Symbol			MSNW

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Medical Staffing Network Holdings Announces Third Quarter 2009 Operating Results

2009-11-05 17:00 ET - News Release

Company Website: http://www.msnhealth.com/
BOCA RATON, Fla. -- (Business Wire)

Medical Staffing Network Holdings, Inc. (OTCQX: MSNW) today reported revenue of $78.9 million for the third quarter of 2009, a decrease of 41.9% from the revenue of $135.8 million for the third quarter of 2008. The net loss for the third quarter of 2009 was $15.2 million, or $0.50 per diluted share, as compared with net income of $2.5 million, or $0.08 per diluted share, for the third quarter of 2008. Adjusted net loss (a non-GAAP financial measure that is reconciled in an accompanying schedule) was $0.3 million, or $0.01 per diluted share, for the third quarter of 2009 as compared with adjusted net income of $1.5 million, or $0.05 per diluted share, for the third quarter of 2008. The Company’s AEBITDA (as defined later, AEBITDA is a non-GAAP financial measure that is reconciled in an accompanying schedule) was $5.5 million (7.0% of revenue) for the third quarter of 2009 as compared with $6.9 million (5.1% of revenue) for the third quarter of 2008. The Company’s year-over-year reduction in AEBITDA was 20% compared to a revenue decline of 41.9% due to gross margin expansion and proactive cost cutting measures. Cash flow generated from operations was $1.4 million for the third quarter of 2009 as compared with $6.4 million for the third quarter of 2008. Days sales outstanding as of the end of the third quarter of 2009 was 48 days, down three days from the end of the comparable prior year period.

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