Cross Country Healthcare Inc CCRN
Q4 2012 Earnings Call Transcript

Transcript Call Date 03/19/2013

Operator: Welcome to the Cross Country Healthcare Fourth Quarter 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. Today's conference is being recorded. If you have any objections, you may disconnect at this time.

I would now like to turn the meeting over to Mr. Howard Goldman, Director of Investor and Corporate Relations. Sir, you may begin.

Howard A. Goldman - Director of Investor & Corporate Relations: Good morning, and thank you for listening to our conference call, which is also being webcast and for your interest in the Company. With me today are Joe Boshart, our President and Chief Executive Officer; and Emil Hensel, our Chief Financial Officer.

On this call, we will review our fourth quarter and full year 2012 results, for which we distributed our earnings press release after the market closed yesterday. Additionally, as previously reported in February 2013 we sold our clinical trial services business. Accordingly, this business has been reclassified as discontinued operations and the current and historical amounts we will be discussing have been adjusted to reflect this. If you do not have a copy of our earnings press release, it is available on our website at Replay information for this call is also provided in the press release.

Before we begin, I'd first like to remind everyone that this discussion contains forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words such as expects, anticipates, believes, appears, estimates and similar expressions are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. These factors were set forth under the forward-looking statements section of our press release for the fourth quarter of 2012 as well as under the caption 'Risk Factors' in our most recent 10-K and other SEC filings.

Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Given these uncertainties, the forward-looking statements discussed on this teleconference might not occur. Cross Country Healthcare does not have a policy of updating or revising forward-looking statements, and thus it should not be assumed that our silence over time means that actual events are occurring as expressed or implied in such forward-looking statements.

Also, our remarks during this teleconference reference non-GAAP financial measures. Such non-GAAP financial measures are provided as additional information and it should not be considered substitutes for or superior to financial measures calculated in accordance with U.S. GAAP. More information related to these non-GAAP financial measures is contained in our press release.

Now, I'll turn the call over to Joe.

Joseph A. Boshart - President and CEO: Thank you, Howard, and thank you to everyone who is listening in for your interest in Cross Country Healthcare. As reported in our press release issued yesterday, our revenue from continuing operations for the fourth quarter of 2012 was $112 million, up 3% from the prior year quarter, but a slight decrease sequentially from the third quarter. Including discontinued operations, we reported a net loss of $9.5 million or $0.31 per diluted share. This compares to net income including discontinued operations in the prior year quarter of $500,000 or $0.02 per diluted share. Cash flow from operations in the fourth quarter was $4.4 million.

Read our Earnings Call Transcript disclaimer.
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