Exhibit 99.1


 
 
For Release
 
 
February 18, 2015
 
 
1:05 p.m. PDT

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

On Assignment Reports Results for Fourth Quarter of and Full Year 2014
Revenues, Adjusted EBITDA & Adjusted EPS above Previously-announced Estimates
Completes $100 million Stock Repurchase Program & Board Approves new $100 million Program
Closes Sale of Physician Segment



CALABASAS, Calif., February 18, 2015 -- On Assignment, Inc. (NYSE: ASGN), a leading global provider of diversified professional staffing solutions, today reported results for the three months and year ended December 31, 2014.

Fourth Quarter Highlights
Revenues were $475.8 million, up 12.5 percent year-over-year and 8.3 percent on a pro forma basis (pro forma assumes the acquisitions of Whitaker Medical, LLC and CyberCoders Holdings, Inc. in December 2013 had occurred at the beginning of 2013).
Adjusted income from continuing operations (a non-GAAP measure defined below) was $31.4 million ($0.60 per diluted share).
Income from continuing operations was $21.8 million ($0.41 per diluted share). Income from continuing operations included $1.8 million ($1.1 million net of tax, or $0.02 per diluted share) in acquisition, integration and strategic planning expenses, which were not included in our previously announced estimates.
Adjusted EBITDA (a non-GAAP measure defined below) was $54.7 million.
Repurchased 1.0 million shares of common stock at an average price of $30.50 per share during the quarter and for the full year repurchased 3.4 million shares at an average price of $29.78.
On February 1, 2015, completed the sale of the Physician Segment for $123.0 million (net proceeds of approximately $102.0 to $105.0 million after income taxes and transaction expenses).
Leverage ratio (total indebtedness to trailing 12 months Adjusted EBITDA) was 2.06 to 1 at December 31, 2014, unchanged from September 30, 2014 despite the stock repurchases during the quarter.
Closed European retained search unit in December 2014. Consolidated results for all periods presented have been restated to exclude operations of this unit from continuing operations and report them in discontinued operations. Revenues and EBITDA from this unit in 2014 were approximately $2.0 million and negative $1.3 million, respectively.


Commenting on the results, Peter Dameris, President and Chief Executive Officer of On Assignment, Inc., said, “We are pleased with our solid operating performance for the quarter in which we exceeded our financial estimates for revenues, Adjusted EBITDA and Adjusted EPS. Operating performance of our operating units was in line with or above expectations. Furthermore, we believe the actions that we took in 2014 of divesting our remaining healthcare assets, the repurchase of $100 million of our common stock, completing the realignment of our operating units and our accelerated hiring of additional sales consultants and recruiters have positioned us to perform well, both operationally and financially, in 2015 and beyond.”






The following information was filed by Asgn Inc (ASGN) on Wednesday, February 18, 2015 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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