Top companies list: AMN is No. 1

Brought to you by Staffing Industry Analysts, Inc.

May 2006

AMN Healthcare Services Inc. (NYSE: AHS) took first position in the Top U.S. Healthcare Staffing Providers list created by Staffing Industry Healthcare News. AMN Healthcare, boosted by revenue from its acquisition of Merritt, Hawkins & Associates, dethroned Cross Country Healthcare Inc. (NASD: CCRN) for this year's No. 1 spot.

The top providers list is a ranking based on private surveys conducted by Staffing Industry Analysts and public data. This year the list features 21 firms that each generated annual revenue of more than $50 million in 2005.

AMN Healthcare has been No. 1 before - in 2003 and 2004 - but slipped to No. 2 on last year's list. The San Diego-based travel nurse staffing company, which now also includes physician recruiting and staffing, has regained its stature as the highest revenue-generating healthcare staffing firm in the U.S.

Revenue for AMN Healthcare climbed 12.2% to $705.8 million in 2005, up from $629.0 million in 2004. AMN's profit also rose in 2005, to $22.2 million, a 28.2% increase over the $17.3 million earned in 2004.

Increases were due, in part, to purchasing Merritt, Hawkins & Associates (The MHA Group) in November and also to improvements in its nurse and allied staffing businesses, the company said. The MHA Group was No. 8 on the 2005 Top U.S. Healthcare Staffing Providers list, with 2004 revenue of $219.0 million.

Cross Country Healthcare reported revenue of $645.4 million in 2005, down 1.3% from $654.1 million in 2004. Although revenue for the company's healthcare staffing segment, which offers travel and per diem nursing, allied health staffing and clinical trial staffing, was down 2.1%, the company reported that revenue from its human capital management services segment, which includes education and training and retained search business, rose 9.5%.

Cross Country attributed the decrease in its healthcare staffing business to its travel nurse staffing and per diem operations. However, the decrease was partially offset by an increase in its allied health staffing, clinical trials staffing, and international recruitment businesses. Boca Raton FL-based Cross Country takes the No. 2 position on the top providers list.

CHG Healthcare Services Inc., formerly known as CompHealth Group, moved up to the No. 3 position after being fourth on last year's list. The Salt Lake City-based company had 2005 revenue of $405.2 million. That's a 6.2% increase from the $381.4 million reported in 2004. In March 2006, CHG Healthcare filed an IPO.

Per diem specialist Medical Staffing Network Holdings Inc. slipped to No. 4 although they had been in third place the previous two years. Weakness in the per diem staffing market pulled down Medical Staffing's revenue by 3.5% in 2005. The company reported revenue of $402.5 million in 2005, compared with $417.1 million in 2004.

Moving to No. 5 on the list was privately held Maxim Healthcare Services Inc., a good jump from coming in as No. 6 in 2005. The company had revenue of $294.2 million in 2005, up 7.8% from $279.9 million in 2004.

This year's No. 6 slot goes to InteliStaf, a firm that was in fifth place in 2005 and seventh place in 2004. The Oakbrook Terrace IL-based company, also privately held, had revenue of $274.2 million in 2005, down 9.9% from $304.2 million in 2004. In October 2005, the company appointed a new president and CEO, Michael Wilstead, and a new CFO, Mark Thomas.

We added three newcomers to this year's list: Jackson Healthcare Staffing of Alpharetta GA is No. 14 with $101 million in 2005 revenue, VISTA Staffing Solutions Inc. is No. 19 with 2005 revenue of $52.3 million, and following closely behind, Somerset NJ-based TeamStaff Inc. (NASD: TSTF) is No. 21 with revenue of $51.2 million. TeamStaff's fiscal 2005 revenue included $12.8 million related to the acquisition of Nursing Innovations and $13.0 million related to buying RS Staffing Services Inc.

The healthcare staffing industry has been on the road to recovery for the last year, and given the new additions to the list, the prognosis for the years ahead is quite positive. Note that the healthcare staffing industry grew by 2.5% in 2005, according to our latest forecast, reversing the trend of negative growth rates from 2003 and 2004, at -8.5% and -3.0%, respectively.

