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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ASGN Inc | NYSE:ASGN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.15% | 94.16 | 94.63 | 93.0001 | 94.39 | 206,129 | 01:00:00 |
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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95-4023433
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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26745 Malibu Hills Road, Calabasas, CA
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91301
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(Address of principal executive offices)
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(Zip Code)
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(818) 878-7900
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(Registrant’s telephone number, including area code)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
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Smaller reporting company
o
|
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June 30, 2013
|
|
December 31, 2012
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
14,111
|
|
|
$
|
27,479
|
|
Accounts receivable, net of allowance of $2,979 and $3,970, respectively
|
266,567
|
|
|
245,201
|
|
||
Prepaid expenses
|
7,469
|
|
|
8,839
|
|
||
Deferred income tax assets
|
10,071
|
|
|
10,147
|
|
||
Other
|
3,703
|
|
|
4,289
|
|
||
Total current assets
|
301,921
|
|
|
295,955
|
|
||
|
|
|
|
||||
Property and equipment, net
|
30,552
|
|
|
26,862
|
|
||
Goodwill
|
495,638
|
|
|
496,158
|
|
||
Identifiable intangible assets, net
|
253,106
|
|
|
263,840
|
|
||
Other long-term assets
|
7,816
|
|
|
15,206
|
|
||
Total Assets
|
$
|
1,089,033
|
|
|
$
|
1,098,021
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
10,250
|
|
|
$
|
10,000
|
|
Accounts payable
|
5,599
|
|
|
6,810
|
|
||
Accrued payroll and contract professional pay
|
67,405
|
|
|
59,962
|
|
||
Deferred compensation
|
5,150
|
|
|
10,000
|
|
||
Workers’ compensation and medical malpractice loss reserves
|
11,131
|
|
|
10,327
|
|
||
Income taxes payable
|
8,057
|
|
|
191
|
|
||
Current portion of accrued earn-outs
|
3,171
|
|
|
6,563
|
|
||
Other
|
16,314
|
|
|
14,874
|
|
||
Total current liabilities
|
127,077
|
|
|
118,727
|
|
||
|
|
|
|
||||
Deferred income tax liabilities
|
22,913
|
|
|
23,009
|
|
||
Long-term debt
|
359,063
|
|
|
416,588
|
|
||
Other long-term liabilities
|
5,781
|
|
|
6,974
|
|
||
Total liabilities
|
514,834
|
|
|
565,298
|
|
||
Commitments and Contingencies
|
|
|
|
|
|
||
Stockholders’ Equity:
|
|
|
|
||||
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued
|
—
|
|
|
—
|
|
||
Common Stock, $0.01 par value, 75,000,000 shares authorized, 53,548,176 and 52,960,570 issued and outstanding, respectively
|
535
|
|
|
530
|
|
||
Paid-in capital
|
481,943
|
|
|
471,711
|
|
||
Retained earnings
|
93,639
|
|
|
61,687
|
|
||
Accumulated other comprehensive loss
|
(1,918
|
)
|
|
(1,205
|
)
|
||
Total stockholders’ equity
|
574,199
|
|
|
532,723
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
1,089,033
|
|
|
$
|
1,098,021
