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| Cross Country Inc. |
| 6551 Park of Commerce Blvd N.W. Suite 200, Boca Raton, FL 33487 * (561) 998-2232 |
| Business Description | The company is the largest provider of healthcare staffing services in the United States. Approximately 80% of its revenue is derived from travel nurse staffing. They also provide complementary services, including staffing of clinical trials and allied health professionals, search and recruitment, consulting and education and training. Their active client base includes over 2,500 hospitals, pharmaceutical companies and other healthcare providers across all 50 states. |
| Offering Information Company has | |||
| Trading As | CCRN (NASNTL) | Industry | Service (SIC 7363) |
| Type of Stock Offered | Common Shares | Filing Date | 7/11/2001 |
| Domestic Shares Offered | 7,812,500 | Offer Date | 10/24/2001 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $17.00 |
| Company Shares | 7,812,500 | Offer Price | $17.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.190 |
| Gross Proceeds | $132,812,500 | Selling | $0.710 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | 5650 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Banc of America Securities LLC | Co-manager | (415) 627-2100 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 12/31/1998 | 12/31/1999 | 12/31/2000 | 3/31/2000 | 3/31/2001 |
| Revenues | 124.254 | 138.560 | 158.592 | 193.774 | 367.690 | 89.584 | 103.872 |
| Income from Oper. | 8.831 | 12.134 | 15.726 | 17.653 | 28.821 | 1.187 | 1.072 |
| Net Income | 6.089 | 10.450 | 14.693 | 11.545 | 4.598 | 0.901 | 0.009 |
| E.P.S | - | - | - | - | 1.150 | 0.300 | 0.270 |
| Revenue Growth (%) | 11.51 | 14.46 | 22.18 | 89.752 | 15.95 | ||
| Net Income Growth (%) | 71.62 | 40.60 | -21.43 | -60.17 | -99.05 | ||
| Oper. Profit Margin (%) | 7.11 | 8.76 | 9.92 | 9.11 | 7.84 | 1.03 | 1.33 |
| Net Profit Margin (%) | 4.90 | 7.54 | 9.26 | 5.96 | 1.25 | 0.01 | 1.01 |
| Cash Flow - Oper. | 10.40 | 3.29 | 5.01 | ||||
| Cash Flow - Inv. | -9.58 | -0.51 | -32.60 | ||||
| Cash Flow - Fin. | -5.64 | -7.42 | 27.60 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/2001 | Financial Ratios | ||||
| Total Assets | 82.56 | Current Assets | 2.99 | Current Ratio | 0.01 |
| Total Liab. | -39.86 | Current Liab. | 349.93 | Debt Ratio | - |
| Total Equity | 122.42 | Working Cap. | -346.93 | Debt to Equity Ratio | - |
| Cash | 0.00 | Return on Assets | 0.01% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay indebtedness under its credit facility, to redeem all of its senior subordinated notes with a redemption premium and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Proskauer Rose Goetz & Mendelsohn |
| Bank's Law Firm | Debevoise & Plimpton |
| Auditor | Ernst & Young |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Charterhouse Equity Partners III, L.P. | 51.80 | |
| Morgan Stanley Private Equity | 32.40 | |
| Note: represents ownership of 5% or more prior to the offering. | ||