On Assignment Profit Falls On Costs - Quick Facts

(RTTNews) - On Assignment Inc. (ASGN), a professional staffing company, Wednesday reported second-quarter net income of $7.3 million or $0.14 per share, compared with $7.6 million or $0.17 per share last year.

Results for the recent quarter included write-off of loan costs of $14 million, among other items.

Non-GAAP income from continuing operations for the quarter were $17 million or $0.32 per share, compared with $10.6 million or $0.23 per share a year ago.

Adjusted income from continuing operations for the quarter were $25.5 million or $0.47 per share.

Analysts polled by Thomson Reuters estimated earnings of $0.28 per share on revenues of $412.09 million for the quarter.

Revenues for the quarter were up 57% at $418 million, compared with $266 million in the prior year. Analysts estimated revenues of $412.09 million.

On a pro forma basis, revenues were up 15.4 percent year-over-year.

Revenues from IT segment were up 18.4 percent on a proforma basis. Growth was also seen across non-IT segments.

"Our strong revenue growth was mainly driven by our IT businesses, Apex Systems and Oxford, which account for 80 percent of our business," the company said.

Looking ahead to the third quarter, the company expects adjusted earnings from continuing operations of $0.47 to $0.49 per share and revenues of $429 million to $433 million. Analysts expect earnings of $0.32 per share and revenues of $420.85 million.