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
June 30,
|
June 30,
|
||||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Revenues
|
$
|
417,923
|
|
|
$
|
265,863
|
|
|
$
|
807,116
|
|
|
$
|
422,623
|
|
Cost of services
|
293,356
|
|
|
181,326
|
|
|
569,275
|
|
|
285,337
|
|
||||
Gross profit
|
124,567
|
|
|
84,537
|
|
|
237,841
|
|
|
137,286
|
|
||||
Selling, general and administrative expenses
|
86,454
|
|
|
65,173
|
|
|
170,615
|
|
|
107,918
|
|
||||
Amortization of intangible assets
|
5,275
|
|
|
3,884
|
|
|
10,654
|
|
|
4,518
|
|
||||
Operating income
|
32,838
|
|
|
15,480
|
|
|
56,572
|
|
|
24,850
|
|
||||
Interest expense, net
|
(4,198
|
)
|
|
(3,957
|
)
|
|
(9,529
|
)
|
|
(4,658
|
)
|
||||
Write-off of loan costs
|
(14,958
|
)
|
|
(813
|
)
|
|
(14,958
|
)
|
|
(813
|
)
|
||||
Income before income taxes
|
13,682
|
|
|
10,710
|
|
|
32,085
|
|
|
19,379
|
|
||||
Provision for income taxes
|
5,860
|
|
|
4,633
|
|
|
13,653
|
|
|
8,255
|
|
||||
Income from continuing operations
|
7,822
|
|
|
6,077
|
|
|
$
|
18,432
|
|
|
$
|
11,124
|
|
||
Gain on sale of discontinued operations, net of income taxes
|
—
|
|
|
—
|
|
|
14,412
|
|
|
—
|
|
||||
Income (loss) from discontinued operations, net of income taxes
|
(483
|
)
|
|
1,485
|
|
|
(892
|
)
|
|
1,821
|
|
||||
Net income
|
$
|
7,339
|
|
|
$
|
7,562
|
|
|
$
|
31,952
|
|
|
$
|
12,945
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.15
|
|
|
$
|
0.14
|
|
|
$
|
0.35
|
|
|
$
|
0.27
|
|
Income (loss) from discontinued operations
|
(0.01
|
)
|
|
0.03
|
|
|
0.25
|
|
|
0.05
|
|
||||
Net Income
|
$
|
0.14
|
|
|
$
|
0.17
|
|
|
$
|
0.60
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
0.14
|
|
|
$
|
0.13
|
|
|
$
|
0.34
|
|
|
$
|
0.26
|
|
Income (loss) from discontinued operations
|
—
|
|
|
0.03
|
|
|
0.25
|
|
|
0.05
|
|
||||
Net Income
|
$
|
0.14
|
|
|
$
|
0.16
|
|
|
$
|
0.59
|
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
||||||||
Number of shares and share equivalents used to calculate earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
53,378
|
|
|
44,852
|
|
|
53,213
|
|
|
41,060
|
|
||||
Diluted
|
54,327
|
|
|
45,879
|
|
|
54,222
|
|
|
42,067
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net income to comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
7,339
|
|
|
$
|
7,562
|
|
|
$
|
31,952
|
|
|
$
|
12,945
|
|
Changes in fair value of derivatives, net of tax of $75 and $204 for the three months ended June 30, 2013 and 2012, respectively and $47 and $204 for the six months ended June 30, 2013 and 2012, respectively
|
76
|
|
|
39
|
|
|
143
|
|
|
39
|
|
||||
Foreign currency translation adjustment
|
403
|
|
|
(1,767
|
)
|
|
(856
|
)
|
|
(670
|
)
|
||||
Comprehensive income
|
$
|
7,818
|
|
|
$
|
5,834
|
|
|
$
|
31,239
|
|
|
$
|
12,314
|
|
|
Six Months Ended
|
||||||
June 30,
|
|||||||
|
2013
|
|
2012
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net income
|
$
|
31,952
|
|
|
$
|
12,945
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Gain on sale of discontinued operations, net of income taxes
|
(14,412
|
)
|
|
—
|
|
||
Depreciation and amortization
|
14,434
|
|
|
7,527
|
|
||
Stock-based compensation
|
6,210
|
|
|
3,499
