For Release
 February 14, 2012
 6:00 am. ET
Contacts:
Jim Brill
SVP, Finance and Chief Financial Officer
(818) 878-7900



On Assignment Reports Fourth Quarter and Full Year 2011 Results
Record 4th Quarter Revenues up 34% over 2010
Adjusted EBITDA up 52% vs. 4Q10 and up 75% over full year 2010
EPS $0.20 in Q4 vs. $0.08 (before goodwill write-down and write-off of deferred loan costs) in Q4 2010

CALABASAS, Calif., February 14, 2012 -- 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, 2011.

2011 Financial and Operational Highlights
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Revenues for the fourth quarter of 2011 were $161.8 million, up 34% year over year.
 
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Revenues for the full year 2011 were $597.3 million, up 36% year over year.
 
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Gross Margin was 33.1% for the quarter and 33.5% for the full year.
 
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Adjusted EBITDA (a non-GAAP measurement defined below) for Q4 2011 was $17.7 million or 10.9% of revenues, compared with $11.6 million or 9.6% of revenues for Q4 2010. Adjusted EBITDA for the full year 2011 was $61.2 million or 10.3% of revenues and $35.0 million or 8.0% of revenues in 2010.
 
-  
Net income for Q4 2011 was $7.5 million or $0.20 per diluted share compared with $2.8 million or $0.08 per diluted share for Q4 2010 (before the effects of goodwill write-down and the write-off of deferred loan costs).
 
Peter Dameris, President and Chief Executive Officer of On Assignment, Inc. said, “We are very pleased that for the second consecutive quarter, all of our operating segments reported strong year-over-year revenue growth, and for the full year each segment reported double-digit revenue growth. Our focus on growing our high margin, highly valued math and science skill practices and leveraging our operating platform has enabled us to grow Adjusted EBITDA 75% year over year, more than twice our revenue growth rate and puts us well ahead of our five-year plan to grow our Company to $1 billion in revenues and $100 million in EBITDA.  As we enter into the third year of that 5 year strategic plan, I remain confident that we can continue to create value for our shareholders and employees.”

Jim Brill, Senior Vice President and Chief Financial Officer of On Assignment, Inc. stated, “Our fourth quarter consolidated gross margin of 33.1% was down slightly from 33.6% in the third quarter due to normal seasonal factors and the acquisition of HCP effective August 2011, that has lower assignment gross margin. In the fourth quarter of 2011 gross margin in IT and Engineering was 35.8%, Life Sciences gross margin was 33.3%, Healthcare gross margin was 28.5%, and Physician staffing gross margin was 30.1%.”

Fourth Quarter 2011 Results

For the fourth quarter of 2011, consolidated revenues were $161.8 million, up 33.5% year-over-year and down slightly on a sequential basis as a result of approximately 3 fewer billable days. Net income was $7.5 million or $0.20 per diluted share, compared with net income (before goodwill write-down and the write-off of deferred loan costs) of $2.8 million or $0.08 per diluted share in the fourth quarter of 2010.
 
 

The following information was filed by Asgn Inc (ASGN) on Tuesday, February 14, 2012 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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