Medical Staffing Network Holdings Announces Fourth Quarter 2005 Operating Results - Primary Focus for 2006 Will Be Improved Profitability.

Publication: Business Wire

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COPYRIGHT 2006 Business Wire

BOCA RATON, Fla. -- Medical Staffing Network Holdings, Inc. (NYSE:MRN), a leading healthcare staffing company and the largest provider of per diem nurse staffing services in the nation, today reported revenues of $97.7 million for the fourth quarter of 2005, a decrease of 4.6% from third quarter 2005 revenues of $102.4 million and a decrease of less than $1.0 million from fourth quarter 2004 revenues of $98.5 million. The Company experienced a net loss for the fourth quarter of 2005 of $0.3 million, or $0.01 per share, compared with net income of $0.2 million for the third quarter of 2005, or $0.01 per diluted share, and, essentially, a break-even position for the fourth quarter of 2004.

Commenting on the fourth quarter's results, Robert J. Adamson, chief executive officer, stated, "Our travel and allied divisions performed well this quarter while our per diem division continued to experience softness. The soft market conditions for per diem nurse staffing has lasted much longer than we had hoped. As a result of the prolonged difficult market conditions, we recently made the decision to restructure our per diem nursing division to drive higher profitability. As previously announced, we have closed a number of per diem branch locations that had nominal or negative contribution, allowing us to focus on those...

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