|
|
||
Write-off of loan costs
|
14,958
|
|
|
813
|
|
||
Gross excess tax benefits from stock-based compensation
|
(2,704
|
)
|
|
(1,116
|
)
|
||
Workers’ compensation and medical malpractice provision
|
3,071
|
|
|
1,580
|
|
||
Other
|
1,226
|
|
|
65
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions and divestiture:
|
|
|
|
||||
Accounts receivable
|
(33,329
|
)
|
|
(15,480
|
)
|
||
Prepaid expenses and income taxes
|
2,521
|
|
|
1,580
|
|
||
Accounts payable
|
(1,249
|
)
|
|
608
|
|
||
Accrued payroll and contract professional pay
|
12,493
|
|
|
(25,335
|
)
|
||
Deferred compensation
|
(4,850
|
)
|
|
(1,353
|
)
|
||
Other
|
6
|
|
|
5,775
|
|
||
Net cash provided by (used in) operating activities
|
30,327
|
|
|
(8,892
|
)
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Cash paid for property and equipment
|
(7,328
|
)
|
|
(7,171
|
)
|
||
Cash received from sale of discontinued operations, net
|
31,922
|
|
|
—
|
|
||
Cash paid for acquisitions, net of cash acquired
|
—
|
|
|
(347,447
|
)
|
||
Other
|
(1,872
|
)
|
|
(593
|
)
|
||
Net cash provided by (used in) investing activities
|
22,722
|
|
|
(355,211
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Principal payments of long-term debt
|
(440,775
|
)
|
|
(110,163
|
)
|
||
Proceeds from term debt
|
383,500
|
|
|
490,000
|
|
||
Proceeds from stock transactions
|
3,912
|
|
|
2,578
|
|
||
Payments of employment taxes related to release of restricted stock awards
|
(5,602
|
)
|
|
(2,087
|
)
|
||
Gross excess tax benefits from stock-based compensation
|
2,704
|
|
|
1,116
|
|
||
Debt issuance costs
|
(6,563
|
)
|
|
(16,572
|
)
|
||
Payments of accrued earn-outs
|
(3,425
|
)
|
|
—
|
|
||
Other
|
(14
|
)
|
|
(14
|
)
|
||
Net cash provided by (used in) financing activities
|
(66,263
|
)
|
|
364,858
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(154
|
)
|
|
(71)
|
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(13,368
|
)
|
|
684
|
|
||
Cash and Cash Equivalents at Beginning of Year
|
27,479
|
|
|
17,739
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
14,111
|
|
|
$
|
18,423
|
|
|
|
|
|
||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
||||
Cash paid for:
|
|
|
|
||||
Income taxes
|
$
|
12,580
|
|
|
$
|
3,841
|
|
Interest
|
$
|
8,535
|
|
|
$
|
3,868
|
|
|
|
|
|
||||
Supplemental Disclosure of Non-Cash Transactions:
|
|
|
|
||||
Acquisition of property and equipment through accounts payable
|
$
|
993
|
|
|
$
|
1,034
|
|
Acquisition accounting
|
$
|
—
|
|
|
$
|
(991
|
)
|
Equity consideration for acquisition
|
$
|
—
|
|
|
$
|
(225,558
|
)
|
Current assets
|
|
$
|
172,042
|
|
Property and equipment
|
|
902
|
|
|
Goodwill
|
|
264,590
|
|
|
Identifiable intangible assets
|
|
251,555
|
|
|
Other
|
|
494
|
|
|
Total assets acquired
|
|
$
|
689,583
|
|
|
|
|
||
Current liabilities
|
|
$
|
77,905
|
|
Other
|
|
850
|
|
|
Total liabilities assumed
|
|
78,755
|
|
|
Total purchase price
|
|
$
|
610,828
|
|
|
Useful life
|
|
Identifiable Intangible Asset Value
|
||
Contractor relationships
|
5 years
|
|
$
|
10,589
|
|
Customer relationships
|
10 years
|
|
92,147
|
|
|
Non-compete agreements
|
7 years
|
|
2,076
|
|
|
Trademarks
