For Release
February 17, 2011
1:00 p.m. PT
Contacts:
Jim Brill
SVP, Finance and Chief Financial Officer
(818) 878-7900



On Assignment Reports Fourth Quarter and Full Year 2010 Results
Revenues for 4th Quarter up 21% over 2009 and 4% Sequentially
EPS (excluding non-cash charges for goodwill impairment and write-off of deferred loan costs) $0.08 vs. $0.03 in Q4 2009

CALABASAS, Calif., February 17, 2011 -- On Assignment, Inc. (NASDAQ: ASGN), a diversified professional staffing firm providing flexible and permanent staffing solutions in specialty skills including Laboratory/Scientific, Healthcare/Nursing, Physicians, Medical Financial, Information Technology and Engineering, today reported results for the quarter and the year ended December 31, 2010.

2010 Financial and Operational Highlights
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Revenues for the fourth quarter of 2010 were $121.2 million, up 21% from $99.9 million in the fourth quarter of 2009 and up 4% from $116.1 million in the third quarter of 2010.
 
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Gross Margin was 34.9% for the quarter and a record 34.1% for the full year.
 
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Adjusted EBITDA (a non-GAAP measurement defined below) was $11.6 million or 9.6% of revenues compared to $7.8 million or 7.8% of revenues in the fourth quarter of 2009.
 
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Net Income (before goodwill impairment charges and the write-off of deferred loan costs) was $2.8 million or $0.08 per diluted share.
 
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Bank Debt was voluntarily paid down by $10 million during the quarter.
 
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291,212 shares of common stock were repurchased during the quarter at an average price of $6.84 per share under the Company’s Share Repurchase Plan.
 
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The Company announced on December 22, 2010 the signing of a letter of intent to acquire an independent clinical research staffing firm in Western Europe.
 
Peter Dameris, President and Chief Executive Officer of On Assignment, Inc. said, “We are very pleased that our quarterly revenue growth rate for the fourth quarter of 2010 was the fastest of the year. Our discipline in protecting our margins and our efforts in expense control are beginning to pay off as revenue growth returns. In 2010 we were successful in creating value for our shareholders and employees by substantially reducing our long term debt, expanding our consolidated gross margin, expanding our service offerings and maintaining a high EBITDA margin.” Dameris concluded, “Our third and fourth quarter results demonstrate the operating leverage we believe lies ahead for our company. Moreover, we continue to see good acquisition opportunities that can complement our organic growth. Last month, we executed a letter of intent to acquire one of the largest privately owned clinical staffing firms in Western Europe. This company generated approximately $20 million in revenue in 2010 and we expect its addition to be accretive to our earnings in 2011.”

Jim Brill, Senior Vice President and Chief Financial Officer of On Assignment, Inc. stated, “Our fourth quarter gross margin remained strong and expanded over the fourth quarter of 2009. In the fourth quarter of 2010

 
 

The following information was filed by Asgn Inc (ASGN) on Thursday, February 17, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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