AMN Healthcare Services Inc. (AHS, Financial) filed Amended Quarterly Report for the period ended 2010-06-30.
Amn Healthcare Services Inc. has a market cap of $197.32 million; its shares were traded at around $6.02 with a P/E ratio of 86 and P/S ratio of 0.26. AHS is in the portfolios of Manning & Napier Advisors, Inc, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Locum tenens staffing segment cost of revenue decreased 17% to $48.2 million for the three months ended June 30, 2010 from $58.4 million for the same period in 2009. Of the $10.2 million decrease, $8.8 million was attributable to a decrease in the number of days filled by healthcare professionals during the three months ended June 30, 2010, and $1.4 million was attributable to the net effect of an increasing percentage of our days filled being attributable to lower pay rate specialties, partially offset by an increase in the average daily rate paid to healthcare professionals.
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased 8% to $34.6 million for the three months ended June 30, 2010 from $37.8 million for the same period in 2009. The decrease was primarily due to lower employee and office related expenses as a result of cost-reduction actions taken throughout 2009 and reduced bad debt expense resulting from favorable collection trends on previously reserved outstanding receivables. The decrease was partially offset by additional business development costs incurred during the three months ended June 30, 2010 and the prior year quarter including a $2.6 million actuarial based professional liability reserve reduction. Included in selling, general and administrative expenses is unallocated corporate overhead, which, excluding stock-based compensation expense, were $7.0 million and $5.6 million for the three months ended June 30, 2010 and 2009, respectively. Excluding unallocated corporate overhead and stock-based compensation expense, selling, general and administrative expenses by reportable segment were $12.0 million and $16.7 million for nurse and allied healthcare staffing, $10.7 million and $10.5 million for locum tenens staffing, and $2.8 million and $2.9 million for physician permanent placement services for the three months ended June 30, 2010 and 2009, respectively.
Locum tenens staffing segment cost of revenue decreased 18% to $92.8 million for the six months ended June 30, 2010 from $113.6 million for the same period in 2009. Of the $20.8 million decrease, $18.6 million was attributable to a decrease in the number of days filled by healthcare professionals during the six months ended June 30, 2010, and $2.2 million was attributable to the net of effect of an increasing percentage of our days filled being attributable to the lower pay rate specialties, partially offset by an increase in the average daily rate paid to the healthcare professionals
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased 24% to $66.5 million for the six months ended June 30, 2010 from $87.9 million for the same period in 2009. The decrease was primarily due to lower employee and office related expenses as a result of cost-reduction actions taken throughout 2009 and reduced bad debt expense resulting from favorable collection trends on previously reserved outstanding receivables. The decrease was partially offset by the additional business development costs incurred during the six months ended June 30, 2010. Included in selling, general and administrative expenses is unallocated corporate overhead, which, excluding stock-based compensation expense, were $12.7 million and $11.7 million for the six months ended June 30, 2010 and 2009, respectively. Excluding unallocated corporate overhead and stock-based compensation expense, selling, general and administrative expenses by reportable segment were $23.1 million and $39.6 million for nurse and allied healthcare staffing, $21.1 million and $25.5 million for locum tenens staffing, and $5.3 million and $6.3 million for physician permanent placement services for the six months ended June 30, 2010 and 2009, respectively.
In connection with our acquisition of Medfinders, we are expecting to refinance our existing Term B debt facility of approximately $107.3 million and pay off Medfinders existing debt facilities totaling approximately $132.0 million. We expect to amend and extend our current Term B loan and increase its balance by an estimated $68.0 million to $175.0 million and issue a second lien term loan of $50.0 million. Additionally, we plan to amend and extend our existing revolving credit facility, which we expect to remain undrawn at closing.