|
indefinite
|
|
146,743
|
|
|
Total identifiable intangible assets acquired
|
|
|
$
|
251,555
|
|
Revenues
|
$
|
704,900
|
|
Operating income
|
$
|
48,692
|
|
Income from continuing operations
|
$
|
21,235
|
|
Net income
|
$
|
23,056
|
|
|
|
||
Basic earnings per share:
|
|
||
Income from continuing operations
|
$
|
0.41
|
|
Net income
|
$
|
0.45
|
|
|
|
||
Diluted earnings per share:
|
|
||
Income from continuing operations
|
$
|
0.40
|
|
Net income
|
$
|
0.44
|
|
|
|
||
Weighted average number of shares outstanding
|
51,788
|
|
|
Weighted average number of shares and dilutive shares outstanding
|
52,795
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Revenues
|
$
|
(24
|
)
|
|
$
|
16,822
|
|
|
$
|
6,408
|
|
|
$
|
27,140
|
|
Income (loss) before income taxes
|
$
|
(766
|
)
|
|
$
|
2,364
|
|
|
$
|
(1,279
|
)
|
|
$
|
2,941
|
|
Provision (benefit) for income taxes
|
$
|
(283
|
)
|
|
$
|
879
|
|
|
$
|
(387
|
)
|
|
$
|
1,120
|
|
Net income (loss)
|
$
|
(483
|
)
|
|
$
|
1,485
|
|
|
$
|
(892
|
)
|
|
$
|
1,821
|
|
|
June 30,
2013 |
|
December 31, 2012
|
||||
Senior Secured Debt
|
|
|
|
||||
$125 million revolving credit facility, due May 2018
|
$
|
—
|
|
|
$
|
—
|
|
$100 million term A loan facility, due May 2018
|
97,500
|
|
|
—
|
|
||
$275 million term B loan facility, due May 2020
|
271,813
|
|
|
—
|
|
||
$75 million revolving credit facility, repaid May 2013
|
—
|
|
|
—
|
|
||
$100 million term A loan facility, repaid May 2013
|
—
|
|
|
92,500
|
|
||
$365 million term B loan facility, repaid May 2013
|
—
|
|
|
334,088
|
|
||
|
$
|
369,313
|
|
|
$
|
426,588
|
|
2013
|
|
$
|
5,000
|
|
2014
|
|
11,625
|
|
|
2015
|
|
12,750
|
|
|
2016
|
|
12,750
|
|
|
2017
|
|
12,750
|
|
|
Thereafter
|
|
314,438
|
|
|
Total
|
|
$
|
369,313
|
|
|
As of June 30, 2013
|
||||||||||||||
|
Fair Value Measurements Using
|
|
Total
|
||||||||||||
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
|
||||||||
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
||||||||
Contingent consideration to be paid in cash for the acquisitions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(3,171
|
)
|
|
$
|
(3,171
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
As of December 31, 2012
|
||||||||||||||
|
Fair Value Measurements Using
|
|
Total
|
||||||||||||
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
|
||||||||
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
|||||||||
Contingent consideration to be paid in cash for the acquisitions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(7,577
|
)
|
|
$
|
(7,577
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Contingent consideration for acquisitions
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(6,544
|
)
|
|
$
|
(10,091
|
)
|
|
$
|
(7,577
|
)
|
|
$
|
(9,856
|
)
|
Payments on contingent consideration
|
3,425
|
|
|
—
|
|
|
3,425
|
|
|
—
|
|
||||
Fair value adjustment
|
62
|
|
|
402
|
|
|
892
|
|
|
370
|
|
||||
Foreign currency translation adjustment
|
(114
|
)
|
|
372
|
|
|
89
|
|
|
169
|
|
||||
Balance at end of period
|
$
|
(3,171
|
)
|
|
$
|
(9,317
|
)
|
|
$
|
(3,171
|
)
|
|
$
|
(9,317
|
)
|
|
Apex
|
|
Oxford
|
|
Life Sciences
|
|
Healthcare
