Calabasas-based staffing firm On Assignment Inc. reported a steep 168 percent profit increase in the fourth quarter on a 34 percent rise in revenue.
Fourth-quarter net income was $7.5 million, or 20 cents per diluted share, up from $2.8 million, or 8 cents per diluted share, in the same period a year ago. Revenues grew 34 percent to $161.8 million.
Full year revenues were up 36 percent to $597.3 million, the company said. Gross margins were 33.1 percent for the quarter and 33.5 percent for the full year. The company also reported adjusted earning before interest, tax, depreciation and amortization (EBITDA) of $17.7 million for the quarter, or 10.9 percent of revenues, compared with $11.6 million, or 9.6 percent of revenues in the same quarter last year.
On Assignment is a global provider of skilled, hard-to-find professionals in the life sciences, healthcare and technology sectors. The company offers flexible, temporary and permanent staffing solutions.
“We are very pleased that for the second consecutive quarter, all of our operating segments reported strong year-over-year revenue growth, and for the full year each segment reported double-digit revenue growth,” Peter Dameris, president and chief executive officer said in a statement. “Our focus on growing our high margin, highly valued math and science skill practices and leveraging our operating platform has enabled us to grow Adjusted EBITDA 75% year over year, more than twice our revenue growth rate and puts us well ahead of our five-year plan to grow our Company to $1 billion in revenues and $100 million in EBITDA. As we enter into the third year of that 5 year strategic plan, I remain confident that we can continue to create value for our shareholders and employees.”