Full Press Release Details
Country Healthcare Completes the Sale of its Education Business
BOCA RATON, Fla.--(BUSINESS WIRE)--September 1, 2015--Cross Country
Healthcare, Inc. (Nasdaq: CCRN), a national leader in providing
staffing, recruiting and leading-edge healthcare workforce solutions,
announced today that it has completed the previously announced sale of
its Education Business, Cross Country Education, LLC, to PESI, Inc. for
an aggregate purchase price of $8.0 million, plus potential
consideration of $0.5 million. Cross Country Education provides
in-person seminars to healthcare professionals and was non-core to the
Company's business. The Company intends to use the net proceeds from the
transaction to finance further investments for revenue growth including
future acquisitions, to implement and finance its strategic objectives,
to reduce debt and for general business purposes.
The Company revised its guidance range for the quarter to reflect the
impact of the divestiture. No other assumptions were modified or updated.
| Range | |||||||||||||
| Revenue | $190 - $195 million | ||||||||||||
| Gross Profit Margin | 24.9% - 25.4% | ||||||||||||
| Adjusted EBITDA | 4.2% - 4.7% | ||||||||||||
| Adjusted EPS | $0.10 - $0.12 |
About Cross Country Healthcare
Cross Country Healthcare, Inc., headquartered in Boca Raton, Florida, is
a national leader in providing leading-edge healthcare workforce
solutions. Our solutions are geared towards assisting our clients solve
labor cost issues while maintaining high quality outcomes. With more
than 30 years of experience, we are dedicated to placing highly
qualified nurses and physicians as well as allied health, advanced
practice, clinical research, and case management professionals. We
provide both retained and contingent placement services for physicians,
as well as retained search services for healthcare executives. We have
more than 6,000 active contracts with a broad range of clients,
including acute care hospitals, physician practice groups, nursing
facilities, rehabilitation and sports medicine clinics, government
facilities, as well as nonclinical settings such as homecare and
schools. Through our national staffing teams and network of more than 70
branch office locations, we are able to place clinicians for travel and
per diem assignments, local short-term contracts and permanent
positions. We are a market leader in providing flexible workforce
management solutions, which include managed services programs (MSP),
workforce assessments, internal resource pool consulting and
development, electronic medical record (EMR) transition staffing and
recruitment process outsourcing.
Copies of this and other news releases as well as additional information
about Cross Country Healthcare can be obtained online at www.crosscountryhealthcare.com.
Shareholders and prospective investors can also register to
automatically receive the Company's press releases, SEC filings and
other notices by e-mail.
Cross Country Healthcare, Inc.
President and Chief Executive Officer