On 22 Jan 2019, Cross Country Healthcare, Inc. (NASDAQ: CCRN) closed with gain/decline of to $9.26. Recent traded volume was 269,636 shares versus to it an average volume of 335.682M shares. The company holds 34.72M shares outstanding and market cap of 1.35 billion. The stock’s day range was recorded between a low of $6.91 and a high $14.31. The one year high of the company is $6.91 and the one year low is $8.02.
Cross Country Healthcare, Inc. (CCRN) recently reported financial results for its third quarter ended September 30, 2018.
Third quarter consolidated revenue was $200.7M, a decrease of 12% year-over-year and 2% sequentially. Consolidated gross profit margin was 25.7%, down 80 basis points year-over-year and 50 basis points sequentially. Net loss attributable to ordinary shareholders was $0.4M contrast to net income of $6.7M in the previous year and $1.5M in the previous quarter. Diluted EPS was a loss of $0.01 per share contrast to income of $0.19 per share in the previous year and $0.04 in the previous quarter. Adjusted EBITDA was $8.1M or 4.0% of revenue, as contrast with $13.8M or 6.0% of revenue in the previous year, and $8.7M or 4.3% of revenue in the previous quarter. Adjusted EPS was $0.02 in the current quarter as contrast to income of $0.23 in the previous year and $0.05 in the previous quarter.
Quarterly Business Section Highlights
Nurse and Allied Staffing
Revenue from Nurse and Allied Staffing was $176.3M, a decrease of 12% year-over-year and 2% sequentially. Contribution income in this section was $16.5M, down from $20.7M in the previous year, and down sequentially from $16.9M in the previous quarter. Average field FTEs reduced to 6,953 from 7,706 in the previous year and reduced from 7,143 in the previous quarter. Revenue per FTE per day was $276 contrast to $283 in the previous year and $276 in the previous quarter.
Revenue from Physician Staffing was $21.2M, a decrease of 15% year-over-year and 1% sequentially. Contribution income was $1.3M, consistent with the previous year, and $1.4M in the previous quarter. Total days filled were 13,375 as contrast with 15,567 in the previous year and 13,751 in the previous quarter. Revenue per day filled was $1,582 as contrast with $1,598 in the previous year and $1,551 in the previous quarter.
Cash Flow and Balance Sheet Highlights
Cash flow from operations for the quarter was $3.8M, contrast to $3.2M in the previous year. During the third quarter, the Company made principal payments of $6.3M, including an optional prepayment of $5.0M. Cash flow from operations was $21.8M year-to-date September 30, 2018, contrast to $28.7M in the previous year-to-date period.
During the quarter, the Company also repurchased 32,983 shares of ordinary stock for $0.3M, at an average market price of $9.08 per share. Year-to-date repurchases totaled 432,439 shares of ordinary stock for $5.0M at an average market price of $11.54. As of September 30, 2018, the Company had 35.6M shares outstanding. The Company has 510,004 shares remaining for repurchase under its current share repurchase program, subject to certain conditions in its credit contract.
As of September 30, 2018, the Company had $28.1M in cash and cash equivalents and a $91.3M principal balance on our term loan. There were no amounts drawn on the Company’s $115.0M revolving credit facility and $20.6M of letters of credit outstanding, leaving $94.4M accessible for borrowing under the revolving credit facility as of September 30, 2018.
CCRN EPS growth ratio for the past five years was 31.10% while Sales growth for the past five years was 14.30%. Return on equity (ROE) was noted as 13.00% while return on investment (ROI) was 14.70%.