William J. Grubbs – President and Chief Executive Officer William J. Burns – Chief Financial Officer

Good morning, ladies and gentlemen and welcome to the Cross Country Healthcare Conference Call for the Second Quarter of 2014. This call is being simultaneously webcast live. A replay of this call will also be available until August 21, 2014, and can be accessed either on the company’s website, or by dialing 800-262-4966 for domestic calls, and 402-220-9709 for international calls, and by entering the passcode 2014. This call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the call over to Bill Burns, Cross Country Healthcare’s Chief Financial Officer. Please go ahead, sir.

Thank you and good morning, everyone. With me today is our Chief Executive Officer, Bill Grubbs. This call will include a discussion of our Q2 results as disclosed in our press release and will also include a discussion of our financial outlook for the third quarter of 2014. After our prepared remarks, you will have an opportunity to ask questions. I’d like to remind everyone that the press release is also available on our website at www.crosscountryhealthcare.com. Before we begin, we need to remind you that certain statements made on this call may constitute forward-looking statements. As noted in our press release, forward-looking statements can vary materially from actual results and are subject to known and unknown risks, uncertainties and other factors, including those contained in the company’s 2013 annual report on Form 10-K and quarterly reports on Form 10-Q, as well as in filings with the SEC. I would encourage all of you to review the risk factors listed in these documents. The company undertakes no obligation to update any of its forward-looking statements. Also, our remarks during this teleconference, reference non-GAAP financial measures, such non-GAAP financial measures are provided as additional information and should not be considered substitutes for or superior to financial measures calculated in accordance with U.S. GAAP. More information related to these non-GAAP financial measures is contained in our press release. And now, I’ll turn the call over to Bill.

Great, thanks, Bill. Thank you to everyone for joining us this morning. Overall, we had good results for the quarter that we’re within the guidance with previously set. This was predominantly due to strong performance from our Nurse and Allied segment, which was offset by relatively weak performance from our physician staffing and other human capital segments. Let me remind you as we go through that our second quarter results do not reflect any impact of our acquisition of Medical Staffing Network. Throughout the quarter, in our Nurse and Allied business, which is our largest segment are not representing about 67% of our total revenue. We saw increasing demand for our services, as well as growth in the number of healthcare professionals on assignment. Earlier in the quarter, demand was driven by Travel Nurse, but as the quarter progressed, we began to see year-over-year increases in per diem nursing in May and then in Allied towards the end of June. And I’m pleased to say that all of – that those trends have continued through July. Our Nurse and Allied had year-over-year growth driven by strong organic growth at 11%, supplemented by the Allied Health acquisition we made last December. Organic growth, which was accelerated each month throughout the quarter, was driven by $0.04, staffing wins earlier in the year, implementation of several electronic medical enactment projects, increases in orders from our managed service programs, as well as strong fill rates at our managed service programs. 104% book-to-bill ratio in Travel Nurse and Allied in the first quarter grow sequential revenue growth of 4% in the segment. Now let’s talk on the Allied Health acquisition, we made in December. In the second quarter, we also experienced 104% book-to-bill ratio in Travel Nurse and Allied. and as a result, we expect…

Thanks, Bill. Let me review first the consolidated results for the quarter. As Bill mentioned, we recently completed the acquisition of Medical Staffing Network. And except for certain acquisition and integration related costs pertaining to the transaction, our results for the quarter don’t include any of the operating results for MSN. Turning first to revenue, total revenue for the quarter was $122.7 million up 11% from the prior year and up 4% sequentially. On an organic basis revenue for the quarter was up 2% from the prior year. Year-over-year growth was entirely due to growth in our largest segment of Nursing and Allied, which accounted for 67% of our total revenue, all the sequential growth was across all of our segments. Gross profit margin for the quarter was 26.4% up 130 basis points from the prior year and up 60 basis points sequentially. The year-over-year increase in the gross profit margin was largely attributable to continued expansion of the bill pay spread as well as the favorable impact from our acquisition of the Allied health business in December. Sequentially the increase in gross profit margin was due to costs related to professional liability incurred in the first quarter which did not occur. Moving down the income statement SG&A for the quarter was $29.2 million up 10% on a year-over-year basis, primarily due to the Allied acquisition late in 2014. Sorry, late 2013. Excluding that acquisition SG&A was up 1% over the prior year and down 1% sequentially. G&A as a percentage of revenue declined again this quarter as we continue to execute on our goal of improving the operating leverage within our business to improve profitability. Adjusted EBITDA was $3.3 million representing a 2.7% margin which was within our expected range of 2% to 3%. Interest expense was $289,000 up…

At this time, we will begin the question-and-answer session. (Operator Instructions) We have no questions yet.

Yes. There might be something wrong. we’re definitely going to have questions. Operator, is everybody still dialed in?

(Operator Instructions) So they are. we have no questions at this time.

I’ve never – not had any questions. I find it’s hard to believe that they’re not trying to get into the question session. the systems are working fine?

It seems to be. I’ll again, give the scripting. (Operator Instructions)

: So I guess, if there are no specific questions, which is heard in fact, to believe. Thank you everybody for joining this morning and we look forward to updating you on our third quarter results in November. Sorry for the confusion on the call, but we’ll give another number to call in for Q&A. Thanks.

Thank you. A replay of today’s conference will be available through August 21, 2014. You may access the replay by dialing 1800-262-4966 or 1402-220-9709. Please use the passcode 2014. Thank you for joining. You may now disconnect.