11.53 per share. As of June 30, 2018, the Company had 35.6M shares outstanding. The Company has 542,987 shares remaining for repurchase under its current share repurchase program, subject to certain conditions in its credit contract.

The stock as of last trading session moved 12.14% up from its 52 week low and was -42.65% behind its 52 week high. In the trailing 12 months period, return on assets ratio of the Company was 8.20% and return on equity ratio was 16.50% while its return on investment ratio was 14.70%. Cross Country Healthcare, Inc. provides healthcare staffing, recruiting, and workforce solutions in the United States.

 

 

Francisco Morris

Francisco Morris- Business and Transportation  Francisco Morris graduated in 2007 from reputable University majoring in Economics and Accounting. In the past years, he has gathered an immense amount of experience and written for other financial sites and published independent investment research, primarily on initiative companies and new entrepreneurs. He has been working in the writing industry for the last 4 years. He has a motivational persona and trains staff on the finer points of writing, editing and getting the news out on time. Address:  4622 Larry Street Milwaukee, WI 53213, United States of America Phone Number:  +1- 414 955 8172 Email:  Francisco@dailynewsgallery.com

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