|
|
Physician
|
|
Total
|
||||||||||||
Balance as of December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross goodwill
|
$
|
—
|
|
|
$
|
149,483
|
|
|
$
|
27,668
|
|
|
$
|
122,230
|
|
|
$
|
51,570
|
|
|
$
|
350,951
|
|
Accumulated impairment loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(121,717
|
)
|
|
—
|
|
|
(121,717
|
)
|
||||||
|
—
|
|
|
149,483
|
|
|
27,668
|
|
|
513
|
|
|
51,570
|
|
|
229,234
|
|
||||||
Apex Acquisition
|
264,590
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
264,590
|
|
||||||
Acquisition accounting
|
—
|
|
|
—
|
|
|
1,814
|
|
|
—
|
|
|
(9
|
)
|
|
1,805
|
|
||||||
Translation adjustment
|
—
|
|
|
—
|
|
|
529
|
|
|
—
|
|
|
—
|
|
|
529
|
|
||||||
Balance as of December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross goodwill
|
264,590
|
|
|
149,483
|
|
|
30,011
|
|
|
122,230
|
|
|
51,561
|
|
|
617,875
|
|
||||||
Accumulated impairment loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(121,717
|
)
|
|
—
|
|
|
(121,717
|
)
|
||||||
|
264,590
|
|
|
149,483
|
|
|
30,011
|
|
|
513
|
|
|
51,561
|
|
|
496,158
|
|
||||||
Divestiture - gross goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
(121,717
|
)
|
|
—
|
|
|
(121,717
|
)
|
||||||
Divestiture - accumulated impairment loss
|
—
|
|
|
—
|
|
|
—
|
|
|
121,717
|
|
|
—
|
|
|
121,717
|
|
||||||
Translation adjustment
|
—
|
|
|
—
|
|
|
(520
|
)
|
|
—
|
|
|
—
|
|
|
(520
|
)
|
||||||
Balance as of June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross goodwill
|
264,590
|
|
|
149,483
|
|
|
29,491
|
|
|
513
|
|
|
51,561
|
|
|
495,638
|
|
||||||
Accumulated impairment loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
264,590
|
|
|
$
|
149,483
|
|
|
$
|
29,491
|
|
|
$
|
513
|
|
|
$
|
51,561
|
|
|
$
|
495,638
|
|
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
Estimated Useful Life
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relations
|
3 months – 10 years
|
|
$
|
103,247
|
|
|
$
|
32,352
|
|
|
$
|
70,895
|
|
|
$
|
103,285
|
|
|
$
|
23,338
|
|
|
$
|
79,947
|
|
Contractor relations
|
2 - 7 years
|
|
37,857
|
|
|
29,158
|
|
|
8,699
|
|
|
37,871
|
|
|
27,754
|
|
|
10,117
|
|
||||||
Non-compete agreements
|
2 - 7 years
|
|
2,978
|
|
|
1,255
|
|
|
1,723
|
|
|
2,986
|
|
|
1,062
|
|
|
1,924
|
|
||||||
|
|
|
144,082
|
|
|
62,765
|
|
|
81,317
|
|
|
144,142
|
|
|
52,154
|
|
|
91,988
|
|
||||||
Intangible assets not subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks
|
|
|
171,789
|
|
|
—
|
|
|
171,789
|
|
|
171,852
|
|
|
—
|
|
|
171,852
|
|
||||||
Goodwill
|
|
|
495,638
|
|
|
—
|
|
|
495,638
|
|
|
496,158
|
|
|
—
|
|
|
496,158
|
|
||||||
Total
|
|
|
$
|
811,509
|
|
|
$
|
62,765
|
|
|
$
|
748,744
|
|
|
$
|
812,152
|
|
|
$
|
52,154
|
|
|
$
|
759,998
|
|
2013
|
$
|
10,318
|
|
2014
|
16,819
|
|
|
2015
|
14,302
|
|
|
2016
|
12,367
|
|
|
2017
|
8,994
|
|
|
Thereafter
|
18,517
|
|
|
|
$
|
81,317
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Weighted average number of common shares outstanding used to compute basic earnings per share
|
53,378
|
|
|
44,852
|
|
|
53,213
|
|
|
41,060
|
|
Dilutive effect of stock-based awards
|
949
|
|
|
1,027
|
|
|
1,009
|
|
|
1,007
|
|
