Cross Country Healthcare Announces Second Quarter 2019 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 second quarter ended June 30, 2019.\n\n\nFINANCIAL HIGHLIGHTS:\n\n\n\n\n \n\n\nDollars are in thousands, except per share amounts\n\n\n\nQ2 2019\n\n\n\nVariance\nQ2 2019 vs\nQ2 2018\n\n\n\nVariance\nQ2 2019 vs\nQ1 2019\n\n\n\n\n\nRevenue\n\n\n\n$\n\n\n\n202,757\n\n\n\n \n\n\n\n(1)\n\n\n\n%\n\n\n\n4\n\n\n\n%\n\n\n\n\n\nGross profit margin*\n\n\n\n25.4\n\n\n\n%\n\n\n\n(80)\n\n\n\nbps\n\n\n\n70\n\n\n\nbps\n\n\n\n\n\nNet loss attributable to common shareholders\n\n\n\n$\n\n\n\n(51,674)\n\n\n\n \n\n\n\nNM\n\n\n\n \n\n\n\nNM\n\n\n\n \n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n(1.44)\n\n\n\n \n\n\n\n$\n\n\n\n(1.48)\n\n\n\n \n\n\n\n$\n\n\n\n(1.39)\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA*\n\n\n\n$\n\n\n\n6,318\n\n\n\n \n\n\n\n(27)\n\n\n\n%\n\n\n\n75\n\n\n\n%\n\n\n\n\n\nAdjusted EPS*\n\n\n\n$\n\n\n\n0.01\n\n\n\n \n\n\n\n$\n\n\n\n(0.04)\n\n\n\n \n\n\n\n$\n\n\n\n(0.01)\n\n\n\n \n\n\n\n\n\nCash flows from operations\n\n\n\n$\n\n\n\n12,355\n\n\n\n \n\n\n\n165\n\n\n\n%\n\n\n\n(3)\n\n\n\n%\n\n\n\n\n\n* Refer to accompanying tables and discussion of Non-GAAP financial measures below.\n\n\nNM - Not meaningful\n\n\n“I am generally pleased that all segments reported sequential growth and improved profitability in the second quarter, and that our strong cash flow allowed us to make an additional prepayment on our debt,” said Kevin Clark, President and Chief Executive Officer. He continued, “While we are in the early stages of our turnaround, we are making solid progress across many fronts including investing in revenue generating resources and technology, along with refining our go-to-market strategies.”\n\n\nSecond quarter consolidated revenue was $202.8 million, a decrease of 1% year-over-year and an increase of 4% sequentially. Consolidated gross profit margin was 25.4%, down 80 basis points year-over-year and up 70 basis points sequentially. Net loss attributable to common shareholders was $51.7 million compared to net income of $1.5 million in the prior year and a net loss of $1.8 million in the prior quarter. Diluted EPS was a loss of $1.44 per share compared to income of $0.04 per share in the prior year and a loss of $0.05 per share in the prior quarter. Adjusted EBITDA was $6.3 million or 3.1% of revenue, a...

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