The industry is expected to continue its upward trend with a projected 2006 growth rate of 5.0%. This trend should take the industry to $10.5 billion in 2006, and to $11.2 billion by 2007, a projected growth rate of 6.0% from 2006 to 2007.

To view the list of the top companies, please click here.

Click here for more information from Staffing Industry Analysts, Inc.

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(NASD: CCRN) for this year's No. 1 spot. The top providers list is a ranking based on private surveys conducted by Staffing Industry Analysts and public data. This year the list features 21 firms that each generated annual revenue of more than $50 million in 2005. AMN Healthcare has been No. 1 before - in 2003 and 2004 - but slipped to No. 2 on last year's list. The San Diego-based travel nurse staffing company, which now also includes physician recruiting and staffing, has regained its stature as the highest revenue-generating healthcare staffing firm in the U.S. Revenue for AMN Healthcare climbed 12.2% to $705.8 million in 2005, up from $629.0 million in 2004. AMN's profit also rose in 2005, to $22.2 million, a 28.2% increase over the $17.3 million earned in 2004. Increases were due, in part, to purchasing Merritt, Hawkins & Associates (The MHA Group) in November and also to improvements in its nurse and allied staffing businesses, the company said. The MHA Group was No. 8 on the 2005 Top U.S. Healthcare Staffing Providers list, with 2004 revenue of $219.0 million. Cross Country Healthcare reported revenue of $645.4 million in 2005, down 1.3% from $654.1 million in 2004. Although revenue for the company's healthcare staffing segment, which offers travel and per diem nursing, allied health staffing and clinical trial staffing, was down 2.1%, the company reported that revenue from its human capital management services segment, which includes education and training and retained search business, rose 9.5%. Cross Country attributed the decrease in its healthcare staffing business to its travel nurse staffing and per diem operations. However, the decrease was partially offset by an increase in its allied health staffing, clinical trials staffing, and international recruitment businesses. Boca Raton FL-based Cross Country takes the No. 2 position on the top providers list. CHG Healthcare Services Inc., formerly known as CompHealth Group, moved up to the No. 3 position after being fourth on last year's list. The Salt Lake City-based company had 2005 revenue of $405.2 million. That's a 6.2% increase from the $381.4 million reported in 2004. In March 2006, CHG Healthcare filed an IPO. Per diem specialist Medical Staffing Network Holdings Inc. slipped to No. 4 although they had been in third place the previous two years. Weakness in the per diem staffing market pulled down Medical Staffing's revenue by 3.5% in 2005. The company reported revenue of $402.5 million in 2005, compared with $417.1 million in 2004. Moving to No. 5 on the list was privately held Maxim Healthcare Services Inc., a good jump from coming in as No. 6 in 2005. The company had revenue of $294.2 million in 2005, up 7.8% from $279.9 million in 2004. This year's No. 6 slot goes to InteliStaf, a firm that was in fifth place in 2005 and seventh place in 2004. The Oakbrook Terrace IL-based company, also privately held, had revenue of $274.2 million in 2005, down 9.9% from $304.2 million in 2004. In October 2005, the company appointed a new president and CEO, Michael Wilstead, and a new CFO, Mark Thomas. We added three newcomers to this year's list: Jackson Healthcare Staffing of Alpharetta GA is No. 14 with $101 million in 2005 revenue, VISTA Staffing Solutions Inc. is No. 19 with 2005 revenue of $52.3 million, and following closely behind, Somerset NJ-based TeamStaff Inc. (NASD: TSTF) is No. 21 with revenue of $51.2 million. TeamStaff's fiscal 2005 revenue included $12.8 million related to the acquisition of Nursing Innovations and $13.0 million related to buying RS Staffing Services Inc. The healthcare staffing industry has been on the road to recovery for the last year, and given the new additions to the list, the prognosis for the years ahead is quite positive. Note that the healthcare staffing industry grew by 2.5% in 2005, according to our latest forecast, reversing the trend of negative growth rates from 2003 and 2004, at -8.5% and -3.0%, respectively. The industry is expected to continue its upward trend with a projected 2006 growth rate of 5.0%. This trend should take the industry to $10.5 billion in 2006, and to $11.2 billion by 2007, a projected growth rate of 6.0% from 2006 to 2007. To view the list of the top companies, please click here. Click here for more information from Staffing Industry Analysts, Inc.
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