Number of shares used to compute diluted earnings per share
|
54,327
|
|
|
45,879
|
|
|
54,222
|
|
|
42,067
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Anti-dilutive common share equivalents outstanding
|
182
|
|
|
78
|
|
|
107
|
|
|
475
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Apex
|
$
|
233,446
|
|
|
$
|
98,503
|
|
|
$
|
446,174
|
|
|
$
|
98,503
|
|
Oxford
|
101,474
|
|
|
88,107
|
|
|
196,736
|
|
|
166,866
|
|
||||
Life Sciences
|
41,877
|
|
|
40,509
|
|
|
82,350
|
|
|
81,860
|
|
||||
Physician
|
26,466
|
|
|
25,039
|
|
|
52,768
|
|
|
49,128
|
|
||||
Healthcare
|
14,660
|
|
|
13,705
|
|
|
29,088
|
|
|
26,266
|
|
||||
|
$
|
417,923
|
|
|
$
|
265,863
|
|
|
$
|
807,116
|
|
|
$
|
422,623
|
|
Gross Profit:
|
|
|
|
|
|
|
|
||||||||
Apex
|
$
|
63,896
|
|
|
$
|
26,983
|
|
|
$
|
119,515
|
|
|
$
|
26,983
|
|
Oxford
|
34,506
|
|
|
31,646
|
|
|
66,656
|
|
|
59,016
|
|
||||
Life Sciences
|
13,838
|
|
|
13,808
|
|
|
27,222
|
|
|
27,647
|
|
||||
Physician
|
7,640
|
|
|
7,718
|
|
|
15,123
|
|
|
15,217
|
|
||||
Healthcare
|
4,687
|
|
|
4,382
|
|
|
9,325
|
|
|
8,423
|
|
||||
|
$
|
124,567
|
|
|
$
|
84,537
|
|
|
$
|
237,841
|
|
|
$
|
137,286
|
|
Operating Income (Loss):
|
|
|
|
|
|
|
|
||||||||
Apex
|
$
|
16,431
|
|
|
$
|
(3,648
|
)
|
|
$
|
26,510
|
|
|
$
|
(3,648
|
)
|
Oxford
|
14,020
|
|
|
15,521
|
|
|
25,436
|
|
|
22,756
|
|
||||
Life Sciences
|
1,255
|
|
|
2,963
|
|
|
1,875
|
|
|
5,271
|
|
||||
Physician
|
1,927
|
|
|
1,984
|
|
|
4,082
|
|
|
3,062
|
|
||||
Healthcare
|
(795
|
)
|
|
(1,340
|
)
|
|
(1,331
|
)
|
|
(2,591
|
)
|
||||
|
$
|
32,838
|
|
|
$
|
15,480
|
|
|
$
|
56,572
|
|
|
$
|
24,850
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Domestic
|
$
|
398,803
|
|
|
$
|
246,875
|
|
|
$
|
767,601
|
|
|
$
|
384,319
|
|
Foreign
|
19,120
|
|
|
18,988
|
|
|
39,515
|
|
|
38,304
|
|
||||
|
$
|
417,923
|
|
|
$
|
265,863
|
|
|
$
|
807,116
|
|
|
$
|
422,623
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
Total Assets:
|
|
|
|
||||
Apex
|
$
|
652,295
|
|
|
$
|
642,594
|
|
Oxford
|
238,724
|
|
|
231,211
|
|
||
Life Sciences and Healthcare
|
117,315
|
|
|
139,601
|
|
||
Physician
|
80,699
|
|
|
84,615
|
|
||
|
$
|
1,089,033
|
|
|
$
|
1,098,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGES IN RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2013 COMPARED WITH THE THREE MONTHS ENDED JUNE 30, 2012
|
|
Three Months Ended
|
|
Change
|
|||||||||||
June 30,
|
||||||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
Apex
|
$
|
233,446
|
|
|
$
|
98,503
|
|
|
$
|
134,943
|
|
|
137.0
|
%
|
Oxford
|
101,474
|
|
|
88,107
|
|
|
13,367
|
|
|
15.2
|
%
|
|||
Life Sciences
|
41,877
|
|
|
40,509
|
|
|
1,368
|
|
|
3.4
|
%
|
|||
Physician
|
26,466
|
|
|
25,039
|
|
|
1,427
|
|
|
5.7
|
%
|
|||
Healthcare
|
14,660
|
|
|
13,705
|
|
|
955
|
|
|
7.0
|
%
|
|||
|
$
|
417,923
|
|
|
$
|
265,863
|
|
|
$
|
152,060
|
|
|
57.2
|
%
|
|
Three Months Ended
|
||||||||||||
June 30,
|
|||||||||||||
|
2013
|
|
2012
|
||||||||||
|
Gross Profit
|
|
Gross Margin
|
|
Gross Profit
|
|
Gross Margin
|
||||||
Apex
|
$
|
63,896
|
|
|
27.4
|
%
|
|
$
|
26,983
|
|
|
27.4
|
%
|
Oxford
|
34,506
|
|
|
34.0
|
%
|
|
31,646
|
|
|
