Exhibit 99.1


 
 
For Release
 
 
February 17, 2016
 
 
1:15 p.m. PST


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

On Assignment Reports Results for Fourth Quarter and Full Year 2015
Revenues, Adjusted EPS & Adjusted EBITDA above Previously Announced Estimates
Pro Forma Revenue Growth of 14.4 Percent for Q4 and 11.1 Percent for the Full Year
Third Consecutive Quarter Year-over-Year Revenue Growth Rate Up over Preceding Quarter

CALABASAS, Calif., February 17, 2016 -- On Assignment, Inc. (NYSE: ASGN), a leading global provider of diversified professional staffing solutions, today reported results for the quarter ended December 31, 2015.

Fourth Quarter Highlights     
Reported record revenues of $577.5 million; up 30.9 percent year-over-year (31.7 percent on a constant currency basis). Constant currency revenues and growth rates for the quarter were calculated using the foreign currency exchange rates from the same period in the prior year.
Revenues on a pro forma basis were up 14.4 percent year-over-year (15.0 percent on a constant currency basis). Pro forma results assume the acquisitions of Creative Circle, LLC ("Creative Circle") and a small Life Sciences business in Europe (the "Acquisitions") occurred at the beginning of 2014.
Revenues, excluding the contribution from the Acquisitions, were $500.1 million, up 13.4 percent year-over-year (up 14.0 percent, on a constant currency basis).
Adjusted EBITDA (a non-GAAP measure defined below) was $70.7 million, or 12.2 percent of revenues.
Adjusted income from continuing operations (a non-GAAP measure defined below) was $40.6 million ($0.76 per diluted share).
Leverage ratio (total indebtedness to trailing 12 months Adjusted EBITDA) was 3.02 to 1 at December 31, 2015, down from 3.21 to 1 at September 30, 2015.

Commenting on the results, Peter Dameris, President and Chief Executive Officer of On Assignment, Inc., said, "We are very pleased with our financial results for Q4 in which we exceeded our financial targets for revenues, Adjusted EBITDA and Adjusted EPS. Our pro forma revenue growth rate for the quarter was 14.4 percent and represented the third straight quarter our pro forma revenue growth rate increased over the preceding quarter. This improvement reflects higher demand from our customers and higher productivity from our field operations staff. We believe we are entering 2016 with strong momentum which positions us well to continue to report above-market growth rates."

Fourth Quarter 2015 Financial Results

Revenues for the quarter were $577.5 million ($580.7 million on a constant currency basis), up 30.9 percent year-over-year (31.7 percent on a constant currency basis). Constant currency revenues and growth rates were calculated using the foreign exchange rates from the fourth quarter of 2014. Revenues on a pro forma basis, which assumes the Acquisitions occurred at the beginning of 2014, were up 14.4 percent year-over-year (15.0 percent on a constant currency basis).

Revenues from the Acquisitions (which were acquired in the second quarter of 2015) totaled $77.4 million for the current quarter. The revenue contribution from Creative Circle was $74.6 million, and the contribution from the Life Sciences business was $2.8 million. Operating results of Creative Circle are included in the Apex Segment. The Life Sciences European business is included in the Oxford Segment.


1

The following information was filed by Asgn Inc (ASGN) on Wednesday, February 17, 2016 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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