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AMN Healthcare Announces First Quarter 2009 Results
Date:5/7/2009

ance with accounting rule FAS 142, the company incurred $176 million in non-cash impairment charges relating to goodwill and certain other intangible assets resulting from a combination of the company's depressed equity market value and lower projected near-term growth rates for the healthcare staffing industry. These trends reflect the current downturn in the U.S. economy in general and, in particular, the continued deterioration in labor markets since the beginning of 2009. These impairment charges are non-cash expenses and will not have any impact on the company's cash position, future cash flows or debt covenants.

First quarter GAAP net loss per diluted share was ($3.74) and included the negative impacts of $3.78 of non-cash goodwill and other intangible asset impairment charges, $0.05 of restructuring charges and $0.02 of non-recurring legal costs.

Total debt outstanding at March 31, 2009 was $119.5 million, yielding a leverage ratio of 1.3. Total average diluted shares outstanding for the first quarter of 2009 were 32.6 million.

Credit Facility Update

The company has secured an amendment to its credit agreement that increases the maximum allowable leverage ratio and extends the revolver tenor one year to match that of the term loan. The interest rate on the term debt remains unchanged at LIBOR plus 1.75% and the rate on the revolver increases 2.0%.

Business Trends and Outlook

During the first quarter of 2009 and first month of the second quarter, the general business trends have been as follows: demand for travel nurse professionals declined significantly during the first part of the year but has recently begun to show signs of stabilization, and demand for allied professionals has been growing, but both are still at levels considerably lower than prior year. Locum tenens volume (days filled) has been relatively flat but is expected to increase
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SOURCE AMN Healthcare Services, Inc.
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