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AMN Healthcare 1Q Profit Falls 12 Pct.
Monday May 9, 5:13 pm ET
AMN Healthcare First-Quarter Earnings Drop 12 Percent; Company Raises Second-Quarter Guidance


SAN DIEGO (AP) -- AMN Healthcare Services Inc., a provider of healthcare staffing, on Monday said its first-quarter earnings fell 12 percent, hurt by decreased revenue due to fewer billing days in the quarter.
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Net income decreased to $4 million, or 13 cents per share, from $4.6 million, or 15 cents per share, in the prior year.

Revenue fell 3 percent to $156.8 million from $161.3 million in 2004. Analysts surveyed by Thomson Financial expected the company to earn 13 cents per share on revenue of $156.5 million. The results were at the upper end of the company's revenue forecast issued in March.

AMN said revenue declined slightly year-over-year due to a decrease in revenue per traveler per day.

Gross profit margin rose slightly to 22.8 percent from 22.2 percent, while gross profit declined to $35.7 million from $35.8 million a year ago. AMN attributed the decline in gross profit to slightly lower revenue due to the two fewer billing days in the quarter and a $900,000 adjustment to a workers' compensation reserve.

Selling, general and administrative expenses increased to $26.2 million from $24.6 million due to normal growth in employee expenses and professional liability insurance costs.

Looking forward, the company raised its second-quarter guidance to earnings of 13 cents to 15 cents per share on revenue of $159 million to $162 million. In March, the company forecast revenue of $156 million to $160 million. Analysts expect the company to earn 15 cents per share on revenue of $158.9 million.

AMN Healthcare also reaffirmed its full-year 2005 guidance of 64 cents to 68 cents per share on revenue of between $654 million and $660 million.

Analysts have pegged the company to earn 65 cents per share on revenue of $654.3 million.

AMN Healthcare shares fell 12 cents to close at $15 on the New York Stock Exchange.





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