Exhibit 99.1


 
 
For Release
 
 
February 14, 2017
 
 
1:15 p.m. PST


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

On Assignment Reports Results for Fourth Quarter and Full Year 2016
Revenues for Fourth Quarter exceeded our Estimates

CALABASAS, Calif., February 14, 2017 -- On Assignment, Inc. (NYSE: ASGN), a leading global provider of diversified professional staffing solutions, today reported results for the quarter ended December 31, 2016.

Fourth Quarter Highlights     

Revenues as reported were $620.9 million, up 7.5 percent year-over-year.
On a same "Billable Day" basis (a non-GAAP measure), revenues were up 9.8 percent year-over-year. Same "Billable Day" for the quarter was calculated by adjusting the current period revenues for the year-over-year difference in Billable Days (Q4 of 2015 had 1.3 more Billable Days than the current quarter).
Net income was $24.0 million ($0.45 per diluted share), up from $19.3 million ($0.36 per diluted share) in the fourth quarter of 2015.
Adjusted EBITDA (a non-GAAP measure) was $70.7 million (11.4 percent of revenues), down from $77.8 million (12.4 percent of revenues) in Q3 of 2016.
Operating results included expenses of $9.3 million that were not included in our financial estimates. These expenses were comprised of: (i) out-of-period adjustments of $5.6 million for an under accrual of costs of services, (ii) expense of $1.7 million related to the retirement of the president of Oxford, (iii) $1.6 million in integration expenses and (iv) a $0.4 million foreign exchange rate charge on an intercompany loan. Excluding these expenses, Net Income would have been $5.6 million higher ($0.10 per diluted share) and Adjusted EBITDA would have been $6.7 million higher.
Cash flows from operating activities were $55.9 million, up from $30.2 million in the fourth quarter of 2015. For the full year 2016, cash flows from operating activities were $196.3 million, up from $117.5 million for the full year 2015.
Repurchased 525,642 shares at an average per share price of $39.04 during the quarter. Through February 13, 2017, repurchased 1,362,384 shares at an average per share price of $39.07 under our $150 million repurchase authorization.
Leverage ratio (a non-GAAP measure) was 2.32 to 1 at December 31, 2016, down from 2.38 to 1 at September 30, 2016.

Commenting on the results, Peter Dameris, Chief Executive Officer of On Assignment, Inc., said, "The fourth quarter and full year 2016 were once again record periods of financial performance for our company. Throughout 2016, we continued to grow above published industry growth rates and established many new and meaningful customer relationships."

Dameris continued, "Throughout the year, we continued to experience greater rates of adoption of our development/deployment model (i.e. staff augmentation). There are currently many secular and political drivers that are causing our customers to want to execute their IT needs with domestic, shared resources. We strongly believe that these drivers for adoption of IT staff augmentation will permit us and our industry to grow at attractive rates into the future."


1

The following information was filed by Asgn Inc (ASGN) on Tuesday, February 14, 2017 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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