35.9
|
%
|
||
Life Sciences
|
13,838
|
|
|
33.0
|
%
|
|
13,808
|
|
|
34.1
|
%
|
||
Physician
|
7,640
|
|
|
28.9
|
%
|
|
7,718
|
|
|
30.8
|
%
|
||
Healthcare
|
4,687
|
|
|
32.0
|
%
|
|
4,382
|
|
|
32.0
|
%
|
||
|
$
|
124,567
|
|
|
29.8
|
%
|
|
$
|
84,537
|
|
|
31.8
|
%
|
|
|
|
|
|
|
|
|
|
|
CHANGES IN RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2013 COMPARED WITH THE SIX MONTHS ENDED JUNE 30, 2012
|
|
||||||||||||||
|
Six Months Ended
|
|
Change
|
|||||||||||
June 30,
|
||||||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
Apex
|
$
|
446,174
|
|
|
$
|
98,503
|
|
|
$
|
347,671
|
|
|
353.0
|
%
|
Oxford
|
196,736
|
|
|
166,866
|
|
|
29,870
|
|
|
17.9
|
%
|
|||
Life Sciences
|
82,350
|
|
|
81,860
|
|
|
490
|
|
|
0.6
|
%
|
|||
Physician
|
52,768
|
|
|
49,128
|
|
|
3,640
|
|
|
7.4
|
%
|
|||
Healthcare
|
29,088
|
|
|
26,266
|
|
|
2,822
|
|
|
10.7
|
%
|
|||
Total
|
$
|
807,116
|
|
|
$
|
422,623
|
|
|
$
|
384,493
|
|
|
91.0
|
%
|
|
Six Months Ended
|
||||||||||||
June 30,
|
|||||||||||||
|
2013
|
|
2012
|
||||||||||
|
Gross Profit
|
|
Gross Margin
|
|
Gross Profit
|
|
Gross Margin
|
||||||
Apex
|
$
|
119,515
|
|
|
26.8
|
%
|
|
$
|
26,983
|
|
|
27.4
|
%
|
Oxford
|
66,656
|
|
|
33.9
|
%
|
|
59,016
|
|
|
35.4
|
%
|
||
Life Sciences
|
27,222
|
|
|
33.1
|
%
|
|
27,647
|
|
|
33.8
|
%
|
||
Physician
|
15,123
|
|
|
28.7
|
%
|
|
15,217
|
|
|
31.0
|
%
|
||
Healthcare
|
9,325
|
|
|
32.1
|
%
|
|
8,423
|
|
|
32.1
|
%
|
||
Total
|
$
|
237,841
|
|
|
29.5
|
%
|
|
$
|
137,286
|
|
|
32.5
|
%
|
|
|
As Previously Reported
|
||||||||||||||
|
|
2012
|
||||||||||||||
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
||||||||
|
|
(in thousands, except per share data)
|
||||||||||||||
Income from continuing operations
|
|
$
|
9,748
|
|
|
$
|
16,586
|
|
|
$
|
7,030
|
|
|
$
|
5,047
|
|
Net income
|
|
$
|
11,322
|
|
|
$
|
17,433
|
|
|
$
|
8,515
|
|
|
$
|
5,383
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
0.19
|
|
|
$
|
0.32
|
|
|
$
|
0.16
|
|
|
$
|
0.14
|
|
Net income
|
|
$
|
0.22
|
|
|
$
|
0.33
|
|
|
$
|
0.19
|
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
0.18
|
|
|
$
|
0.31
|
|
|
$
|
0.15
|
|
|
$
|
0.13
|
|
Net income
|
|
$
|
0.21
|
|
|
$
|
0.33
|
|
|
$
|
0.19
|
|
|
$
|
0.14
|
|
|
|
Restated
|
||||||||||||||
|
|
2012
|
||||||||||||||
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
||||||||
|
|
(in thousands, except per share data)
|
||||||||||||||
Income from continuing operations
|
|
$
|
12,631
|
|
|
$
|
14,656
|
|
|
$
|
6,077
|
|
|
$
|
5,047
|
|
Net income
|
|
$
|
14,205
|
|
|
$
|
15,503
|
|
|
$
|
7,562
|
|
|
$
|
5,383
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
0.24
|
|
|
$
|
0.28
|
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
Net income
|
|
$
|
0.27
|
|
|
$
|
0.30
|
|
|
$
|
0.17
|
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
0.24
|
|
|
$
|
0.28
|
|
|
$
|
0.13
|
|
|
$
|
0.13
|
|
Net income
|
|
$
|
0.26
|
|
|
$
|
0.29
|
|
|
$
|
0.16
|
|
|
$
|
0.14
|
|
|
ON ASSIGNMENT, INC.
|
|
|
|
|
Date: August 2, 2013
|
By:
|
/s/ Edward L. Pierce
|
|
|
Edward L. Pierce
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
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