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Amn Healthcare Services Inc. has a market cap of $197.32 million; its shares were traded at around $6.02 with a P/E ratio of 86 and P/S ratio of 0.26. AHS is in the portfolios of Manning & Napier Advisors, Inc, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
For the three months ended June 30, 2010, we recorded revenue of $149.3 million, as compared to revenue of $199.1 million for the same period last year. We recorded net income of $0.1 million for the three months ended June 30, 2010, as compared to net income of $4.4 million for the same period last year. For the six months ended June 30, 2010, we recorded revenue of $292.6 million, as compared to revenue of $448.7 million for the same period last year. We recorded net income of $0.9 million for the six months ended June 30, 2010, as compared to a net loss of $(117.5) million for the same period last year.Locum tenens staffing segment cost of revenue decreased 17% to $48.2 million for the three months ended June 30, 2010 from $58.4 million for the same period in 2009. Of the $10.2 million decrease, $8.8 million was attributable to a decrease in the number of days filled by healthcare professionals during the three months ended June 30, 2010, and $1.4 million was attributable to the net effect of an increasing percentage of our days filled being attributable to lower pay rate specialties, partially offset by an increase in the average daily rate paid to healthcare professionals.
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased 8% to $34.6 million for the three months ended June 30, 2010 from $37.8 million for the same period in 2009. The decrease was primarily due to lower employee and office related expenses as a result of cost-reduction actions taken throughout 2009 and reduced bad debt expense resulting from favorable collection trends on previously reserved outstanding receivables. The decrease was partially offset by additional business development costs incurred during the three months ended June 30, 2010 and the prior year quarter including a $2.6 million actuarial based professional liability reserve reduction. Included in selling, general and administrative expenses is unallocated corporate overhead, which, excluding stock-based compensation expense, were $7.0 million and $5.6 million for the three months ended June 30, 2010 and 2009, respectively. Excluding unallocated corporate overhead and stock-based compensation expense, selling, general and administrative expenses by reportable segment were $12.0 million and $16.7 million for nurse and allied healthcare staffing, $10.7 million and $10.5 million for locum tenens staffing, and $2.8 million and $2.9 million for physician permanent placement services for the three months ended June 30, 2010 and 2009, respectively.
Locum tenens staffing segment cost of revenue decreased 18% to $92.8 million for the six months ended June 30, 2010 from $113.6 million for the same period in 2009. Of the $20.8 million decrease, $18.6 million was attributable to a decrease in the number of days filled by healthcare professionals during the six months ended June 30, 2010, and $2.2 million was attributable to the net of effect of an increasing percentage of our days filled being attributable to the lower pay rate specialties, partially offset by an increase in the average daily rate paid to the healthcare professionals
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased 24% to $66.5 million for the six months ended June 30, 2010 from $87.9 million for the same period in 2009. The decrease was primarily due to lower employee and office related expenses as a result of cost-reduction actions taken throughout 2009 and reduced bad debt expense resulting from favorable collection trends on previously reserved outstanding receivables. The decrease was partially offset by the additional business development costs incurred during the six months ended June 30, 2010. Included in selling, general and administrative expenses is unallocated corporate overhead, which, excluding stock-based compensation expense, were $12.7 million and $11.7 million for the six months ended June 30, 2010 and 2009, respectively. Excluding unallocated corporate overhead and stock-based compensation expense, selling, general and administrative expenses by reportable segment were $23.1 million and $39.6 million for nurse and allied healthcare staffing, $21.1 million and $25.5 million for locum tenens staffing, and $5.3 million and $6.3 million for physician permanent placement services for the six months ended June 30, 2010 and 2009, respectively.
In connection with our acquisition of Medfinders, we are expecting to refinance our existing Term B debt facility of approximately $107.3 million and pay off Medfinders existing debt facilities totaling approximately $132.0 million. We expect to amend and extend our current Term B loan and increase its balance by an estimated $68.0 million to $175.0 million and issue a second lien term loan of $50.0 million. Additionally, we plan to amend and extend our existing revolving credit facility, which we expect to remain undrawn at closing.
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