Cross Country Healthcare Announces First Quarter 2020 Financial Results

About this update from Cross Country Healthcare, Inc.

[{"type":"text","content":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nCross Country Healthcare, Inc. (the \"Company\") (Nasdaq: CCRN) today announced financial results for its first quarter ended March 31, 2020.\n\n\nSELECTED FINANCIAL INFORMATION:\n\n\n\n\n \n\n\n\n\n \n\n\n\nVariance\n\n\n\nVariance\n\n\n\n\n\n \n\n\n\n\n \n\n\n\nQ1 2020 vs\n\n\n\nQ1 2020 vs\n\n\n\n\n\nDollars are in thousands, except per share amounts\n\n\n\n\nQ1 2020\n\n\n\nQ1 2019\n\n\n\nQ4 2019\n\n\n\n\n\nRevenue\n\n\n\n\n$\n\n\n\n210,064\n\n\n\n \n\n\n\n8\n\n\n\n%\n\n\n\n(2)\n\n\n\n%\n\n\n\n\n\nGross profit margin*\n\n\n\n\n23.6\n\n\n\n%\n\n\n\n(110)\n\n\n\nbps\n\n\n\n(110)\n\n\n\nbps\n\n\n\n\n\nNet loss attributable to common shareholders\n\n\n\n\n$\n\n\n\n(2,089)\n\n\n\n \n\n\n\n(18)\n\n\n\n%\n\n\n\n(83)\n\n\n\n%\n\n\n\n\n\nDiluted EPS\n\n\n\n\n$\n\n\n\n(0.06)\n\n\n\n \n\n\n\n$\n\n\n\n(0.01)\n\n\n\n \n\n\n\n$\n\n\n\n(0.03)\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA*\n\n\n\n\n$\n\n\n\n4,612\n\n\n\n \n\n\n\n28\n\n\n\n%\n\n\n\n(44)\n\n\n\n%\n\n\n\n\n\nAdjusted EPS*\n\n\n\n\n$\n\n\n\n(0.01)\n\n\n\n \n\n\n\n$\n\n\n\n(0.03)\n\n\n\n \n\n\n\n$\n\n\n\n(0.08)\n\n\n\n \n\n\n\n\n\nCash flows provided by operations\n\n\n\n\n$\n\n\n\n17,162\n\n\n\n \n\n\n\n34\n\n\n\n%\n\n\n\n421\n\n\n\n%\n\n\n\n\n\n* Refer to accompanying tables and discussion of Non-GAAP financial measures below.\n\n\n“As our nation faces the COVID-19 pandemic, I am grateful to our courageous healthcare professionals, as they respond to the needs of our customers and the communities they serve. I am also very proud of the hard work and dedication of our more than 1,600 employees, as we acted swiftly to execute our business continuity plans and navigate through the challenges of a shifting environment,” said Kevin C. Clark, Co-Founder and Chief Executive Officer. He continued, “Though this pandemic will certainly impact our business, we remain focused on helping our customers through these challenging times and continuing on our path to improved operational performance.”\n\n\nFirst quarter consolidated revenue was $210.1 million, an increase of 8% year-over-year and a decrease of 2% sequentially. Consolidated gross profit margin was 23.6%, down 110 basis points both year-over-year and sequentially. Net loss attributable to common shareholders was $2.1 million compared to $1.8 million in the prior year and $1.1 million in the prior quarter...

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