Exhibit 99.1


 
 
For Release
 
 
February 19, 2014
 
 
1:00 p.m. PDT

Contacts:
Ed Pierce        
Chief Financial Officer         
(818) 878-7900
 

On Assignment Reports Results for Fourth Quarter and Full Year 2013
Revenues up 14.7 percent Year-over-Year
EPS & Adjusted EBITDA above Estimates

CALABASAS, Calif., February 19, 2014 -- On Assignment, Inc. (NYSE: ASGN), a leading global provider of diversified professional staffing solutions, today reported results for the quarter ended December 31, 2013.

Fourth Quarter Highlights
Revenues were $423.6 million, up 14.7 percent year-over-year and 0.5 percent sequentially.
Adjusted Income from continuing operations (a non-GAAP measure defined below) was $27.5 million ($0.50 per diluted share).
Income from continuing operations (excluding $1.5 million after tax of acquisition and strategic planning expenses, which were not included in our estimates) was $19.0 million ($0.35 per diluted share). Income from continuing operations as reported (which includes the acquisition and strategic planning expenses) was $17.4 million ($0.32 per diluted share).
Adjusted EBITDA (a non-GAAP measure defined below) was $48.4 million, up from $39.4 million in fourth quarter of 2012.
Percentage of gross profit converted into Adjusted EBITDA was 37.3 percent.
Closed the sale of Allied Healthcare unit ("Allied”) for $28.7 million (a gain of $16.4 million, net-of-tax) and acquired Whitaker Medical, LLC (“Whitaker”), a physician staffing business, and CyberCoders Holdings, Inc. (“CyberCoders”), a permanent placement recruiting firm.
Leverage ratio (total indebtedness to trailing twelve months Adjusted EBITDA) was 2.2 to 1 at December 31, 2013, down from 2.9 to 1 at December 31, 2012.

Commenting on the results, Peter Dameris, President and Chief Executive Officer of On Assignment, Inc., said, We reported strong financial performance for the quarter, completed the sale of our Allied Healthcare unit and acquired two businesses, which we believe further solidify our position as a top player in each of the markets we serve. Revenues, gross profit, income from continuing operations and Adjusted EBITDA were above the high-end of our estimates. We believe we are well positioned and have good momentum going into 2014.”

Fourth Quarter 2013 Results

Operating results for the fourth quarter include the results of the businesses acquired in December from the date of acquisition (December 2, 2013 for Whitaker and December 6, 2013 for CyberCoders) through the end of the quarter. Whitaker’s results are included in the Physician segment and CyberCoders’ results are included in the Oxford segment. During the quarter, the Company completed the sale of certain operating assets of its Allied Healthcare division. As a result of the sale, the operating results of this division have been reported as discontinued operations on a retrospective basis. Excluded from the sale was the Company’s Healthcare Information Management practice (“HIM”). This practice is now included in the Oxford segment.

Revenues for the quarter were $423.6 million, up 14.7 percent year-over-year and 0.5 percent sequentially. Consolidated revenues included $5.9 million in revenues from Whitaker and CyberCoders (the "Acquisitions") for the period from the date of acquisition through the end of the quarter. Excluding results from the Acquisitions, revenues were $417.7 million, up 13.1 percent year-over-year. Our Information Technology businesses (Apex Systems and Oxford, which now includes CyberCoders and HIM), grew 16.0 percent year-over-year (14.9 percent excluding


The following information was filed by Asgn Inc (ASGN) on Wednesday, February 19, 2014 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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